Funding rates are screaming again. And the biggest premiums aren't on blue chips. The #AnthropicComputeRace is spilling into perp markets. May 23 data shows a handful of AI and compute-adjacent tokens carrying triple-digit annualized funding costs. Leading the pack: $ALT at 394% APR. That is not a typo. Then $BSB at 187%, $CHIP at 181%, and $COMP at 133%. Even mid-tier names like $BARD at 127% and $LPT at 84% are pricing in extreme leverage demand. What this tells you: long bias is concentrated, aggressive, and expensive to hold. When funding runs this hot for alt-AI plays, it usually signals a crowded trade betting on near-term compute narrative catalysts. The classic delta-neutral play is short spot, long perp — capturing the funding while staying flat on price. But that only works if the funding stays elevated and the spread doesn't blow out. Watchpoint: if funding compresses quickly, that leverage unwinds. Sharp reversals in these names often follow funding peaks just like this. Personal analysis only. NFA. DYOR. #TrillionDollarIPOs $BTC $BSB