When the funding rate is pulled to triple digits annualized, I actually get a bit itchy. Not to dive in—just to jot down some notes.

In the past few extreme rate events, I only thought to review afterward, and all the emotions were already gone. So this time I simply opened a rough table, recording only three things: the peak rate, my positions at the time, and—this is important—what I thought was about to happen.

Only after recording did I realize that what I thought were “counterparty opportunities” were actually more than half false signals. As for the remaining half, looking back now, I can’t tell if it was luck or genuine understanding.

Anyway, I’ll just keep logging it. The unlocked calendar has been flooding the feed lately, and the fear of selling pressure spreads fast. But when the rate is extreme, the on-chain activity is actually quite quiet—kind of like the stuffiness before a storm. I don’t know if this counts as an opportunity. I’ll finish logging this wave first and see.