Once the funding rate becomes extreme, my first reaction isn't "Opportunity is here," but rather "Who's being forced to take sides." Listening to the other side's moves can feel satisfying, but frankly, you're racing against emotions plus leverage; even if you're on the right track, you might get wiped out by volatility first, especially when liquidity is thin, a quick sweep can break your stop-loss.

My own approach is more cautious: either reduce positions to avoid volatility or only take small positions for hedging, don't expect to fully capitalize in one go. Extreme funding rates are often not "market consensus," but more like "obsessive focus built on attention." Recently, the meme and celebrity calls that rotate are very typical; newcomers rushing in are basically the last to join, and veteran players can't be persuaded otherwise.

If you really want to take the other side, that's fine—at least treat liquidation price as the main line, don't see funding rates as interest income... that little money isn't enough to cover a single slippage. That's all for now.