These days, there's been more arguing in the group about whether extreme funding rates are a reversal signal or just a continuation of the bubble.

I tend to look first at: those perpetual/loan agreements I trade, and whether the oracle price feed is stable.
Honestly, if the feed is delayed, what you think is a "pullback giving an opportunity" might just be the price moving first, and the oracle hasn't updated yet.
When it finally catches up, the health of the position can change instantly.
Liquidation isn't because you're wrong about the direction; it's because you were caught off guard by the time lag.

I used to be quite stubborn, always saying "I only look at on-chain data," believing that feed prices and liquidation lines are the most real.
Later, I was also educated: on-chain data has its own lag, especially when volatility is high and funding rates are one-sided.
When crowded trading squeezes in, delays and slippage pile up.
Even if on-chain data is "real," it can still be tough to handle.
So now I keep it simple: when rates are extreme, I reduce leverage and keep a thicker margin.
I'd rather enter more slowly…
For now, that's it.
Finish my coffee and then look at the next move.