Solana has semi-succesfully re-invented itself as not just a meme trenches chain: @kamino @ExponentFinance @Loopscale @JupiterExchange (@0xfluid) @solsticefi @onrefinance @HastraFi @MeteoraAG And @re, @maplefinance, @ethena, @USDai_Official (soon), and others porting their assets over exactly because of the value add of the Solana defi ecosystem. Had they not done this, I'd happily proclaim their iminent death. But they continue to be one of the best places for 5-6fig farming for stables and majors.

Solana has semi-succesfully re-invented itself as not just a meme trenches chain: @kamino @ExponentFinance @Loopscale @JupiterExchange (@0xfluid) @solsticefi @onrefinance @HastraFi @MeteoraAG And @re, @maplefinance, @ethena, @USDai_Official (soon), and others porting their assets over exactly because of the value add of the Solana defi ecosystem. Had they not done this, I'd happily proclaim their iminent death. But they continue to be one of the best places for 5-6fig farming for stables and majors.

Solana has semi-succesfully re-invented itself as not just a meme trenches chain: @kamino @ExponentFinance @Loopscale @JupiterExchange (@0xfluid) @solsticefi @onrefinance @HastraFi @MeteoraAG And @re, @maplefinance, @ethena, @USDai_Official (soon), and others porting their assets over exactly because of the value add of the Solana defi ecosystem. Had they not done this, I'd happily proclaim their iminent death. But they continue to be one of the best places for 5-6fig farming for stables and majors.

STRC, Exotic RWAs, Boring Reliable Yields, Airdrop Updates, and more. Join us Live now https://t.co/OA1RvLnJLl

The numbers are in! 185,139,109,378 total flares (points) for @solsticefi S2. Other ways to look at it: ➢ 175 solana:SLXdx4BUt2v9uJQNzWqSfzTJ9UKLUDsvxHFMEEdrfgq per 1M flares ➢ $13.4 per 1M flares at current prices I was able to acquire 1.35% of the total S2 airdrop at a cost basis of ~$8K via fairly aggressive YT buying. This will be a profitable trade anywhere over $20M FDV.

Last I checked, I had a little over 1% of the S2 @solsticefi flares. After the season ended, they updated points to account for boosts, and I had substantially more but total S2 points is impossible to find. However, assuming I retained at least 1% of the total for S2, this is what the point valuations might look like at different FDVs. I spent ~$8K on YTs this season, if my points estimates are correct, anything over $25M FDV average sell price on SLX will be profitable for me. I made a few sloppy moves with limit orders; but overall, this was a fun season to farm.

I have, for the most part, been avoiding @RobinhoodCrypto chain. That said, two of the three existing @Morpho markets are pretty interesting for trusted stablecoin loops. 1) USDe (@ethena) • 4.5% Collateral Yield • 3.63% Borrow Cost • $12M to Borrow ➢ 15% Net APR at 10x 2) syrupUSDG (@maplefinance) • 4.7% Collateral Yield • 3.02% Borrow Cost • $7.4M to Borrow ➢ 20% Net APR at 10x 3) spUSDG (Spark) • 3.5% Collateral Yield • 3.01% Borrow Cost • $815K to Borrow ➢ 8% Net APR at 10x (not very good)

Thank you, Solstice for one of the best airdrops in a long time. I'm officially beyond breakeven with a near 80% ROI so far and still over half my airdrop left to claim. As a reminder, this is with ZERO referral points on my personal wallet. I'm considering yeeting my airdrop profits into more YTs (more than I already have, i.e.) since the current valuation is somewhere around $22M FDV on Exponent, which, again, just feels wrong / mispriced. Anywho, as a thank you, I'm happy to highlight the fact that Solstice is launching a USDai-type product, which will hopefully bring Solstice some great tailwinds into the future.

There are few exogenous yields that I like as much as reinsurance. GRANTED, in a typical 10-year time horizon, you may have one catastrophic year that wipes out 1-1.5 years of yield, but overall, the average is something like 8-10%. So being mezzanine or senior to that risk (i.e., not first-loss exposed to those catostrophic years) at 6% sr and 12% mezz is fairly comfortable, especially with redemptions somewhat open on reUSDe. Very cool to see Re continue to succeed.

