$AXS this bad for sellers. Why?

Watch how the funding fee rate surges to higher negative rate. Which is just mean that the buying pressure is so destructive that all across different crypto trading platform are now increasing the negative funding rate.

So what's the point if the funing fee is getting higher in negative sentiment?

-It means that while you are in long. Every time funding fee has ended. Those people who are shorting will simply pay traders who are currently holding long positions.