On that style it usually ends up that the top connector there is also usually the fill level. But you need to play with it and adjust for your liking. If you inhale and get water on your lips, that's too much. You want it up to the point of that almost happening. But people do like it dryer. It's all an experiment with no right or wrong answers
About half an inch over the stem, play with it a bit and see what drag you like. well, it's stemless but you know what i mean..