I just took a look at the funding rate, and it’s back in an extreme range. To be honest, every time it gets like this, I feel really conflicted—if I take the other side, I’m worried about being subject to targeted liquidation; if I dodge the volatility, I’m worried about missing out on the opportunity. Lately everyone’s been talking about RWA and how U.S. Treasury yield compares with on-chain yield products, but what I care about more is the permissions and the callback mechanisms behind those protocols. The truth is that high returns often hide terms like “upgradeable” or “proxy.” If you read the contract carefully, it might actually turn you off. I’d rather make a little less than get liquidated by a needle in the middle of the night. In any case, I’m not really comfortable putting my entire fortune into a single narrative—what about you?…