Recently, I saw in the group that the funding rates are extremely volatile again, whether it's a reversal or just more bubble squeezing... I’ll just pull back a bit for now. Speaking of AMM, many people think market making is just earning fees passively, but once the curve changes, you realize the money isn’t free: as the price moves to one side, your position is “automatically swapped” to the worse-performing side, and impermanent loss isn’t some mysticism; it’s the cost of selling volatility to the market. Especially in markets with extreme rates, once the trend continues, LPs feel pretty good about earning fees, but looking back, holding steady might be even better. My OCD approach isn’t complicated either: before adding to a pool, I first calculate the worst-case loss, leaving enough collateralization buffer. I’d rather earn a little less than get wiped out by a chain reaction of tail-end market moves. That’s it for now.