Speaking of reinsurance, Onre's direct exposure to reinsurance is also doing some fun things at ~12%. Two major reminders though: 1) Onre DIRECTLY exposes depositors to reinsurance, which is why ONyc should not be considered a stablecoin, but rather a true RWA. 2) Onre is still in S1, though may have a novel-type S1, rather than a traditional token airdrop as percent of FDV. #1 means that while you might get great yields, there could be a year with exceptional downside, so leveragers would get wiped. #2 means that your actual yield is probably a bit more valuable than the base yield.

There are few exogenous yields that I like as much as reinsurance. GRANTED, in a typical 10–20-year time horizon, you may have one catastrophic year that wipes out 1-1.5 years of yield, but overall, the average is something like 6-12%. So being mezzanine or senior to that risk at 6-12% is fairly comfortable, especially with redemptions somewhat open on reUSDe. Very cool to see Re continue to succeed.

If you hedged the @solsticefi airdrop until July 9th, you'd only lose **checks notes** 110% of your margin at 2x leverage at current funding rates. = (-0.2567%*24*9*2) = -110.9% ROI IMO, the squeezes will continue until real float increases. Note: Please do not short this with leverage as a hedge for your airdrop. If you plan to airdrop hedge, consider <1x leverage, so that any rogue squeezes don't liquidate your portfolio, and even then, IMO, there's no reason to maintain >2days exposure to hedging.

⇒ Major STRC announcements ⇒ SLX over half a billion, unlocks soon ⇒ Big Yields, Exponent vs Pendle ⇒ Fluid doing new things ⇒ DeFiLlama gets into risk? And more... Join us LIVE now https://t.co/306ZLNhggu

Good News! My math was wrong. There's not $3.5K left to distribute, there's $8.5K ($8.1K now). I misunderstood the rewards schedule. That's roughly 75% APR for limit orders, though some people have been getting higher.

Was doing some math. TL;DR: ~32% APR on limit orders on @ExponentFinance for @solsticefi assets. There's ~$3.5K in eUSX incentives left to be distributed over the next 15 days ($85K annualized) There's also roughly $260K of TVL in limit orders within the qualifying range. I.E., there's 19.2M in YT orders, which is valued at $260K, so 85K/260K = 32%.

It's incredible that @solsticefi, against rough market conditions, has stayed over $200M FDV. That said, there are a few things they have going for them that may explain the strong valuation (aside from just good market makers). ➢ USDai-like product coming soon ➢ STRC product coming out soon ➢ Tranching infrastructure that can tranche any yield And Solana defi, in spite of the absolutely sinister, heinous, disgusting, degenerate, etc vibe that Pump brought to it, is quickly becoming one of the best places for stablecoin farming. Well done, Solstice lads; happy to be an ambassador for you all.

It's incredible that @solsticefi, against rough market conditions, has stayed over $200M FDV. That said, there are a few things they have going for them that may explain the strong valuation (aside from just good market makers). ➢ USDai-like product coming soon ➢ STRC product coming out soon ➢ Tranching infrastructure that can tranche any yield And Solana defi, in spite of the absolutely sinister, heinous, disgusting, degenerate, etc vibe that Pump brought to it, is quickly becoming one of the best places for stablecoin farming. Well done, Solstice lads; happy to be an ambassador for you all.

One of the things I didn't realize was that incentives on @ExponentFinance are relative to the tightness of your liquidity. I.E., the 4% additional APR on @onrefinance liquidity in $ONyc incentives increases if you tighten your liquidity range. This isn't reflected on the front end yet which is why I thought it was worth mentioning. Here, you can see the estimated starting APR for a slightly tighter range is 17.65%, that's before including the >4% additional incentives in ONyc. I love it. Please note: I'm an Exponent ambassador and I actually do love CLP on rate-swapping protocols.

It's rough out there, BUT at least you can get 15-19% APY on home equity loan origination and securitization on @ipor_io via @HastraFi solana:3b8X44fLF9ooXaUm3hhSgjpmVs6rZZ3pPoGnGahc3Uu7 vaults. I've talked a bit about PRIME in the past, but their actual duration exposure HELOCS is something like <30-50 days. I.E., Prime is NOT tokenized HELOCS in that you hold exposure to a bag or basket of HELOCS until they're paid off. Rather, you are funding warehouse lending liquidity for HELOCS which are then bundled and sold as securities. Note: I love the lads over at @628Labs and am a Fusion ambassador And I also really like Figure / Hastra but I don't work with them.

