Someone asked me if, when the funding rate is extreme, it's time to take the other side and pick up the money.

I usually first suppress my excitement: extreme rates often mean extreme emotions, and volatility follows suit.
Jumping in recklessly can easily turn into "I thought I was collecting rent, but I was actually paying tuition."
I'll wait a bit first, until the order book isn't so sticky and the liquidation waterfall has passed;
If I really do take the other side, I only dare to use a very small position, set a stop-loss I can accept,
Otherwise, no matter how many hands I have, I can't hold on.
Recently, with the stacking of yield from pledge/sharing safety protocols being criticized as "layered dolls,"
I'm even more cautious: the more seemingly stable the spread, the more likely it is to be settled with volatility.
Anyway, stay alive first; there are plenty of opportunities.