I just checked the funding rate again—it’s getting ridiculous. Someone in the group already shouting, “Isn’t this basically just giving money away?” To put it simply, extreme funding rates mean extreme emotions, but that doesn’t mean the direction will stay solid. The counterparty is obviously tempting, but what I’m more afraid of right now is that kind of volatility that first pumps you up enough to trigger your stop-losses, then turns around to harvest you—especially during the stretch when new L1/L2 projects are offering incentives to boost TVL. People are yelling about “mining and selling” while still rushing in, and once liquidity heats up, it gets even easier for things to get messy. My choice is usually pretty boring: either reduce my position and play spectator, or take a small position to test the counterparty—on the condition that I can accept getting swept. Otherwise, don’t pretend to be a hero. Anyway, I won’t be a bag-holder, and I won’t be a savior.