When funding rates reach an extreme, the group starts arguing: is this a reversal signal or just more bubble squeezing? Honestly, my first reaction isn't to pick a side, but to look at whether the structure is correct and whether there's asymmetry: is anyone on the spot market taking positions? Are the holdings overwhelmingly one-sided? If only derivatives are fueling the fire, I’d rather avoid the volatility and do less heroics. Playing the counterparty sounds exciting, but often it's just treating luck as judgment. I see simplicity as a trap—things like "high funding rates must mean a drop / low funding rates must mean a rise" make me want to close the software after hearing them. Anyway, my current approach is somewhat cautious: small positions to test the waters + strict stop-losses, and I won't fight if the structure isn't a closed loop.