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The current fee rate has reached its lowest point in many years. Looking back at all past market conditions, such levels are usually only reached after a major decline, and such extreme negative funding rates have never occurred during a rise. The approximate answer is: 👉🏻1. The price is driven up by spot/large capital, but the futures market is actually shorting against the trend. 2. Arbitrage positions: buying BTC spot with the left hand and shorting BTC futures to earn funding rate (risk-free profit from funding rates). 3. Currently, there is still a potential short squeeze structure. Summary: This "rising + extreme negative funding rate" essentially means: market sentiment is extremely bearish, but the price does not reflect that.