【Quick Review】While the entire network is cutting losses, some projects have found a way to profit from the opposite side.

Look at the current market. Prices are plunging, bears are cheering, and long positions are being liquidated—it's a scene of widespread despair. Funding rates have flipped from positive to negative -0.1%.

What does this mean? It means all those shorting must pay the longs. This money is real—flowing out every second.

Projects like Ethena, which hold short positions, are starting to get uneasy. They face a "pay-to-work" situation—holding shorts but being charged money. Meanwhile, some multi-strategy funds are smiling.

They have launched a strategy called "Negative Arbitrage." The logic is surprisingly simple:

Step 1: Close the short positions.
Step 2: Even go long (by shorting spot or holding stablecoins).

When everyone is panicking and selling off, these funds instead take the long side. It’s like opening a money bag, waiting for the shorts to pay that high fee rate in their panic.

This is the terrifying power of multi-strategy. It has no obsession—neither strictly long nor short—just follows the side with the highest mathematical expectation. When one side is bleeding, the other is bleeding them dry.

That 18% basis arbitrage profit? It’s earned through this method.

So the question is straightforward: do you want to be the bleeding short, or hold stablecoin derivatives and be the predator bleeding others?