When the funding rate spikes to outrageous levels, do you really rush in to be a hero and take the other side in the trade? I usually pull my hand back a little first... not because I’m scared, but because I don’t want my emotions to be the fuel. Put simply: when rates get extremely extreme, it’s like everyone is being shoved into one side. Taking the other side can feel tempting, but if you just jump in, it might get even crazier—then a couple of quick needle-like swings can wash you out and shake you clean. My approach is kind of “old-school”: first, check how much of the budget you wrote down on paper is still left. If you can accept it, try a small position; if you can’t, stay away from the volatility. I’d rather miss the move than force myself to hold through it.

Recently, around upgrades/maintenance for mainstream public chains, everyone has been speculating whether there will be a migration. The more the group debates, the more it starts to feel like a “version of the crowd that chases extreme funding rates.” At times like this, I’d rather just be a passing little dried fish—watch first, then decide.