Last week I almost did something dumb—I wanted to go in as the options buyer, thinking I could bet on a move and just take off. Then I checked the funding rate… wow. The time value was eating my principal like crazy. I watched it happen and felt my heart ache the whole time. Luckily I didn’t do it—otherwise I’d probably be rehashing the “why do I always buy the doomsday cycle” story right now.

Thinking about it, options buyers really are pretty miserable. Time is the other side’s playbook. Every day you wake up and you’re already losing. Meanwhile, the sellers are like “passively raking in points,” slowly collecting rent as time ticks on. Lately, during the airdrop season, the task platform points are so heavily gamified they feel like going to work. Honestly, the seller model reminds me of the “unbeatable players” in an “anti-sybils” story—slowly harvesting time value. It’s way more comfortable than staying up late grinding problems.

Anyway, keeping your position size light is really the only cure. Otherwise once emotions run hot, the funding rate can drain you dry.