I'm not very good at that kind of move where you “go all in when the funding rate hits an extreme.” To put it plainly, I’m more afraid I won’t be able to stomach the drawdown and will end up surrendering first. When the rate spikes to something ridiculous, I usually take a quick look: is the sentiment so one-sided it’s basically everyone’s in the same boat, with a clear on-chain pattern of panic selling and profit-chasing—like people being crowded out and forced to exit? If that’s the case, I’d rather take a small position to play the counterparty, or simply step aside and avoid the volatility, then wait for it to cool down on its own. Lately, everyone has been comparing RWA and U.S. Treasury yields with on-chain yield products, and I find that pretty realistic: when the outside risk-free rate goes up, whatever small yield you’re getting on-chain starts to look more like “yield bought with volatility.” Don’t let the numbers dazzle you. Anyway, after I finish my late-night snack, my position won’t suddenly turn brave just because of a single funding-rate spike… I’ll just live to see another day.