Regarding Arthur Hayes' remarks, I have a somewhat socially anxious friend who has a slightly different perspective and hopes to discuss it with everyone.
If the goal is to earn the basis from ETFs and CME, the profit is locked in from the beginning, hedging against price fluctuations. A small portion may simply not roll over at expiration, but most likely, they are still pessimistic or panic selling.
A typical operation:
Buy T-bills (interest rate: R1)
Use T-bills as collateral to borrow funds in the repo market (interest rate: R2)
Use the borrowed funds to buy IBIT, while simultaneously selling equivalent futures in the CME market
At expiration, settle the futures and IBIT, recouping the funds (earning the Basis)
Repay the funds borrowed against the T-bills and recover the T-bills
Total return = R1 - R2 + Basis
Additionally, I would like to know how traders view the performance of the futures and options markets. Thank you.
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