Tonight, while monitoring the market, I saw the funding rate soaring to ridiculous levels again. Half of the chat room was shouting "counterparty pushing," and the other half was saying "don't get caught holding the bag." I actually feel more like a duty cat: first checking for abnormal transfers, sudden contract upgrades, or whether liquidity in the pool has been quietly drained... These suspicious signals are more frightening than the rate itself.

When the rate is extreme, I rarely go head-to-head; if I do take the other side, I only dare to do so with small positions, quickly entering and exiting. Basically, it's like spending money to buy a chance of "emotional normalization"; most of the time, I choose to avoid volatility, preferring to miss out rather than get swept away in the screams. Recently, the debate over privacy coins/mixing and regulatory boundaries has been quite intense. The more people tear each other apart, the easier it is for someone to use "narrative" as a smoke screen—so what I mentioned earlier as "suspicious" still ultimately comes back to "suspicious." For now, that's it. Continuing to stay alert.