Recently, I saw the funding rate spike to quite extreme levels again, and in the group, a bunch of people are shouting "take the other side and pick up the money."

I'm a bit itchy myself, but honestly, the biggest danger in such times isn't being wrong about the direction, but being scraped back and forth by the volatility.
My habit is to take a half-step back first: place a very small test order (really just a few tens of dollars), then watch the order book for 5-10 minutes to see if it's just a show, rather than jumping in immediately.
If the funding rate is extreme but the price hasn't moved much, I might consider slowly taking the opposite side.
Once the price starts bouncing up and down, I’d rather admit defeat and withdraw, then go do some L2 tasks for a walk...
Anyway, recently some regions have tightened taxes and compliance signals, and deposit/withdrawal expectations have become uncertain.
As emotions fluctuate, the funding rate becomes more like a "temperature gauge" of sentiment— I don't want to be the mercury in the thermometer.
That's all for now.