These days, I've noticed the funding rates are starting to become extreme again, and a bunch of people in the group are shouting "sending money," which makes me a bit hesitant. To be honest, extreme rates don't mean you're guaranteed to win; they just tell you that one side is too crowded, and the remaining question is: when will the next spike come? My habit is to first avoid volatility, wait until the market isn't so skewed before considering taking the other side; if I do go in, I’ll also cut my position size very small, preferring to earn less than get emotionally wrecked by a sudden spike.

By the way, the recent NFT royalty dispute also seems quite similar: everyone wants to take a bigger share within the "rules," but when liquidity tightens, the first to suffer are often the most optimistic ones. Anyway, I prefer to understand the settlement logic and risk boundaries first before deciding whether to become that "counterparty."