I have a slightly different perspective on Arthur Hayes' remarks from a friend who is quite socially anxious, and I hope to discuss it with everyone. If you really want to earn the basis of ETFs and CMEs, lock in profits from the beginning, hedge Due to price fluctuations, a small portion may simply have expired without renewal, while the majority may still be pessimistic or panic selling. A typical operation: 1. Buy T-bills (interest rate: R1） 2. Borrow funds in the repurchase market using T-bills as collateral (interest rate: R2） 3. Use borrowed funds to buy IBIT and sell equivalent futures in the CME market at the same time 4. Liquidate futures and IBIT at maturity, retrieve funds (earn Basis) 5. Return the funds deposited into T-bills and recover T-bills Total revenue=R1-R2+Basis Also, I would like to know how traders view the performance of futures and options markets from their perspective. Thank you.