These past two days, the funding rate has once again been twisted to the point of being a bit ridiculous. My first reaction isn’t to rush in and take the other side—I first pull up the liquidation lines for my lending positions to take a quick look… To put it bluntly, no matter how attractive the rate is, it can’t withstand a single pinprick. I used to love to be tough and go “catch” trades, but later I realized the most reliable thing is to dodge volatility: reduce leverage to a level where I can sleep at night, and keep a little “ammo” so I can wait for it to cool down on its own.

And now hardware wallets are out of stock, while phishing links are everywhere. The hotter the market is, the easier it is to slip and click the wrong thing. So I’m just setting a smaller target: today, I don’t expect to make much—I just make sure I don’t get liquidated, and I don’t do anything careless. In a way, that lets me last longer, and my mindset doesn’t end up so blown apart. That’s it for now.