After two weeks of market making, I finally understand why it’s called impermanent loss instead of “temporary loss.” Once the curve tilts, the ratio of the coins you hold changes—by the time you want to switch back to your original position, the difference has already wiped out the fee earnings.

With the funding rate this extreme, people in the group are yelling about a reversal every day, but I see those LP pools’ depth is actually being pulled back. To be blunt, does anyone really think they can just lie back and earn passive income? For now, I’ve cut my position in half. I’ll wait until I’ve thought it through—whether this volatility is just squeezing out bubbles or if we’ve truly hit bottom—before deciding whether to add back.

That’s it for now.