This is the third time encountering a situation where the funding rate is extremely one-sided and outrageous. It's hard not to be tempted, but actually taking the opposite side feels a bit like reaching out to catch a flying knife... I now prefer to avoid volatility first, or only take a small position to nibble, while keeping an eye on cross-pool spreads and transaction fees. At least I have a sense of how the curve is moving. Recently, I've also heard rumors of increased taxes and tighter compliance in certain regions, which tightens expectations for deposits and withdrawals, making sentiment more easily influenced by funding rates. Anyway, I’d rather miss out than get pierced by a needle in extreme funding rate conditions.