Lately, I've been observing everyone's extreme emotions about funding rates—sometimes shouting about a reversal, sometimes saying to keep squeezing the bubble. I find myself thinking more about the AMM curve: when the price moves at an angle, the asset ratio in the pool is forced to twist along with it. The trading fees seem to be coming in, but impermanent loss is quietly accumulating... Market making isn't just about sitting back and collecting rent; it's more like passive rebalancing.

My own simple method to avoid impulsive trades: first, retract the order I want to place, then check if the pool depth or volatility has suddenly increased, and set a rule for myself to "wait 15 minutes before acting." Often, when I calm down, I realize it's not that I understand the market better, but that I was just being pushed along by the hype in the group chat. Anyway, I’d rather earn a little less than get caught bouncing back and forth in the curve.