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The PIPPIN project has a lot of participants, and many have suffered losses. Have you noticed that the funding rate has always remained negative? Since its launch, it has hardly ever turned positive, which is quite ridiculous.
In fact, most people can't afford spot trading, but they feel that the cost-effectiveness of going long on futures is higher. Since the beginning, they've been going long all the way to now; although they've incurred quite a few losses from funding fees, the leverage effect of futures is still attractive compared to holding spot directly. However, the prerequisite is that you have to withstand the volatility—this coin is not gentle.