In the persistently sluggish crypto market, trader 0x5d2 has attracted market attention with his unwavering short strategy. According to the latest data disclosed by blockchain intelligence platform Arkham Intelligence, this trader opened a short position in BTC worth approximately $63.6 million at the end of October 2025 and has held it ever since. As of December 24, 2025, the cumulative realized and unrealized profits from this short position have reached $12.5 million.
At the same time, what is even more remarkable is that, due to the extremely long holding period, this transaction accumulated a profit of up to $9.6 million from the funding rate of the perpetual contract alone.
The funding rate mechanism of perpetual contracts requires long positions to pay fees to short positions when market sentiment is bullish, in order to keep the contract price close to the spot price. It is precisely because the funding rate has remained positive for a long time that the long-term short position 0x5d2 has been able to steadily collect "passive income".
However, it is worth noting that this trader also holds approximately $3.5 million worth of BTCB (a Bitcoin-pegged token) on the BNB Chain, indicating that his position is not entirely naked and may involve some hedging considerations.
