I started recording how I adjusted my positions during those days of interest rate changes, only to realize that "risk appetite" isn't just a line in the news—it's something that directly affects whether I dare to move my position from the edge of the fish tank into the water. When interest rates go up, money becomes more expensive, and I naturally tighten my grip: the spread across pools is still there, but I care more about whether the fees are enough to cover slippage and the friction of moving back and forth. I’d rather do fewer trades than push through with hard moves.

Recently, the funding rate has been extremely volatile again, and the group is arguing fiercely about whether to reverse or continue to inflate the bubble. At times like this, I find that emotions are most likely to push people into chasing gains or selling at losses. Anyway, I follow my "inertia response" recorded earlier to brake: reduce leverage, lower frequency, first take the small, certain margins, and leave the rest to time... Honestly, living longer is more important than guessing the right direction.