RIVER 2.0 recently changed the funding fee cycle, and my 31.45 short position was directly wiped out. This trick is really clever—at settlement, the mark price was artificially set 5 percentage points higher than the latest price. Think about it, with 20x leverage, such a spike in the mark price instantly causes a liquidation. Even more brutal, the price shows no sign of trending downward; instead, it keeps pushing upward, and the mark price rises another 5%. In this case, even with 10x leverage, a liquidation is inevitable.

This mechanism design seems a bit outrageous—the deviation between the mark price and the actual transaction price is so large that it makes the short squeeze effect overly obvious. The frequency of funding fee adjustments, combined with this price mechanism, makes it really difficult for small and medium retail investors to control their risk exposure.