When the funding rate hits extremes, I start to get a bit itchy, but I don't really want to be the "smart one who gets carried out last" on the other side... To put it plainly, I prefer to watch the wallets first: who is continuously adding positions, who is just rushing in for a quick two-hit and then running out, and whether the timing is right. If I see a bunch of addresses opening positions simultaneously like the same alarm clock going off, I usually choose to stay away—volatility can easily wipe people out. On the other hand, if after several extreme moves no one has withdrawn, and big players are slowly changing hands, then I might consider going against the trend, but with a small position. Recently, meme and celebrity calls are starting to rotate again, and that old player’s phrase "Don’t take the last baton" sounds pretty good to me now... Anyway, I’d rather miss out than be the one who gets overly caught up in the plot. As for whether, after the extremes, the market continues to squeeze or immediately turns back, which do you think it resembles