Don’t try telling me about “market making for easy profits,” okay? Yesterday someone even DM’d me saying that if you set up a dual-asset pool on Uniswap, you can just collect the fees. But today, when the exchange rate moved, impermanent loss wiped out his month of earnings in an instant. That AMM curve stuff isn’t something you use like a cash machine—once you provide liquidity and the price moves, the coins you’re holding get pushed into the side that’s worth less. I’ve explained this to you a hundred times already, haven’t I?

Lately, the funding rates have been so extreme it’s frankly ridiculous. Spot is dropping, while derivatives are still propping things up—and the community is all guessing whether it’ll reverse or whether they’ll keep squeezing the bubble. Let me tell you: in a moment like this, if you go do market making, you’re basically paying the arbitrage bots. I’m just more willing to trust the data: on-chain trading volume, funding rates, and options implied volatility are all right there—more reliable than you guessing which way it’ll go. “Gut feeling”? My gut feeling got smashed to pieces by liquidations long ago.

Go to sleep first. I’ll wake up tomorrow and do a full recap.