When funding rates hit an extreme, I start to slack off... Honestly, during these times, the market is most prone to manipulation, with orders stacked like walls, only to be pulled all at once the next second. Fake liquidity makes my scalp tingle. Should I take the other side? I usually first observe the order cancellation rhythm and the strength of order eating; only if there's a "hard top and hard bottom" do I dare to take a small position to catch the move. Otherwise, I’d rather hide, because the volatility is so high that you think you're trading, but in reality, you're just giving others slippage.

Recently, I’ve seen a bunch of people complain about miners/validators’ income, MEV front-running, and unfair ordering, and it doesn’t seem entirely unreasonable... You’re calculating the funding rate here, but over there, they might have already queued up. Anyway, my current approach is more like: if I can understand it, I try to take the other side; if I can’t, I pretend to be dead, saving some bullets for when emotions settle down. It’s depressing, but at least I’m not risking my life.