Saw this case where someone got liquidated for 5 million USDT on an arbitrage trade. All I can say is, when it comes to funding rate arbitrage, the risks and pitfalls are still too many. AKE's price isn't too outrageous; at least the price fluctuations across platforms are relatively consistent. The price on Binance isn't significantly different from the rest of the platforms. Also, the divergence between spot and futures prices isn't too extreme. As for why they got liquidated, it's because a single small altcoin with a high funding rate made up too large a proportion of the total margin. This small coin probably accounted for around 20% of the entire position. Plus, the maintenance margin rate for small coins is much higher than for major coins. Thinking back to the MMT days on Bybit, with 30x funding rates in a single day—if you opened a 100,000 USDT position, based on the margin rate, a total position of 3-4 million USDT could get completely wiped out. Short squeezes like this are pretty common. Even in the U.S. stock market, GME managed to crush hedge funds for tens of billions of dollars, let alone small altcoins. In summary, spot trading is still alive and kicking!