Recently, someone asked me again about the "look very tempting" APYs of yield aggregators. Frankly, my first reaction isn't how much I can earn, but rather how many contracts are actually behind it, who is on the other side of the trade, and where the exit button is.

Many aggregators are just looping your money around; even if one pool's liquidity withdraws quickly during the process, or the strategy contract has too much permission, it could all end up as "missed out on the yield, taking a hit first and then retreating."
Especially now that funding rates are extreme, and in the group people argue whether to reverse or keep pumping the bubble, I only care more: if the market moves against us, who will blow up first, who will crash first, and whether a sudden series of liquidations on-chain will drain the pools.
Staring at it for too long makes my eyes a bit sore, so I might as well withdraw half of my positions first, and treat the rest as tuition fees.