[Sky-high funding rates](https://www.marketwatch.com/story/sky-high-funding-rates-spell-danger-why-this-technical-indicator-suggests-investors-are-too-bullish-c64bccb8?mod=mw_rss_topstories) hitting 2008 crisis levels gets spun as "retail is overleveraged and greedy," but that misses the real story. These rates exist because the collateral chain has tightened—banks are demanding higher insurance on borrowed equity positions. That's not euphoria. That's fragility masquerading as confidence.

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