@Jazerbeam The committee is slow playing Miami’s rise in the rankings to buy themselves time before they have to make the tough decisions. A lot can change from 7-15 until the final bracket, so no reason to create headaches from the likes of ND, Bama, Utah, etc. if they don’t need to yet
@qthomp@biancoresearch Jim also ignores the fact that BLK and others are squeezing the custodians & OTC desks on fees - everyone wants this biz and prices aggressively for it, accelerating margin compression in the industry. For BTC at least
@0xsammy@0xCygaar@ethena Pretty sure this is wrong? They’re simply shorting ETH perps to delta hedge the long stETH position, and earning funding from doing so (while funding is positive). No LPing and no IL
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@weskpga@INArteCarloDoss Can u explain this more clearly? Are you saying short 10y futs is positive carry vs. a levered cash position given the funding cost associated with the latter? And then his 4% downside scenario is ignoring the opportunity cost of holding 1y bills?