My $ETH position survived yesterdays short squeeze and doing well.

I don’t recommend 5x. I don’t recommend any x. I’m doing that only because these are free funds (but real profit).

With own funds I sometimes do 1x positions on CM futures which are trivial to hedge with spot position.

By the way I don’t recommend so-called “hedge mode” exchanges promote on perpetual contracts. And I don’t recommend cross mode - both are suicidal.