$HEMI This premium is imaginary fire built from stacked fees and basis—touch it and it shatters. Short it. The funding rate has been eight straight positives, pushing higher and higher; the basis has been swelling all the way, pressing toward a doubling. For seven hours there’s been active buying demand that actually fails to expand—while the long side’s war pay is taking more and more from them, but not a single new recruit is coming in to take the book. Ninety percent of the supply is still locked in storage; with the goods not even on the table, the price is already lifting. This one-way move will eventually give back what it takes.