Yesterday, during a communication with a quantitative brother, I had a clearer understanding of the so-called risk-free "arbitrage" strategy in #量化交易 :

In the bull market, many people will go long and operate more aggressively, so they will pay more funding rates to short-selling opponents, and then the short-selling brothers will buy spot stocks at the same time and sell them after the price rises to hedge;

What is particularly critical here is to understand that it is not about the increase in currency prices, but about the funding rate, which is more suitable for institutional types pursuing "stable" revenue.

This kind of #套利 is almost risk-free. The biggest black swan is that the exchange runs away or the U becomes unanchored.