degeneracy becomes stablecoin yield on @vertex_protocol :. - BTC-PERP has 35% annualized funding from long degens.

01 Jan 2024, 22:40

degeneracy becomes stablecoin yield on @vertex_protocol : - BTC-PERP has 35% annualized funding from long degens - spread degens borrow USDC to long BTC spot and short BTC perp for funding arb; possible because all cross-margined - passive USDC depositor APY hovers at 10-20%