Recently, the funding rate has skyrocketed to ridiculous levels. My first reaction isn't "fight the other side," but rather to reduce my position a bit first. To put it simply, extreme funding rates mean everyone is crowding at the door on the same side; theoretically, doing the opposite would be more profitable, but in practice, slippage, liquidations, and chain reactions of stop-losses are too exhausting. Even backtests look good, they can't withstand real-time market chaos.

My current approach is: avoid if possible, keep a small tentative position as a "thermometer," and if I do end up on the opposite side, only risk what I can accept losing, with the rest just watching. By the way, I watch the group arguing about privacy coins, coin mixing, and compliance boundaries—more arguing, more the same emotion: everyone wants to earn certainty, but the market just loves to leverage uncertainty... Let's leave it at that for now.