$ARB price and open interest are both decreasing, and intraday participation size is also falling.

In the last 15 minutes, spot trading was 124,000; the 15m price is -1.41%; the 15m position is -1.04%.

Price and inventory fall in sync; the next leg will need trading volumes to pick up again.

Until trading recovers, the dual decline in price and inventory will still be treated as cooling.