Strategies like cross-exchange funding rate arbitrage/Martingale have always been hard for me to evaluate. These are strategies with obvious tail risks—the short leg carries severely asymmetric risk. Usually, you earn 0.5%-1%, but then one day, volatility spikes, and you take a big loss. This is an inevitable phenomenon determined by statistics, and the only way to mitigate it is through strict position management and stop-losses. If you’re doing cross-exchange arbitrage with full margin and no stop-loss, getting liquidated and wiped out is just a matter of time.