The fuel for borrowing and going long on the ARB chain burned out overnight. In just twelve hours, the leverage increase went straight to zero—why wouldn’t you run? The spot long-to-short ratio has been pushed to 16x. Anyone can tell this is the last wild celebration before a long squeeze. On the derivatives side, sell orders are being placed to pin down the buy orders, and the hands of the longs taking the bag are trembling. Don’t be the one who realizes too late—this car is about to flip.