Regarding the rise and fall logic of $FHE and $PIPPIN, to put it simply—if the fee isn't negative, there is an upward driving force in the price. Once the price has risen enough, and the fee turns negative, short sellers can truly profit. Only then can the maximum return be achieved.

Many people forget, they forget G's classic move back then. At that time, PIPPIN was heavily shorted, and the 3-day K-line chart trend was dragged out for a whole month. The market has no memory; history always repeats itself. In perpetual contracts, the fee mechanism is the real chip that determines the price direction. Whoever can control the rhythm of the fee can profit immensely from the volatility.