At three in the morning, the cold light of the phone screen made my eyes sore. The consecutive three notification sounds were particularly jarring in the silent room—three students had sent screenshots of their liquidations at the same time.

"Brother Tian, it's gone again..." A Jie's message was followed by a breakdown emoji, "It was only 5% away from breaking even..."

I immediately opened my computer and pulled up the latest market data. The funding rate for ETH had been maintained at a high of 0.15% for 36 consecutive hours, and the futures open interest had reached a three-month high. I was all too familiar with this data combination—it's a precursor to the market maker harvesting.

"Look at this." I quickly took a screenshot of a historical market comparison chart and sent it to the group, "In the past six months, similar situations occurred 11 times, each time happening within 4 hours after the funding rate peaked. This is not an accident; it's a pattern."

Xiao Yu sent a confused emoji: "But why does every liquidation seem like it was calculated, just missing that little bit?"

I pulled up the exchange's depth chart and marked several key positions with a red circle: "The exchange's risk control system monitors dense stop-loss areas in real time, and the actual liquidation price is often 2%-3% lower than the displayed price. This is why you always feel like 'it was just a breath away.'"

The group suddenly fell silent. I dug out last week's trading records: when the SOL funding rate broke 0.12%, I immediately instructed the students to liquidate all long positions and opened a 5% position for a reverse hedge. 48 hours later, a 15% crash arrived as expected; we not only avoided liquidation but also seized this downward trend.

Remember these three survival rules:

First, when the funding rate exceeds 0.1% for 6 consecutive hours, immediately reduce your position.

Second, do not exceed 8 times leverage for a single trade.

Third, the actual stop-loss line should be set 15% earlier than the system's displayed liquidation price.

Last month, when AVAX showed the same danger signal, we preemptively laid out a hedging strategy. Ultimately, that 22% spike became a practical teaching material for the students.

The cruelest part of this market is that it gives everyone the illusion of 'almost succeeding.' And true traders must learn to exit before the celebration begins. Now, my students finally understand: in this zero-sum game, surviving is more important than winning.

In the past, I stumbled around in the dark alone; now, I hold the light in my hands.

The light is always on; will you follow? @币来财888