Turns out there really are people treating the large-caps long-short spread as a talisman for protection? Prices have been sliding down all the way, and on the contracts side, the aggressive sell orders are pouring into the order book like rain—selling ratio grinding down the little retail buyers’ bids. What’s even more ridiculous is that the funding rate has already turned negative: shorting doesn’t just avoid paying rent, it can also get subsidies paid to you. This chart is basically just missing the words “don’t jump in” written right across your face. The longs’ position share is all an illusion propped up by stubbornly holding—because the trend long ago chose its side. Yet you’re still patting yourself on the back, waiting to become a cash machine for the shorts.