Why is #FDUSD unhooked and #TUSDT anchored back?

The reason for both currencies is the same, because the funding rate of Bitcoin exploded today. How explosive?

Bitcoin perpetual contract funding rate is 0.08%, annualized: 87%

This year is basically equal to the annualization of u. The specific operations are:

Taking the principal of 70,000u as an example, use 62,000u to buy a big pie spot, and 8,000u to short a big pie permanently.

The result is: you can get a funding rate of $150 per day. Achieved an annualized rate of 70+%.

In this case, those with low u costs in the market will rush into futures arbitrage. Then because tusd can be used as contract margin, the utilization rate is high enough, and Binance supports tusd as contract margin, which means that tusd has no real anchor, it is just short-term supply and demand FUD, so tusd can eat two fish in this strategy. (Eat back riveting + capital fee). So it is pulled up quantitatively. And because fdusd is temporarily useless, if it is replaced by usdt with an annualized rate of 70-80%, there will definitely be a sell-off conversion. After all, the little bit that breaks the anchor can be earned back in a day or two.

So, if Binance gives real money support to a launchpool as big as fdusd, why don’t you let go of contract margin support?

Outside of this article, if you talk about tusd joining the next mining or fdusd having problems, don’t read it, it’s meaningless.