At 2 a.m., I saw the funding rate spike to an outrageous level again, the order book looked like a crowded subway.

In the past, I would rush to take the opposite side, thinking "if everyone is hot, I’ll be cold" and try to pick up some easy money, but I’ve been educated a few times by those needle-like fluctuations...
Now, what I do more often is to hide first: reduce my position, place limit orders that are less aggressive, and keep an eye on the few obvious manipulative trades in the mempool that are riding the emotional wave—who’s accelerating and who’s canceling orders, it’s all obvious at a glance.
To put it simply, extreme funding rates don’t immediately mean a reversal; more often, it’s the people in the queue starting to step on each other’s toes.
Airdrop season is similar; task platforms are turning anti-witching into clocking in and out, and the more competitive it gets, the easier it is to slip up at some point.
I’d rather earn less than add unnecessary drama for myself.
That’s all for now.