Today a friend raised a question, which made me review the secondary market's #套利 .

In 2017, it was relatively simple to hedge or say to arbitrage.

In 2019, starting from #BINANCE , we could do cash-futures arbitrage, basically it was going long in cash and short in futures, it was particularly easy back then.

By 2021, it had matured, I remember in January 2021, a simple long in cash and short in futures could yield a daily return of 1%+.

In 2023, going long in cash and short in futures had basically no space, we began to do short in cash and long in futures arbitrage, borrowing coins was mostly on BN.

In 2024, the profit margin for cash-futures arbitrage narrowed, especially as borrowing coins was monopolized by VIPs, everyone started playing futures arbitrage.

In 2025, many professional players began futures arbitrage, particularly as market makers controlled the market, many coins would be violently shorted.