In the past couple of days, the funding rates have started drifting again—at this point it’s almost ridiculous. Someone like me, who just picks up the dust that falls off, is actually most afraid of getting the urge to do something... Put simply, extreme rates are like those roadside discount signs— the louder they are, the more likely there’s a trap behind them. Going against the other side is definitely satisfying; it feels like I’m collecting “toll fees.” But once volatility kicks in, the books scare you first—there isn’t enough dust to make up for the margin.

Right now I’m more inclined to duck out first, place a few small orders, and slowly pick things up—no need to force it. Especially lately, everyone’s been comparing RWA and U.S. Treasury yield rates to on-chain yield products. The more they compare, the more it looks like they’re just looking for “reasons to feel safe,” but whether on-chain stuff is stable or not really comes down to a single moment of judgment. Anyway, I’d rather make a little less than get punctured right through by a single needle.