I've been watching the group discussions these days about whether the extreme funding rates indicate a reversal or just a continued bubble... To put it simply, it's not that I can't judge whether the spot will hold or the futures will liquidate; often it's just that the position is too full. My straightforward advice: don't interpret "I think it will go up/go down" as "I must be fully invested." For spot, set a proportion you can sleep peacefully with—if it drops, you still have ammo; for futures, it's even simpler—don't open a position that can liquidate you. Better to earn less than to get wiped out. The more outrageous the funding rate, the more I see it as a weather warning—reduce your sail area first. When slippage and emotions both spike, it's especially easy to capsize. That's all for now.