risk
ETH basis sleeve: post-mortem on the squeeze
Silas Ong · 2026-08-21 · 7 min
The book was crowded on the same side of the basis. When perp premium flipped, hedges paid more than the carry earned.
We reduced size by 40% and published the negative 30-day. Orbit will not hide a red sleeve to protect a leaderboard.
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