Today I was checking the voting countdown again and casually glanced at the contract funding rate, which was so exaggerated it seemed like it was pushing people to pick a side... At times like this, I actually don’t dare to “immediately take the opposing position.” To put it simply, extreme funding rates don’t necessarily mean an immediate reversal; sometimes it’s just collective emotion pushing in one direction, and forcing it will only be punished by the market’s volatility.

I usually have two options: either try to hedge with a small position, pushing the liquidation line further away as if buying a ticket; or just stay out of it, waiting until the funding rate isn’t so outrageous and the order book isn’t so frantic. Recently, the expectation of rate cuts and the same rise and fall pattern with the dollar index have been quite annoying, feeling like risk assets are either collectively hyped or collectively scared, and it’s not something I can withstand just by saying “I understand this well.” Let’s see...