I tried once when the funding rate was extremely extreme, feeling itchy to take the other side of the trade, only to realize that the hardest part wasn't the direction, but whether I could withstand those wild jumps. To put it simply, high funding rates don't mean an immediate return; market sentiment can hold out for a long time. I clearly judged correctly that time, but I almost got washed out by the volatility, and my mentality exploded first.

Later, I adopted a more cautious approach: when the funding rate skyrockets to ridiculous levels, I hide first. Wait until it starts to stabilize, and the order book no longer has one big pit after another, then consider lightly going against the trend. Recently, everyone has been comparing RWA, US Treasury yields, to on-chain yield products. I also think that a lot of the "yield" on-chain is actually paid by emotions and leverage... Anyway, after that time, I’d rather earn less than fight the volatility when the rates are extreme. That’s it for now.