EVM land does seem to be on fire now, but at least @solana is doing quite alright with @ExponentFinance and @solsticefi. Solstice, despite crypto being remarkably down, has maintained its good valuation excellently so far. And its Exponent PTs are loopable against negative borrow costs at the moment on @kamino but also loopable on @Loopscale. 4.51% PT Yield at a -.89% borrow cost and 5x leverage... = 26.11% Net APR with fixed collateral yield BUT ALSO, I recently learned that if you simulate deposits into @ExponentFinance you can see what your APR would be at different concentrated liquidity ranges. I know HYPE flipped SOL (at least for a day), but tbh, I've been surprised by how frequently Solana has been the go-to for stablecoin yields lately. Note: Solstice points maxi and Exponent V2 ambassador

EVM land does seem to be on fire now, but at least @solana is doing quite alright with @ExponentFinance and @solsticefi. Solstice, despite crypto being remarkably down, has maintained its good valuation excellently so far. And its Exponent PTs are loopable against negative borrow costs at the moment on @kamino but also loopable on @Loopscale. 4.51% PT Yield at a -.89% borrow cost and 5x leverage... = 26.11% Net APR with fixed collateral yield BUT ALSO, I recently learned that if you simulate deposits into @ExponentFinance you can see what your APR would be at different concentrated liquidity ranges. I know HYPE flipped SOL (at least for a day), but tbh, I've been surprised by how frequently Solana has been the go-to for stablecoin yields lately. Note: Solstice points maxi and Exponent V2 ambassador

I've said it once, I'll say it again. LPs on @pendle_fi or @ExponentFinance one of the few places in DeFi where you can get your cake and eat it too. I.E., you keep your principal and you farm some of the highest points multipliers in DeFi. Let's check out some of the top LPs on each: PENDLE: ➤ nOPAL: 49% No Points / PLUME Incentives ➤ WOUSD: 37% No Points / OUSD Incentives ➤ apyUSD: 33% 32x Points / PENDLE Incentives ➤ apxUSD: 27% 100x Points / PENDLE Incentives EXPONENT: Remember that Exponent is different because you can choose your APY range to make your liquidity tighter or wider for more or less yield ➤ ONyc: 20% 8x Points / ONyc Incentives ➤ eUSX: 15% 22.5x Points / eUSX Incentives

Black Opal has been one of my favorite RWAs to follow on Plume / Nest. Cool to see them on @pendle_fi now. Also, both Pendle and Plume are incentivizing the LP. Currently at 57% APR... h/t @blackopal_fi

Over half a billion; incredible work! The only yields unincluded that you might want to check out if you have a very high risk tolerance is the looping over on @Morpho. PT-apyUSD (22d) ⇒ 3.3M to Borrow ⇒ 78% Max Yield PT-apxUSD (22d) ⇒ 2.25M to Borrow ⇒ 34% Max Yield apyUSD/USDC ⇒ 6.3M to Borrow ⇒ 75% Max Yield apyUSD/apxUSD ⇒ 3.86M to Borrow ⇒ 47% Max Yield (no depeg liquidation risks) NOW, please understand that you SHOULD NOT LEVERAGE THINGS YOU DON'T UNDERSTAND. Now should you ever leverage without calculating or accounting for entry and exit costs. And as always, if you can cheat loop, you should cheat loop. Please note, I'm a heavy apyx point farmer as well as an ambassador.

Great to see @avantprotocol back at 17% APY on the junior and 8% on the senior. Those are the numbers I grew to love. FWIW, here's what they're allocated to: ► USDe Aave Loops (MegeETH, Mantle, Plasma, Eth) ► SyrupUSDC/PYUSD Loops on Morpho (Eth) ► wsrUSD/USDC Loops (Eth)

Airdrop Season? STRC still taking mindshare Kamino adds half a billion YT pain or future airdrop millionaire? Monarch is alpha Pendle Markets and more...! Join us: https://t.co/IG8qoEpTtx

PRIME is finally on EVM! I've been waiting for this for a while. TL;DR: solana:3b8X44fLF9ooXaUm3hhSgjpmVs6rZZ3pPoGnGahc3Uu7 is a HELOC-backed stable getting ~7.5% yield, mint/redeemable on ETH & leveragable on @Morpho for up to 40% APY. Also, I've heard rumors that @ipor_io might have a vault for the leveraged loop soon.

