When the funding rate hits an extreme, I only see two options: either pretend to be a pro by taking the other side of the trade, or just hide away like an ostrich. Honestly, I usually choose the latter... In the past, when I saw the rate was ridiculously high, I’d get itchy and try to top it, but when volatility came, it felt like being scratched by a cat—even if I was right about the direction, I could still get wiped out. It made me so angry I’d close the software and go wash some cups.

Recently, those new L1/L2s are offering incentives to attract TVL, and when the old guys in the group complain “mining, selling,” I actually resonate with that: liquidity comes fast and leaves just as quickly, and the rate is more like a mood thermometer, not a money-making machine. Now I usually try with just 20U, placing a small hedge—if I can make a profit, I’ll take it and run; in really extreme and exaggerated cases, I’d rather wait 10 minutes, let it cool down a bit, and then decide. Anyway, my position is like a cat—shrinks at the slightest breeze.