Last night I saw the funding rate spike to an extreme level again, with a bunch of people in the group shouting "attack the counterparty to eat the fee," I admit I’m a bit envious of that kind of confident decisiveness... but most of the time I still choose to avoid the volatility. To put it simply, no matter how attractive the fee rate is, you first have to survive that moment of a sudden spike; when emotions run high, it’s easy to keep increasing your position, ultimately earning the fee but losing the direction.

Now I’m more like making a comparison chart: extreme fee rate = extreme market sentiment, first ask myself three questions: can I withstand the drawdown, do I have a clear stop-loss, and can I sleep through the worst-case scenario? If not, don’t pretend; stay in cash or light positions and wait for it to return to normal. Recently, the social mining and fan token schemes that promote "attention is mining" also feel a lot like high-fee market conditions—lively for sure, but risky too... Anyway, I’ll prioritize survival first; opportunities will come later.