Unitree's surge, accompanied by extreme negative funding rates, is once again "forcing" shorts to capitulate, with a whale having spent over 110% of principal on funding fees alone.

November 9th, according to TradingBeats monitoring, at 15:00 on November 9th, the UNITREE perpetual contract on Hyperliquid was temporarily reported at $104.26, up about 6.63% in 24 hours. Along with the price increase, the funding rate has once again shown extreme negative values.

From 09:00 to 15:00 today, 7 consecutive settlement rounds were negative, and at 11:00 it once reached −0.258% per hour, equivalent to every $10,000 in notional short positions needing to pay longs about $25.81 per hour. The current reference rate remains at −0.144% per hour, with an annualized rate exceeding 1400%.

Recent multiple rounds of gains have all been accompanied by shorts "bleeding" and paying:

On October 19th and 23rd, UNITREE rose about 15.50% and 21.63% respectively, and the hourly rate on those days once dropped to −0.1571% and −0.1905%;

On October 28th, it rose about 11.02% intraday, and the hourly rate hit a low of −0.3201%, setting the extreme negative rate since October 15th.

The cost of continuously shorting against the trend has continued to show. The address starting with 0xfdf1 began shorting UNITREE on October 20th. Although it repeatedly added and reduced positions during the period, it always held on to the short position. Over about 20 days so far, its cumulative net payment of funding fees has reached $112.1 thousand.

This "out-of-pocket" funding fee has already exceeded the opening margin of its current short position calculated at 10x leverage (about $98.6 thousand), reaching 113.70% of the latter.

Currently, this address holds a UNITREE short position worth about $1.0927 million, with an average price of $94.06. As the coin price rose, the position's unrealized loss is about $106.9 thousand, and the position return rate has fallen to −108.45%. Its actual isolated margin has only about $275.8 thousand left, and the liquidation price is at $124.36, about 19.2% buffer space from the current price.

If including the $210.8 thousand trading loss realized from partial buybacks during the period, as well as fees, funding fees, and the existing unrealized loss, the total loss of this address from this round of shorting UNITREE has reached about $430.4 thousand.