PRIME is finally on EVM! I've been waiting for this for a while. TL;DR: solana:3b8X44fLF9ooXaUm3hhSgjpmVs6rZZ3pPoGnGahc3Uu7 is a HELOC-backed stable getting ~7.5% yield, mint/redeemable on ETH & leveragable on @Morpho for up to 40% APY. Also, I've heard rumors that @ipor_io might have a vault for the leveraged loop soon.

$400,000,000 TVL hit for @apyx_fi. I can't remember the last time a stablecoin/RWA protocol climbed in TVL this quickly. As a reminder, S1 ends in NINE DAYS. 1m Pip value at different FDVs: $100M: $23 $250M: $57 $500M: $115

I almost always agree with CC, but let me give the contrarian take. Securitize (gold standard, imo), e.g., is an SEC-registered transfer agent and you are actually the legal owner of the stocks you hold with them. I.E., the official shareholder ledger is updated with each transfer. You get voting rights, dividends, and official ownership. NYSE also named them its first official digital transfer agent, FWIW. Ondo is definitely different. With Ondo you hold a senior secured note with a 1:1 legal claim on assets custodied by Alpaca. Since their Feb '26 SEC filing, they've moved to a reporting issuer model, which means they have to prove on a regular basis to the SEC where the underlying stocks are held and how much of them are held. xStocks (which I like, personally) uses Liechtenstein's Token Container model to issue "bearer certificates." This means you hold a legal claim to the asset against the issuer (Backed Assets JE) for the fair market value of that share according to the Liechtenstein Blockchain Act. With both Ondo and xStocks, you still retain a bankruptcy remote claim to the value of the stock (meaning that even if the issuers are bankrupt, the SPVs holding the underlying are not affected and derivative holders are the direct claimants).

It took me awhile to understand what's going on here. Basically, this is looped without mint and redeem fees though leveraged through the mint and redeem contract. This mechanism pushes the APR from a modest 5% to currently 8-10%. And the exposures are conservative. You can check them out at https://t.co/w9m6Jxfzkm. So you're getting exposure to a conservative defi fund managed by @hyperithm with modest leverage. Hyperithm is also the "atomist" (strategy provider) for this market on Ipor, so there's a 1:1 alignment between strategy provider and underlying strategies.

Some points on Solstice. Out of the 1.4M wallets, only about 32K of them ever deposited capital. The other ~1.396M botted the sign-up points without ever depositing. That reduces the total qualifying wallets to 32K. Out of those 32K, only roughly 20K deposited more than dust (i.e., only 20K weren't sybils). Given this new denominator for Cohort 6, these are the AVERAGE expected airdrops per cohort at different given TVLs. Please note: The airdrop is linear. The cohorts are primarily just to distinguish vesting conditions. Just because two people are in Cohort 3 does not mean they will receive the same amount of SLX.

Morpho launched fixed-rate borrowlend "Morpho Midnight." I'm actually really excited about this.

Flash Protocol Highlight: @Raacfi RAAC just got on my radar recently. They're a curve-aligned stablecoin / RWA protocol with 4.1% of the Curve voting power. They've got two main products: 1) pmUSD, a precious metals backed CDP that uses f(x) v1 tech to issue stables against gold and other PM backing 2) iREET, a tokenized real-estate RWA yielding around 9% last I checked pmUSD has some fairly interesting yields on curve, convex, and stakedao.

We're live! Come talk RWAs, ETH Denver, NAV Drama, Upcoming Airdrops, Citrini Doomerism, and much much more.... https://t.co/gS24oZYeDD

