When price goes up with negative funding on these shitters I think most people always just automatically assume its a short squeeze. What I think is often happening is those that provide liquidity in perps end up with lot of short inventory all of a sudden when price starts rallying and are forced to buy spot which often spikes spot price above the perps. What you often see that especially when price becomes really thin and just yoloing higher and funding is peak negative its usually when tops happens. Just my 2cents here its mostly from observations, but I think funding is bit of psyops to makes you think people are actively shorting something when in reality its just happening because these coins have like few mil $ OI so any sizable thing is displayed in quite extreme.