ARB Don’t keep imagining new highs anymore—0.2557 is the grave marker for this round. Funding rates have fallen to 0.004%, spot has seen 12 straight net outflows, and “bottom accumulation” is just a false move. Go in at 0.220, target 0.211. If it breaks, then look at 0.196. Set your stop-loss at 0.230. Any rebound is an opportunity for you to escape, not a reason to add to your position.