Recently, everyone has been talking about extreme funding rates.

Is it a reversal or just a continuation of the bubble?
My first reaction isn't about the direction, but whether on-chain sandwich attacks will become even more aggressive at this time.
You think you're arbitraging, but you might just be working for the "tax" of the sandwich + routing... especially those seemingly fat swaps—relax the slippage a bit, and someone else will be quicker to take the deal.

Now I’d rather spend a few more minutes:
First, try a small amount to test the waters,
change the routing/split the orders,
set the slippage to the lowest tolerable level,
and if necessary, go for private transactions (even if it's more trouble, I accept it).
Honestly, until I confirm whether I’m earning from the price difference or just paying the fee + MEV costs to others, I don’t dare to increase my position significantly.
That’s how I’ll proceed for now.