These past couple of days, watching the funding rate made my scalp tingle, and the community was in an uproar: is it about to reverse or just continue squeezing the bubble? Honestly, the more I see this kind of situation, the more I want to find a "safer" spot to lie low. Then someone mentioned market making, AMM... and when I looked at the curve, I felt uneasy: when the price deviates, your position is passively shifted to the weaker side, and impermanent loss isn't "possible," it's built into the mechanism—both upward and downward moves can wear you down.

Last night, I was really tempted to just exit completely, even uninstall the app to avoid clicking around in the middle of the night. But I held back, first shrinking my position, placing a small test order, and reminding myself: market making isn't easy money; the small fees earned might not even cover the tuition paid by the curve. Let's stick with this for now—losing less is winning.