Long positions are burning $390k worth of funding fees every hour, really treating the principal as fuel.

Currently, perpetual contracts long positions are paying approximately $390k per hour in funding fees to short positions, far above the 7-day average of $220k, indicating that longs are in the lead and holding costs are rising. Since May 12, the long premium has continued to widen. Open interest is decreasing, and liquidation and reduction of positions are underway. If BTC falls below a key support level again, it may trigger chain reactions of forced liquidations and downward squeezes; spot demand and on-chain activity are relatively low, increasing leverage risk. It is recommended to exercise caution when participating, consider dollar-cost averaging into spot, or gradually build long-term positions.