It is a foolish behavior for large funds to form Alpha pools. This is a typical case of using large amounts to fight small ones. To attract newcomers to increase trading volume, most pools have a fee of less than one ten-thousandth. Only in ultra-narrow ranges can high returns be achieved, but when the operator withdraws the pool and crashes the market, it is just a matter of a sentence. The apparent stability is due to the excess returns brought by Alpha, which attracts a large number of newcomers. The day when Alpha returns do not meet expectations will be the time to close the net.