Shorting perpetual contracts—what the big players want isn’t just the amount you open with, but everything you’ve got. It’s like you initially planned to open a $10,000 position, but do you only lose $10,000? If you hold it for several days and the funding rate remains negative, even if the price stays flat, this situation will keep draining you. Why do some people keep holding on? 1. **Wishful thinking**: Looking at the chart trends, they think a reversal might be coming soon, so they gamble on the current funding rate for a potential massive drop in the future. 2. **Misjudging costs**: They might notice the funding rate gradually decreasing from a high point and assume holding costs are going down and won’t stay this high. But in reality, the rate could drop to a certain level and then bounce back, making costs completely unpredictable. The risks here include: 1. **Information asymmetry**: Big players can control or even adjust the funding rate, and you can’t predict it. You don’t know if the rate will last for a few days, a week, or half a month—the time cost is entirely different. 2. **Highly concentrated tokens**: For many projects nowadays, the tokens are in the hands of the big players. You might only open a $10,000 position, but the eventual wear and tear could be 10x or even 100x.