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A true bull market will push upward with a positive fee rate of 1%, while an impressive bear market will naturally fall with a -1% fee rate;
The reason we can still talk about fee rates now is because the market is volatile, with no clear trend, and such market conditions will kill fee rates;
Therefore, only those with no positions are the real bears, only those holding spot are the true bulls, and those trading contracts (including me) regardless of which side they take are all damn leeks.