When funding rates reach extremes, my first reaction isn't "Opportunity is here," but rather to ask myself: Am I really earning funding fees, or am I gambling on the timing of a pin popping a balloon... I don't pretend; I often can't tell the latter accurately. If I really want to take the other side, I only dare to do so with a small position, waiting for my emotions to settle down, and not expecting to catch the top or bottom.

Most of the time, I choose to avoid volatility and do less fussing. Especially recently, with a bunch of new L1/L2 projects offering incentives to boost TVL, old users complain "mining, then selling," in this environment, funding rates combined with narratives can easily lead to a stampede. To put it simply, surviving until the next macro liquidity window is more important than these fees. That's all for now.