Funding rates have skyrocketed to an absurd number again. Someone in the group shouts, “How can you not short this?” Someone else replies, “If you short, you’re the fuel.” Anyway, every time I see these extreme figures, my first reaction isn’t to rush in—I adjust my position first, lowering leverage to a level where I can sleep with my eyes closed.

To put it plainly, when funding rates get extreme, it’s the market crying out in pain—but who exactly is hurting, and how long it will last, no one knows. I’d rather miss out on that “counterparty” profit than get yanked back and forth by volatility. Miners have also been arguing about MEV lately. Retail traders complain that the ordering isn’t fair, but the funding-rate market is the same—information asymmetry is a harvester.

That’s it for now. I’ll wait until the funding rate returns to a frequency I can understand.