mucus

I advised my good brother for a bit, and he finally closed his long position. Rest assured, we will always be good brothers. During the toughest times, he helped me out. 😭 He truly is a good brother. When he was at his lowest, I supported him with hundreds of thousands of dollars, and then he bought the dip and made millions of dollars. Later, when I shorted, he kept helping me, contributing a total of 1 million dollars. I persuaded him to close his long position, and he finally did. He is now shorting with me, my good brother. His funding rate has already deducted 500,000 dollars.

Many people might not know what a funding rate is. It's a way for exchanges to prevent you from making money. Not only do they set the liquidation price to prevent you from using high leverage (where a 30% loss leads to liquidation), but they also charge high transaction fees. There's also something called a funding rate, which some exchanges collect every 8 hours, while others do so every hour. The funding rate means that every 8 hours, some money is deducted from your account. In extreme market conditions for certain altcoins, the funding rate can wipe out your principal in just one day. So, this brother was in a long position for more than two months, and the funding rate deducted 500,000 dollars from him because he was in a coin-denominated position, which incurs much higher funding rates than USDT long positions.