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Treasury yields are the real signal. They owe 365 trillion and still think they can print money to stay afloat. In the end, bondholders are the ones who pay. They drive a spike when liquidity is at its thinnest in the middle of the night, and leveraged traders are the ones who get blown out. If you think I’m talking nonsense, save a screenshot.

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Comment 2
DynamicHedge
If the funding rate turns negative, spot hedging positions end up taking slippage instead.
GHOFisher
Do you have a screenshot saved? Then I need to confirm first whether you really posted it on Gate Square or whether some fake customer service rep forwarded it.