On the whole, I think that if it is judged that the bull market will peak within half a year, the latter arbitrage model is more appropriate, because the decline will lead to higher principal/pledge income, so that the comprehensive yield will rise, and the snx/btc exchange rate will There will be rising expectations. If it is judged that the follow-up market will be long and slow, the former risk-free arbitrage is more appropriate (but the risk of margin explosion should be avoided).