I just went back and reviewed one of my own orders from last night. The depth looked okay when I placed the order, but as soon as it executed, the slippage wiped out my expected return rate. Put simply, during that time window the order book was too thin—the high-liquidity zone for large orders was too close to my level—and I was greedy and too fast on my own cadence; I didn’t wait for liquidity to recover. When I looked back at the OI and the funding rate, there were already warning signals at the time, yet I was still being led by the headlines. Lately I keep seeing interpretations that tie ETF fund flows together with U.S. stock risk appetite, making it seem like everything is linearly related, but that on-chain depth structure hasn’t changed at all—the compression would still have happened. I treat complexity as the enemy: discipline means you glance at the data and then decide your order timing—don’t leave room for emotions.