$ORCA Review | Long position exited at -6.11%

Today, ORCA's long position was stopped out, losing 6.11%.

At that time, the fee rate depth was deeply negative at -0.54%, with bears paying bulls, and open interest still rising by 27%, indicating someone was adding shorts against the trend. In this extreme fee environment, the trend favored the longs, so I opened a long near 1.57, based on the logic of eating the shorts' funding rate + waiting for a rebound.

The position was relatively smooth in the first two hours, with the highest floating profit reaching around +4.6%. I was thinking about whether to take half profits first. But I didn't act, and then the price started to retrace, dropping from +4.6% all the way back to +2%, then continuing to fall further. I hesitated whether to manually take profit, but since the fee rate logic was still valid, I held on. As a result, the automatic stop-loss was triggered, ending at -6.11%.

This loss was due to greed and indecisiveness in execution. The fee rate logic for opening was fine, but when floating profit reached +4.6%, I should have taken partial profits instead of all or nothing. In volatile markets, not locking in gains is just paper wealth. Next time, if floating profit exceeds 3%, take half profits first, and use a trailing stop for the rest to protect gains, so profits don't turn into losses. Fee rate arbitrage is not a trend-following strategy; taking profits when the situation looks good is the right approach.