Recently, I came across a bunch of screenshots of "re-staking + shared security" stacking yields, to put it simply, the returns can be stacked, but the risks are also stacking; many people just treat the latter as air. If you use the same collateral to back multiple systems, when something goes wrong, it's not just "losing a little," but a chain reaction, with liquidations/punishments coming very decisively. Don't be fooled by the words "shared security."

What's even more amusing is that when the funding rate hits an extreme, the group immediately starts arguing "it's reversing / the bubble is still inflating," emotions fly first, logic comes later. I don't predict prices, but I've seen too many: returns seem to be getting more and more stable, but in reality, everyone is just daring to dream more. Anyway, I only ask two questions now: how much could I lose in the worst case, and can I sleep at night? If I can't sleep, then forget it.