QNT, this contract set is really unbeatable. The position volume was cut away by nearly 10% within seven hours; the fee rates stayed basically at the bottom the entire time without ever turning positive. The basis spread is still drilling lower—bulls are paying money to hold their positions while market makers borrow the fee rates to coordinate and close the net. On-chain lending surged; spot leverage is going long and piling even higher. Isn’t this just setting people up for liquidation and providing headcount for the harvest? It’s really good for nothing.