The recent decline of PIPPIN has been significant, but the funding rate remains negative, which is indeed worth following. From a market perspective, the continuous state of negative funding reflects some structural issues with the holdings of certain market participants. What is even more confusing is that many exchanges seem to lag behind in their policy adjustments when handling funding cycles. For instance, some platforms are still adhering to a 1-hour cycle, even when there are clear signals of market imbalance, yet they have not switched to a 4-hour cycle to rebalance. The lack of flexibility in these policies raises questions about the considerations behind them. From a trader's perspective, such a mechanism design clearly does not help the healthy operation of the market. It is hoped that relevant trading platforms can optimize trading rules more timely based on the actual market situation.