Spot holdings can't be held, and contracts always want to flip again; in the end, it's either a big regret or a forehead slap... I give myself a piece of honest advice: position size is not faith, it's breathing. Holding your breath too long will definitely cause problems. To put it simply, there are two steps: first, cut off the "part that will die" (don't open leverage so high that you can't sleep, don't put all your margin on a single needle), then keep some "survivable part" to slowly grind down (buy spot in batches, even if it drops, there are still bullets).

When the funding rate hits an extreme, the group starts arguing whether to reverse or continue squeezing the bubble. I actually want to tighten up more: during such times, market sentiment is like a tide, it can rush very far with the flow, or be pulled away against it. Anyway, I’d rather earn a little less than keep relying on liquidation to teach the market a lesson.