Recently, the CVX contract fee rate dropped to -1.54%, and there are quite a few details behind this extreme negative value worth digging into.

Let's start with the fee rate. A negative fee rate means that shorts have to pay longs, which is usually a sign of bearish market sentiment piling up. But what's interesting here is that the price is actually holding steady and outperforming the overall market gains, indicating that spot buying is really strong and those who are bearish are caught in deep positions. The perpetual contract has a open interest of $19.09 million combined with a 24-hour trading volume of $336 million (over 1.33 million trades), showing high activity. The long-short ratio is nearly 1:1, but in this negative fee environment, the main players' intention to accumulate becomes very clear.

What further illustrates the situation is the liquidation data. In the past 24 hours, short liquidations amounted to $70.74K, while long liquidations were only $44.13K, a very noticeable difference. Shorts are being trendfully wiped out as the price rises, while longs are relatively comfortable, which further reinforces the weakness of the shorts.

Of course, risks must be acknowledged. CVX has already risen about 40%, so a short-term correction is definitely possible, and profit-taking pressure will also exist. High perpetual trading volume doesn't necessarily mean real money is entering the market, and leverage gaming cannot be ignored either. However, from a black swan perspective, there are no signals of project risk or exchange risk; overall, the market remains normal.

If you want to enter, consider the current price range of $2.36-$2.44. The first target is set at $2.80, based on recent volatility rebound estimates; stop-loss should be placed at $2.29, strictly controlled within 3% below the entry price.