When the funding rate hits an extreme, I start to feel nauseous. That “all the market is unanimously bullish/bearish” fake prosperity vibe is just too strong. To put it plainly, I used to love countering the other side too—I thought I was clear-headed. But after getting washed out a few times by volatility, I finally learned: what you can make money from is the price spread, not your confidence.

Now my choice is more like dodging: first, lower the leverage, place a limit order, and set a reminder to check when the funding rate reaches a certain range. Once the reminder is set, my mindset really does loosen a bit. I don’t have to stare at the chart until I start questioning my life, and I won’t get swept along by the group chat’s emotions… Anyway, if I miss out, I miss out.

Recently, people have been arguing about expectations for rate cuts, and the U.S. dollar index and risk assets are rising and falling together. Hearing that makes me even less willing to hard-bet on a direction. When funding rates are at extremes, the most valuable thing might be “not participating.” That’s it for now.