Recently, I have been comparing the funding rates of several mainstream futures exchanges and found that the differences are quite significant. Taking PIPPINUSDT as an example, one leading exchange's funding rate is at 2%, while another compliant platform's is at 1.5%, making the cost gap quite substantial. If an exchange can adjust its funding rate to 3%, user experience could be significantly improved, and its attractiveness to trading counterparties would also greatly increase.

Speaking of the PIPPIN coin, its performance is quite interesting—there hasn't been a clear downward trend in the market, but just the funding fees have already eaten up tens of thousands of dollars. This situation is actually quite common in the futures market, especially for coins in long-term consolidation, where the accumulated cost of funding fees often exceeds traders' expectations. This also reminds us that when trading futures, it's not enough to just watch the price movements; controlling the costs of funding fees is equally crucial.