Whenever a new hot topic emerges, I get itchy hands. The attention economy really knows how to cut people: it's not that I can't understand it, but that I keep wanting to catch the “next wave” every time. Now that the funding rate is extreme, the group is again arguing whether it's a reversal or just more bubble squeezing. I usually turn off my emotions first: at times like these, I only do two things—clearly write down where the profits come from (real fees/subsidies/interest rate spreads), and also clarify what liquidity I rely on to exit. If I can't figure it out, I just pretend I didn't see it.

My partner also complains, “You look at a pool like you're doing homework,” but honestly, the lifesaver is that comparison chart: when a hot topic comes, just fill in the parameters again. If you find that the profits rely entirely on incentives and the liquidity is thin, even if it's hot, don't chase it. Anyway, earning a little less is better than being repeatedly harvested back and forth.