Traders betting against ACE paid continuous fees to keep positions open as negative funding held near -0.054% across ten consecutive alerts.
Imagine ACE is trading at around $0.18. Suddenly, a massive crowd of traders arrives all trying to bet that the price is going to fall, far outnumbering anyone betting on a rise.
Between 13:24 and 13:33 UTC, ten consecutive alerts showed an unusually steep fee of roughly -0.054% while the price hovered near $0.183. The fee stayed pinned at this extreme level the entire time.
In perpetual markets, when too many people bet the price will drop, the system charges them an ongoing fee called the funding rate. That fee is paid directly to the minority betting on a price increase.
A single spike can be noise, but ten minutes of constant high fees means short sellers are stubborn. Paying continuous fees adds up quickly, which makes holding onto these bets increasingly expensive.
Negative funding does not mean the price must bounce immediately. The heavy selling pressure could still push the price lower, or the market could grind sideways while fees bleed the sellers.
Don't think negative funding guarantees a quick reversal. Think of it as a crowded room where holding the door open has become very costly for everyone on one side.