The opportunity here is about selling the market's optimism, not the asset itself. When funding rates spike like this, it means perpetual traders are paying a premium to stay long BTC. Instead of taking a directional bet, you can position yourself to collect that funding by going short on the rate — not on BTC price.

Here's how it works on Boros:

You'd go long funding, locking in today's negative rate as your yield. As sentiment normalises and new longs re-enter the market, funding rates will drift back toward neutral or positive — and you collect the spread the entire way there. You're not betting on ETH going up. You're betting that the panic is priced in.