2026-01-18 11:26:38

Last night, a shocking "overnight fee" appeared in the crypto world — a seasoned BTC trader paid over $7.5 million in funding fees in a single day, causing their unrealized gains to plummet from $60 million to $44.9 million. This guy holds a position of over 910 million, and just in ETH alone, thousands of dollars in fees were drained in one day.

Let's take a closer look at this whale's account:

ETH long positions make up the majority, with a scale of 741 million, currently with an unrealized profit of 35.14 million. Although the SOL position is smaller, it has strong resistance to volatility, with an unrealized profit of 614 thousand. From the position structure, the whale's bullish logic remains unchanged, but that astronomical funding fee is gradually eroding profits day by day.

This incident actually offers many people a painful but valuable lesson.

**A bull market does not mean automatic profit.** Your direction might be completely correct, but high holding costs can silently eat away at your profits. Just like this whale, with a position worth billions and unrealized gains once reaching 60 million, a single day’s funding fee can wipe out over ten million.

**Funding rates are that invisible sword.** In futures trading, especially when holding long positions during periods of high funding rates, you are bleeding every hour. Many only focus on price movements but never seriously calculate this hidden cost. By the time they realize it, they are already in deep losses.

**Position management always comes first.** Even whales holding billions have to pay for high leverage and large positions. Ordinary retail traders have no reason to gamble on such luck. Excessive leverage is like dancing on the edge of a cliff — one misstep and you lose everything.

Market conditions reward those who dare to take action, that’s true. But the ones who last the longest and live the most comfortably are always those who can keep their accounts in check and control their desires. In a bull market, many people don’t lose because of the wrong direction but because of costs. Instead of drooling over others’ unrealized gains, it’s better to learn how to stay grounded in the heat of the moment and precisely calculate every cost.

In this market, mindset and risk control are often more valuable than vision.

BTC-0,66%

ETH0,27%

SOL-1,55%

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MetaverseMigrant

· 3h ago

$7.5 million lost in one night, and you still dare to say you saw the right direction? This is the magic of funding fees, brother. --- This sword of the contract is truly deadly; no matter how much unrealized profit, it can't compare to bleeding every hour. --- I'm just puzzled—still holding a 900 million position and stubbornly paying funding fees. How bold do you have to be? --- Bull markets are easy to make money in, but most people can't even figure out where they are losing money. --- Getting the direction right often results in even bigger losses; the crypto world is so ironic. --- Funding fees are like an invisible tax—they eat into your principal. --- Always seeing others' eight-figure accounts, but they only pay $7.5 million in "tuition" per day. --- Risk control is truly more important than anything else; no matter how smart your trading is, you can't withstand such high holding costs. --- High leverage is meant for harvesting; even whales have to admit defeat. It's ridiculous for retail investors to think they can turn things around. --- Getting the direction right is just the beginning; the real skill is how to survive and earn it back.

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BearMarketBuilder

· 3h ago

$7.5 million evaporated overnight, how much patience does this guy have? Guessing the right direction is also pointless; the fee for this move is truly silent. Poor position management, no matter how much principal you have, it will be chewed out and bleed. That's why I never hold full positions; it's mentally exhausting. The most terrifying thing about going long on contracts is when the fee rate skyrockets. Even whales can't withstand high leverage, let alone retail investors trying to turn things around. The most deaths happen in a bull market, no doubt. Instead of drooling over others' unrealized gains, it's better to learn how to do the math. Losing tens of millions in a day—after seeing stories like this, I no longer dare to be greedy. Risk control is worth much more than luck.

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SellTheBounce

· 3h ago

Direction is no use if the funding rate is the real killer. Buy the dip again, this time even whales can't escape. The most dead in a bull market, remember this sentence. Watching others' unrealized gains every day is not as good as learning how to survive longer. Human nature weaknesses are fully exposed; leverage is a trap. I've heard too many stories like this, and they all end the same way. Sell on the rebound, don't be greedy. There are always lower points in the market, don't rush. A 900 million position still gets eaten, why can you hold on? Funding fees are collected year after year, and every year someone forgets.

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GasFeeCrying

· 3h ago

$7.5 million was gone overnight, oh my god, this is exactly why I never dare to use such high leverage --- Honestly, funding fees are like invisible harvesters, impossible to defend against --- Even whales can be drained of tens of millions, and we're retail investors still thinking about bottom fishing, that's too naive --- Making money in a bull market relies on luck, surviving long depends on risk control, no doubt about it --- The feeling of bleeding every hour is truly intense, I used to close positions because of high fees --- Even if the direction is right, costs can still kill you, this lesson is worth millions --- Instead of drooling over others' unrealized gains, learn how they survive longer; their vision is just too limited

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ThreeHornBlasts

· 3h ago

$7.5 million is gone in just one day, this funding fee is really brutal. I think no matter how you look at it, you have to reduce your position. --- Damn, this whale is still holding on stubbornly. I can't understand this move. Is it so hard to make money in a bull market? --- Risk control is easy to talk about but very hard to implement, especially when there's so much unrealized profit. --- Contracts are like vampires; when the funding rate is high, you simply can't hold on. Spot trading is still more reliable. --- It sounds like he's trying to educate others, but when it comes to himself, who can stay calm? --- This guy's lesson is: don't be greedy. A nine-billion position is just ridiculous. No wonder he got liquidated. --- The problem is, everyone wants to go all-in when prices are rising, but only remembers risk control when prices fall. It's too late.

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MintMaster

· 3h ago

$7.5 million was gone in a day, which is why I never chase risk fee rates --- Guessing the right direction is pointless; the funding fee silently cuts the leeks --- Even whales are bleeding, retail investors are still dreaming of getting rich overnight, wake up brothers --- The biggest enemy of a bull market is not the bear market, but your own greed and uncalculated accounts --- A 900 million position dropping 15 million in a day is the most painful textbook lesson --- When the funding rate is high, daring to hold a large position long is truly suicidal --- That's why I never hold full positions, because the cost will eat away all your dreams --- Floating profit of 60 million drops to 44.9 million, I ask you, dare you to hold a large position next time? --- The saying that mindset and risk control are valuable is true; your vision in this market is simply not enough --- Even if the direction is right, you can still fail; funding fees are like invisible taxes, no one can escape

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