I just took a look at the funding rate—ETH is back to a very deep positive number. Longs really aren’t panicking at all. At times like this, I’m not interested in rushing to join the trade. A friend suggested I could post a short to earn the funding rate; that sounds pretty good. But what if I get swept out by a spike and liquidated? In that case, the funding rate likely wouldn’t be enough to cover the loss. I’m even more worried that something might go wrong with the oracle side—there was a project that had abnormal quotes before, and they couldn’t fix it for several consecutive blocks. Back then, taking the other side was basically betting on whether the liquidation system would stop. And after that recent cross-chain bridge incident, a lot of people were also waiting for confirmations for half a day—only to find out the price had already changed by then. Basically, behind extreme funding rates is often market sentiment or crowded arbitrage. I don’t think I can accurately predict which side will break first. I’ll just stay out of it for now and wait until the funding rate and the price spread aren’t so outrageous.