Honestly, when the funding rate gets extreme, everyone knows what’s going on—either you take the counterparty side and harvest the funding, or you dodge volatility and wait for liquidations. But every time I see those people shouting “mine to sell” into new L1/L2s, with TVL going through the roof, and the funding rate hitting an annualized few hundred, I can’t help but laugh. You think you’re eating funding rates, but what you’re really eating is the liquidity from someone else dumping. Anyway, I’m more on the timid side: in extreme conditions, I’d rather use low leverage to snack on the counterparty flow, or just lock positions and do nothing, then wait for the market to cool off. After all, we’re not here to gamble our lives—protecting your principal is what matters. As for the incentives on new chains, consider them after they take a hit—don’t rush to fill the hole.