Interest rates are really quite interesting. When U.S. Treasury yields suddenly spike, the on-chain RWA product yields are also pulled out and compared—but honestly, most retail traders can’t last long enough to earn the interest. If the funding rate or OI fluctuates even a little, they’re quick to close their positions.

Lately, I’ve been gradually getting used to moving half a beat slower. When interest rates are high, where does risk appetite go? Don’t look at the news—look at the funding rate and the liquidation hotspots. When rates are high, money is expensive. For that reason, the non-directional strategies in perpetual contracts that earn funding rates are actually steadier than chasing breakouts and trying to ride volatility. But the premise is that you have to slow down—don’t let short-term fluctuations carry you along.

In plain terms, macro effects transmitting into positions aren’t linear. Go slower, wait for the data to speak, and don’t rush to chase quick money—otherwise, it’ll only end up as someone else’s liquidity.