Honestly, when the funding rate is this extreme, my first reaction isn’t to “rush in and take the other side,” but to straighten the structure first: at times like this, market sentiment is like a slanted arch—it can hold for a while, but when it collapses, don’t pretend everything’s fine. Taking the other side is certainly tempting, but you have to be able to hold out through that period of being “wrong for a long time,” especially when certain regions tighten taxes and compliance—once deposit and withdrawal expectations change, leverage suddenly becomes completely unreasonable, as if it doesn’t play by the rules.

I’m also not sure which moment will definitely be right, so now I more often choose to “hide from volatility”: cut down positions, close leverage, or keep only a tiny probing position like a thermometer. To put it simply, extreme funding rates aren’t to prove to me how smart I am—they’re a reminder that the symmetry in this game has already been broken. Live through it first, and wait until it returns to a state where you can actually make sense of it. That’s all for now.