Recently, I've come across a bunch of "yield stacking" involving re-pledging and shared security. I'll clarify my assumptions first: the premise is that the underlying staking itself is stable, the penalty rules are predictable, and the exit liquidity can truly be realized under pressure. Otherwise, what’s being stacked isn’t yield, but risk correlation—simply put, stacking the same tail event twice, thinking it adds an extra layer of protection.

In the past couple of days, when the funding rate hit extreme levels, the group chat was again debating whether to reverse or continue squeezing the bubble. I think this kind of sentiment is very similar to "including all the potential gains and ignoring the possible losses." My own rough method to prevent impulsive trading: when I see a high APR, I don’t click confirm right away. Instead, I first check the fees/slippage/MEV impact, then write down the worst-case loss in a memo. If I can’t figure it out, I’ll just leave it for now and revisit later.