In early May, I put 1 wu of GLV into GMTrade—5000U for both Commodity and Forex.

Now the two pools total 9969.52U.
The traders on GMTrade seem to be fairly strong.
GLV is set up as the trading counterpart to traders. If traders lose money, you profit; if traders make money, you lose.
The yield of a Perp LP is not the same as the Fee APR shown on the page.
The LP earns trading fees, lending fees, and incentives, while also absorbing the trader’s PnL.
If traders are profitable overall, the LP is essentially paying them.
So during this period, the RWA traders on GMTrade are, at least, not as gullible as people might imagine.
After Fee APR minus Trader PnL, will the LP still be able to keep real returns?
If this model can’t produce positive returns, then no matter how pretty the APR looks, it’s only skin-deep.