These days, I see discussions in the group about whether the extreme funding rate is a reversal or just a continuation of the bubble.

I'm actually more reminded of the AMM issue: providing liquidity is definitely not a get-rich-quick scheme.
The curve (basically, the more the price deviates from your entry point, the more your position ratio will be "automatically swapped")
once driven apart by a one-sided trend, impermanent loss will quietly eat up the fees, especially if you're in a pool with high volatility, earning fees but losing on the trend.

Now I think more like adjusting a coffee recipe:
If you want stability, choose pairs with low volatility (or just stablecoins),
the fee rate looks attractive but I don't fully trust it;
if you really go into high-volatility pools, consider yourself selling volatility, not "staking coins for interest."
Anyway, I’d rather earn a little less than wake up to find the remaining coins in the pool are so few I don’t even want to hold them.