I realized during my review today—only then did it hit me that I kept fixating on the funding rate and the position distribution, but the most dangerous part was actually that moment when the oracle gets fed its price… To put it plainly, you think you still have a bit of distance from the liquidation line, but once the price feed is delayed, the on-chain price has already gone somewhere else. By the time it “finishes the assignment” and updates, liquidation is like someone suddenly hit the fast-forward button. Watching the liquidation waterfall unfold looks downright mystical, but it’s really just a matter of a few seconds.

Lately the funding rates have been extremely extreme again. People in the group are arguing nonstop about whether it’s a reversal or whether it’s just continuing to squeeze the bubble. I’m a bit scared of that kind of combination punch: “sentiment at its hottest + the feed at its most stuck/most delayed.” It’s not that I can’t trade, but I’ll just dial the leverage down a bit more—I’d rather earn less… at least don’t die to the delay. That’s it for now. I’m feeling a little down today, but it’s still manageable.