The funding rates have been a bit outrageous these days, and the group chat is arguing like it's New Year’s: whether we're about to reverse or just keep squeezing the bubble. Honestly, I’m not aiming for quick riches; my first reaction to extreme rates isn’t to rush in as a hero, but to turn down leverage and keep enough margin to avoid being wiped out by volatility.

If I had to choose, I’d lean more towards the “hedging against volatility” camp: when rates become unreasonable, I consider holding some spot assets plus light hedging positions. Making money from the rate doesn’t matter; I just want to prevent my portfolio from being toppled by a one-sided move. A couple of days ago, I checked on the chain and saw an address repeatedly adding to its perpetual position; the slippage in trades was noticeably larger, and it felt like the market sentiment was pushing it higher… I don’t know how this will play out next, but anyway, don’t gamble against the market—just stay alive.