I just revised the pending order again, watching the few milliseconds of delay in the fill notifications, and suddenly I feel like I’ve got quite the obsessive-compulsive streak… But when macro conditions get translated into positions, it’s really like slowly turning a faucet: once interest rates rise, the “time cost” of money gets more expensive, everyone’s risk appetite tightens, pending orders get thinner, and slippage is even more likely to show up. On the flip side, when things loosen, emotions heat up first, positions inflate accordingly, and execution quality ends up being an even bigger test of the exchange/on-chain infrastructure.

Recently, when I watch Layer2 hurling barbs at each other over TPS, fees, and subsidies, I’m actually more concerned about this: when subsidies are used to pump volume, how much real liquidity is there underneath? Once the macro winds shift and the “wool” (arbitrage yield) dries up, will order matching and on-chain execution immediately expose whether that’s just fake volume? Anyway, for now I’m just controlling the frequency—don’t let the “gravity of interest rates” smash the position too loudly. That’s it for now.