When the funding rate reaches such an exaggerated level, my first reaction isn't "I'm making a killing," but rather doubting whether I should be providing liquidity to others... To put it simply, doing the opposite side of the trade is indeed tempting at extreme levels, but only if you can withstand those few needles deliberately trying to blow you up. What I do more often now is: first hide, wait until volatility disrupts the routing and the pool slippage becomes outrageous, then go in and pick up cheap trades; if I really trade against the rate, I only dare to use small positions, set stop-losses a bit messier, and don't force it to save face. Recently, someone linked ETF inflows and outflows with US stock market risk appetite to explain crypto market rises and falls—I just want to laugh when I see that—macro narratives are fine to listen to, but don’t treat them as your shield against liquidation. Stay calm.