When Silicon Valley Bank went bankrupt last year, USDC was unpegged for one day. At that time, everyone in the group was shouting to arbitrage. I also followed the trend and sold some of my spot for USDC. A few hours later, the price returned, and I bought back the original spot, making nearly 10% profit. What will happen if USDT is unpegged? Spot may be able to arbitrage or trade some high-priced orders. It is difficult to estimate how the U-based contract is calculated. Is it because the price of the currency has risen and the pending orders have been traded or automatically stopped, or is it because the U depreciates and the margin is insufficient and the position is liquidated? However, considering the status and size of USDT, this should be a disaster for the currency circle. The most likely result is a collective collapse, and most people lose money. I hope that day will never come.