A fren asked me about the PLUME operation: Clearly according to the previous logic, a certain Korean exchange has a Spot premium of 4 points, the contract is low by 3 points, and the funding rate is -2%. How did going long result in a loss instead?

This matter needs to be broken down into two key points.

**First, can the price difference be arbitraged directly?**
No. That exchange opened a PLUME mainnet recharge channel, and the on-chain confirmation takes at least half an hour, which is simply too slow to arbitrage the price difference. So the timing I chose was to short when they had just provided liquidity, not the aggressive strategy of waiting for the official announcement.

**Second, who is pushing the price up? Where is the counter party?**
Looking at the data again - the Spot and futures interest rate spread once maintained above 20%, with futures peaking at 0.035 and Spot directly surging to 0.048. In this structure, the smart money's strategy is to pull Spot, short futures to profit from the interest rate spread.

How to verify? Look at the changes in open interest: the long position OI accumulation curve is very linear, obviously retail investors coming in due to news, with no pullbacks in between; however, the short position OI suddenly surged—large funds have ambushed. How to harvest in the end? Dump Spot, close short positions, and harvest in both directions.

I opened a short position at 0.3512 myself, rolled the position once at 0.34 to preserve the principal and some profits, and finally incurred a full funding rate when closing the position. The paper profit was 6300 dollars, but the actual amount taken was 2000. Specific operation screenshots are posted in the comments.