#数字资产市场动态 An on-chain whale's "sky-high bill" has attracted a lot of attention — yesterday, a certain BTC OG paid over $7.5 million in funding fees in a single day. This guy's position size is impressive: over 910 million long. It looks like the unrealized profit is quite substantial, dropping from earlier's $60 million down to $44.9 million. Just the $ETH position (741 million) is eating away millions in fees every day.

Looking at other positions: $SOL, although smaller, is highly flexible, with an unrealized profit of $6.14 million. This whale is clearly still bullish, with no position adjustments. The problem is — in such a high-fee environment, daily costs are silently eroding profits.

What lessons does this offer retail traders? Honestly, it’s quite sobering:

**A bull market doesn’t mean guaranteed profits.** The right direction is important, but high holding costs can still lead to losses. High leverage and full positions become ticking time bombs when funding rates spike.

**Funding rates are an invisible cost.** Most contract traders focus on price movements but forget to account for this expense. A few tenths of a percent per hour adds up to a huge sum over a month. Even whales can’t withstand it, and for small funds with excessive leverage, it’s even more dangerous.

**Position management always comes first.** It’s not that you can’t hold large positions, but you need to calculate how long you can sustain the costs. That’s the secret to surviving longer.

Many people lose not because of the wrong market direction in a bull run, but because costs eat away their profits. Instead of envying others’ unrealized gains, it’s better to learn how to calmly control risk amid market frenzy. After all, the market rewards the bold, but those who survive are always the ones who keep their accounts in check.