Someone asked me if, when the funding rate is extreme, it's time to jump in and take the opposite side. To be honest, what I usually do first is avoid: when the rate reaches such absurd levels, it means everyone has already gone crazy in the same direction. I don't know if you'll win the market, but there's a high chance you'll get slapped with volatility first. If you really want to take the opposite side, that's fine, as long as you're willing to admit you're picking up the knives, with small positions and tight stop-losses; otherwise, don't pretend to be calm. By the way, I've been watching the recent debate over pledge/share security and the "compound returns" approach, which has been quite noisy. It feels like the same illusion: everyone wants to take a little more, but in the end, everyone bears more uncertainty... Anyway, I won't join the hype.