Actually, everyone understands that when the funding rate becomes extreme, it's like seeing a car smoking on the roadside: you can rush in to be a hero, or you can stay back and avoid getting blown up... But I tend to be impatient, watching the chart until the rate starts to go off the rails, and my first reaction isn't "buy in," but to check if there are others on the chain holding on in the same direction, especially those with repeated opening positions and margin topping-up traces—just looking at it makes me nervous.

I usually have two options: either take the opposite side but cut my position to a third of normal, set a very tight stop-loss, and run after making a profit; or simply avoid the volatility and look for more "normal" opportunities on L2 to trade the event. Honestly, when the rate is extreme, the chance of winning isn't necessarily small, but losing can happen very quickly—like being used as a cash machine by MEV.

Recently, the "yield stacking" of staking/sharing security has also been criticized as a copycat, and I see that when the rate overheats, it makes me think: the more people believe "we can stack one more layer," the easier it is for everyone to crowd into the same door... Anyway, I’d rather earn a little less now than become fuel at the hottest moment. For now, I’ll leave it at that and wait until the sentiment cools down.