Something notable is brewing beneath the surface of the crypto derivatives ecosystem. What used to be one of the most consistent profit-generating strategies is now showing cracks—and traders are noticing. The market mechanics that made this particular trade work like clockwork appear to be shifting, suggesting that the playbook many had been relying on may need a serious rethink. Whether this is a temporary consolidation or a structural break in market dynamics remains to be seen, but one thing's clear: the derivatives landscape is in a state of flux. Those who've been riding this wave might want to pay closer attention to what's happening under the hood.