You said, "The funding rates are so extreme, should I just go for it"... I usually take my hands off the keyboard for two seconds. When the rates are extreme, the most tempting thing is to take the opposite side, but the easiest way to get "liquidated by justice" is to think you're earning from the rate, while they're actually giving you a lesson in volatility. My approach is a bit cowardly: first reduce leverage/close positions, and if I really want to go against the trend, I only use small positions, set a sleep-friendly stop-loss, and if I can't make a profit, so be it.

Recently, I've been interpreting ETF fund flows, US stock risk appetite, and crypto market rises and falls together. I watch the show, but the rate thing is more like a temperature gauge of emotions. When it gets too hot to handle, I prefer to hide first, and wait until everyone stops arguing before going to pick up side missions.