A friend just messaged me saying he saw the orders at a liquidation level for some L1, and they’re almost lined up at the door, but nothing’s moved yet. I’m honestly holding my breath for him. When I watch the funding rate, I’m most afraid of this kind of situation: you’re only three steps away from the liquidation line, but you just won’t cut the loss—you stubbornly hold out until you get liquidated.

In plain terms, the risk red line isn’t there for you to just look at and take photos for keeps. Whether you’re watching on-chain data or checking utilization rates in the lending pools—once it’s time to withdraw, withdraw. Don’t think, “I’ll just hold on a bit more; it’ll bounce back.” The rule I set for myself is: if the funding rate is acting weird or the borrow rate jumps into a dangerous zone, I cut my position immediately—no hesitation—even if I end up selling too early. Being liquidated feels far worse.

During the time when incentives rolled out for the new L1/L2s, all the old users in my朋友圈 were talking about “mine for sell and redeem,” and it’s basically the same idea—don’t wait until the liquidation line turns into a hammer to knock you down before regretting it. Sigh. Trading—discipline matters more than anything. That’s it for now.