When funding rates get extreme, the chat starts arguing about “longs blow up / shorts blow up.” I usually don’t rush to choose a side. Plainly put, the funding rate is a mood thermometer—when the “temperature” is too high, what I care about more is whether my position might get harshly taught a lesson by the volatility. Being on the other side of the trade is definitely satisfying, but what I more often do is reduce leverage and move my stop-losses to levels I can genuinely accept. I’d rather make a little less than get swept around again and again.

Looking back, it’s kind of funny: I clearly don’t even like excitement, yet I keep wanting certainty right on the tip of the blade.

By the way, when you look at all those modular, DA-layer narratives on-chain, the developers are super excited, the users look completely confused, and the market is pretty much the same—telling stories is lively, but settlement still comes down to risk control.

Anyway, I’ll hide for now and wait until funding rates return to a range where normal people can breathe.