Something I miss is writing about strategies that may not be able to handle size but are fun and yieldy -- and at the very least illustrate farming concepts. So here's one I like (despite it being for small fish): Dirty Hedge Uranium Funding Farming So, here's one I like (despite it being for small fish): Buy some xU3O8 on @uranium_io, collateralize it on @okutrade's @Morpho instance, and borrow at 50% LTV, open a 2x lev position on $URNM on @HyperliquidX. Net APY: 100-200% Let's break down those steps though and how it manages to get 100-200%. 1) Bridge your principal in USDC over to @etherlink via https://t.co/NOGZ4UMoao 2) Bridgeswap some gas over if you need some via @JumperExchange 3) Buy xU3O8 via @uranium_io 4) Collateralize it via @okutrade's Morpho Instance 5) Borrow at 50% LTV (35% price drawdown to liquidation, so be careful) 6) Bridge USDC to @arbitrum 7) Deposit to @HyperliquidX 8) Open 2x Short on $URNM That's it. NOW, this is a DIRTY HEDGE. URNM is not 1:1 with Uranium. URNM is tokenized exposure to Uranium mining via Sprott ETF. And while it tracks Uranium price loosely (1.5-2 beta), it is not the same. So this is delta hedged but not delta neutral. On top of that, there is almost no liquidity to borrow on Oku (only 50K USDC). On top of that, the HL order book for this is fairly thin, so limit orders or very careful and well-times market orders (during spikes above index rate) are recommended. But here's the math: LTV * (usdcYield - usdcBorrowRate) Now, the funding rate is averaging about 300% at the moment, but let's assume it's 100%. At 2x leverage, that's effectively 200% on the borrowed USDC margin. SO: 50% * (200% - 0.5%) Which is 99.75% APR on a dirty hedged uranium play. ONE MORE NOTE, the IV on Uranium is 65% right now but has been as high as 88% recently. That means there's a fairly high chance that Uranium does drop enough to trigger liquidation if you're not watching carefully. To mitigate this danger, I would consider taking the funding earned and bridging it over to Etherlink and paying down the debt as frequently as possible OR using an even lower LTV. If you are very dynamic, you could do a 3x short, but that's playing with fire if you're not fairly expert at delta hedging with perps.

Update on @solsticefi: It's no secret that I'm a fairly aggressive farmer of Solstice points. With zero referral points, I've farmed 0.2% of the total points. So definitely understand my bias. BUT I've updated the numbers recently, and given that we know there will be at least an 8% FDV airdrop, here where we're at: ► Current Flares: 122.75B ► New Flares Per Day: 1.8B ► Est Flares by TGE: 203.75B NOW, I am making some assumptions, for example, we don't actually know when TGE is, just that the team has indicated early-to-mid Q1, so I've been targeting Late Feb / Mid March. Also, the Flares Per Day have come down a bit, which is better for us, so I'm assuming little change in Flares per day. This can be affected by either substantially more TVL or high multipliers. That said, given my assumptions, here are the IMPLIED YIELDS for different point multipliers at each Launch FDV. This means even at a supremely low 50M FDV the YTs on @ExponentFinance appear to be a steal. At 50M FDV: ► eUSX IY is 2x undervalued ► USX is 2x undervalued Does that mean go out an ape YTs as a guaranteed win? Absolutely not, YTs expire to zero and if there are TGE delays, or points dilution, or any other black-swanning type events, your principal is gone forever. So while I personally am a fairly large YT bag-holder it is the MOST risk on way to bet on this. A more conservative approach would be the principal-protected LPs which get points and you keep your eUSX or USX, though the APRs aren't as enticing. If Solstice launches at even a fairly conservative 1:2 ratio, IY is SIX TIMES undervalued (i.e., YTs would theoretically make a 6x return). Anywho, this is one S1 I'm clearly participating in, and if you have any other thoughts, questions, or insights into this season, please let me know in the comments below. Note: On top of being an aggressive points farmer here, I'm also a Solstice Ambassador.

We've been talking about this ICO in the Dojo. Pros: ⇒ No VCs ⇒ Raising at ~1:2 FDV:TVL, historically, stables launch around 1:1 ⇒ No serious Solana-Native competition ⇒ Backed by Deus X, >$1B Investment/Operating Company ⇒ Already integrated into Solana giants like @kamino and @ExponentFinance Cons: ⇒ Market conditions ⇒ 50% vesting ⇒ Basis compresses in a bear market ⇒ Stables often settle lower than 1:1 FDV:TVL ratio Note: I have a ton of points I farmed from my personal wallet with ZERO referrals and am also an ambassador.

I just noticed @maplefinance also launched on @aave on @Plasma AND there's actually still 13M syrupUSDT of room to deposit there.

