A number like this would normally make you do a double take: 262% annualized—you’d earn less by putting your money in an interest-bearing account. Perpetual funding rates are usually capped at an annualized 20–30%. With longs paying this much now, it’s not because the market is genuinely bullish; leveraged traders are using real money to hold their positions. We’ve seen a similar pattern near the end of past bull markets: funding rates kept climbing, until a wave of liquidations in the opposite direction wiped traders out. Technically, such extreme rates often signal peak sentiment, and the cost of chasing the rally is just handing ammunition to the shorts. For assets like $CSOPSKHYNIX2L , don’t treat the funding rate as a signal—first check whether volume and price can hold up.

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