When funding rates hit an extreme, the group chat starts arguing whether to "go against the trend" or just "hide away." I personally lean more towards the latter: when the rate is ridiculously high, shorting as the counterparty feels satisfying, but honestly, you're just hard confronting a wave of emotion + leverage. If your position and stop-loss aren't a bit more in sync, you'll get wiped out pretty badly. If I really want to be the counterparty, I’d only use a very small position, and the rest would wait for the funding rate to cool down or for signs of large addresses on-chain starting to flow back or reduce their positions before acting.

I’m actually often a step behind when it comes to macro strategies... Expectations of rate cuts, the US dollar index rising and falling with risk assets—I just think "oh, really?" after reading it. In the end, it all comes down to leverage pushing and pulling on the market. At times like this, I prefer to do less, not to go against the trend just to prove myself right. It’s better to stay alive first.