The negative funding rate for SOL is way too abnormal, I don’t recall it ever being this high. I don’t have data from other exchanges on hand, only Bitmex has data going back a few years. Checked a few major crashes: The big crash on 4/12 in 2024, SOL’s funding rate was actually positive; During the 7-8 month stretch in 2024 when SOL had 7 consecutive daily red candles and got halved, the funding rate only went negative a few times, and even then it was in the 10%-20% annualized range. At the beginning of this year, when SOL dropped from 300 all the way to 90 over half a year, negative funding rates were rare, and the highest was only 30% annualized. This time it’s actually hitting 220% annualized—so weird. Who on earth is shorting SOL so aggressively right now, willing to take on a 220% annualized rate just to short it?