#ALPACA
At 2:55, the short position was liquidated, taking advantage of the rate arbitrage as others went long, hoping to profit from low costs. During the rate settlement, a massive sell-off occurred, halving the value in just 15 minutes.
The direct liquidation amount was $1,097,800.
Friendly reminder: The market maker raised the price from $0.024, so if there are many people trying to buy the dip, it may continue to fall. The rise and fall is completely determined by the long and short positions in the contracts, depending on which side earns more, the market maker will favor that side.
Therefore, going short or going long, making money and then running away is the wisest choice.
Those shorting should try to avoid paying funding fees; if you make a profit, get out!
Don't be greedy, live longer!