High-control tokens like $LIGHT frequently experience negative fee rates, which is essentially a meat grinder for short positions. The fee rate structure fluctuates too violently, causing risk management costs to skyrocket. What’s more puzzling is that the fee collection cycles for different tokens in the market vary significantly—some tokens settle fees every 1 hour, while others do so only every 4 hours. What underlying logic determines these differences? Is it the exchange’s risk control strategy, the liquidity characteristics of the tokens, or are there other mechanisms at play?