Here’s the latest situation. Honestly, I was being dumb—went long on domestic crude oil and short on Brent, trying to earn funding fees. Opened a position of about 2m, lost 6%. The real issue was that I didn’t check CME prices. Then last weekend, I saw someone mention that rollover was coming soon, so I started researching CME pricing. Yesterday morning, I admitted defeat and moved all my domestic long positions to CL2606. Also went short on hype-CL and long on CME-CL-2606 with a 6m position, betting on the rollover in the crypto space. At the same time, I went short on hype-CL and long on hype-Brent with a 5m position, betting that after the rollover ends, Brent will return to its premium. Unfortunately, Trump directly taco-ed it. Otherwise, this afternoon and evening (since the rollover is tomorrow morning), I would’ve added another 20m position. That would’ve been an easy 1-2m in arbitrage. Arbitrage is simple: if your understanding is solid, it’s like withdrawing money; if it’s not, you’re just giving money away. Back in the crypto space, I was super familiar with it, so whenever there were huge arbitrage opportunities, I’d go all-in and take a big bite. Recently, I’ve been less familiar with crude oil and got played by the domestic market. But I’m confident about this rollover—it’s a no-brainer, so I’ve been wanting to go big on it. The essence is this: pricing power lies with CME. The crypto space’s so-called rollover is something they don’t even understand. Basically, there’s an unreasonable transitional price gap between CME’s next-month price spread and the perpetual contracts in the crypto space. This transitional gap is hard to price using funding fees.