Been lurking for a long time. I can’t say it any better—I’ve just pulled back. You’ve all been chatting every day about how extreme the funding rates are and how to go after the other side’s book; as for me, I’m shrinking my exposure. Recently, rate-cut expectations have been rising together with the U.S. Dollar Index, and risk assets are also getting excited. I can’t make sense of this script. As a leveraged borrowing player, the thing I fear most is a sudden spike in interest rates. Once funding rates go to an extreme, the correlation of the collateral starts to jump around, and the liquidation line could be right next door. Instead of betting on whatever small gains there might be from the other side’s positions, I’d rather reduce my position to dodge the volatility—or simply swap my position into stablecoins to take low-fee lending, so it’s steadier. To put it plainly: when market sentiment is too overheated, I’d rather make less money than get stabbed by a spike. Go ahead, big shots—I’ll just watch from the sidelines.