Recently, everyone has been arguing whether the extreme funding rate is about to reverse or if the bubble will continue to be squeezed.

I'm actually more worried about another thing: the oracle price feed being half a beat slow.
You think your leverage is still pretty safe, but on-chain quotes are still stuck in the "old world," with liquidation lines based on outdated prices.
When the feed updates, it can suddenly cut you down; or conversely, you think it should have exploded already but it hasn't, and your position keeps growing larger.
When the final pin comes, it will be even worse.
To put it simply, liquidation isn't just about the high or low price; it also depends on "who knew first."
I treat complexity as an enemy: I avoid protocols that don't understand the oracle price mechanism, and I don't open full leverage—better to be disappointed than caught off guard.