Wu Shuo learned that according to Coinglass data, the trading volume of the BNT U-based perpetual contract on the entire network in the past 24 hours exceeded US$3.2 billion, and the open interest reached US$100 million, both hitting record highs. Currently, BNT’s annualized negative fees on Binance, Bitget, and Gate all exceed 2,000%. However, BNT has experienced a short squeeze, rising by more than 40% in the past 24 hours, once exceeding $0.69.