Lately, the funding rate has been at an extreme—so in the group chat, people start shouting “copy the opponent’s order.” Instead, I would first take my hands off the keyboard for two minutes. Simply put: when the funding rate is insanely high, yes, there really are people handing out money—but volatility is also holding back a big move. Doing the opponent’s order isn’t as easy as just earning the funding rate; you have to be able to withstand that sudden, jerky push-and-pull in the market.

I’m more like someone who avoids volatility rather than someone who hardens up and tries to be a hero. Usually, I’ll first check whether activity on-chain is heating up too: are active addresses, transactions—are they going crazy along with the market? If it’s only the order book that’s lively and the on-chain action hasn’t caught up, I’d rather test with a small position, or just stay flat. Recently, there were guesses about migration around the upgrade/maintenance of that mainstream chain—once ecosystem projects start to get stirred up, the funding rate is even more prone to being distorted... In any case, I treat it as noise with a little bit of signal mixed in. I’ll move slower and make fewer mistakes. That’s it for now.