Just as I picked up my phone, another red dot popped up: “Re-pledge annualized ××”… It’s so funny it makes me want to laugh. Let’s be real—earnings aren’t coming from thin air. Either you’re living off someone else’s subsidies, or you’re riding on someone else’s leverage-driven hype. Once the subsidies stop or the mood turns cold, all that’s left is “queueing to redeem.”

LST looks like a savings account, but underneath it’s actually locked. During a run, it trades at a discount faster than you can react with your own hands. Re-pledging is even more ruthless—it slices the same sense of security into multiple layers and sells them. If something goes wrong, it becomes a domino effect.

With funding rates right now at extremes, people in the group are asking: is it time for a reversal, or should we keep squeezing the bubble? All I know is this: the more outrageous the rate, the more it looks like a reason being cooked up to find a patsy for high returns. Don’t let notifications drag you into the script first.