I briefly got excited about muBOND because there's an 80% APR LP on Merkl paired with AUSD for it. But then the Dojo lads informed me that muBOND has nothing to do with tbills and is actually just a junior tranche for Chinese private credit. Oof https://t.co/oxY6YXRdWQ

Farmers are rotating from @Plasma to @monad. @megaeth next? Shout out to @withAUSD for the nice yields here. https://t.co/RxmlTDVviz

Direct Asset Exposures: Morpho Steakhouseinfinifi USDC: 3.2m ► Lending USDC to infinifi assets Euler Gauntlet Yield USDC: 2.6m ► Euler Yield (USDC) lending to various markets PT-cUSD: 1.9m ► Cap Money's PT (Cap is backed by overcollateralized lending and Aave lending) PT-tUSDE: 6.9m ► This is a predeposit campaign PT for Termpinal Dex on Ethena PT-srUSDe: 6m ► senior tranche USDe point farming via Strata wsrUSD: 14.2m ► Reservoir's wrapped and redeemable stablecoin, exposed to lending agg and a bit of stablecoin LPing PT-USDe: 3.6m ► Ethena PT sGHO: 1.5m ► Aave's staked stable PT-syrupUSDC: 5.7m ► Overcollateralized lending receipt asset from Maple PT-sUSDe: 12m & 1.9m ► Ethena PT (staked) Fluid USDC: 0.9m ► USDC lending on Fluid fxSAVE: 30m ► Stability pool receipt token for f(x) protocol sUSDe: 36m ► Ethena (staked) sUSDC: 27.8m ► Spark's USDC receipt asset, lending to Maple, Morpho, Sparklend, Idle, and Superstate Aave USDC: 2m ► Lending USDC on Aave

I have no affiliation with the Dolomite lads aside from liking the team. But this seems big? @worldlibertyfi's USD1 is having a points campaign and their first jump into defi is Dolomite.

Not to dilute my friends, but this is the best lendside yield on @solana and it's not even close. ❧ 20% APR + 5x Flares ☙ ➢ $50K in incentives monthly ➢ $20K per week at the moment

Thankfully Aave, Fluid, and Morpho all use XAU-USD price oracles instead of XAUT or PAXG market pricing. I would recommend against using gold collateral / margin anywhere that doesn't.

Thankfully Aave, Fluid, and Morpho all use XAU-USD price oracles instead of XAUT or PAXG market pricing. I would recommend against using gold collateral / margin anywhere that doesn't.

I just found out Morpho uses XAU price feeds for their gold oracles instead of onchain market rates (which got rekt 10/10 on some exchanges / perp dexes). Excellent liquidation protection, tbh. https://t.co/DxjHCo8vlV

Pendle. Plasma. Pyields. https://t.co/yvC1VprWiN

"Can you explain..." triggers the years I worked as a teacher. I'd love to Funding rate arbitrage is a type of "cash-and-carry" trade where you make money having an equal long and short exposure to an asset. FOR EXAMPLE If I held 10 ETH and opened up a 10 ETH short, I would be "delta neutral." Delta neutral just means my strategy value doesn't go up or down due to price action (i.e., "delta"). The cool thing about perps is that they have funding rates and more-often-than-not those rates pay you to be short. Right now, for example, shorting HYPE on Drift pays 74% APR on the notional value of your position. The notional value is the size of your exposure to an asset, not your principal. Principal = starting capital / money at risk / margin Notional = starting capital times leverage / (how much exposure you have to an asset) Because funding is on the notional, not the principal, if you're leveraged, you effectively get leveraged exposure to the funding rate, which is great. ANYWHO, funding rate arbitrage is super simple, so let me explain the APR. Imagine I'm okay with a 2x short on HYPE but want to be delta neutral, and I have $150,000. 1) Buy $100K of HYPE 2) Short $100K of HYPE using $50K of margin (2x short) 3) Typically, I like to get yield on the long, could get 12% on Pendle You're done! Here's the math for APR: 100K Long * 12% = $12K 100K Short at 30% = $30K Total Annualized Yield = $42K Principal (in $) = 150K Yield divided by Principal = $42K/$150K = 28% APR DELTA NEUTRAL Please note, there are risks. You could get liquidated on your short, especially if you're not monitoring it regularly, shorting illiquid assets, or using too much leverage. I rarely ever exceed 2x leverage for FR arb and only use big blue chips like ETH, BTC, SOL, etc. There's also a risk of funding turning against you. The reason why shorts get paid by long is because market pressures are pushing the MARKET PRICE on the perp dex over the INDEX PRICE (this is just an average of prices across major dexs/cexs). Funding is used to incentivize getting the Market Price closer to the Index price. IF market price goes below index price, funding rate goes negative and shorts actually pay longs instead. THAT'S ALL! Hope that helps. Happy farming

This is 100% correct. Likewise, EVM CLP and DLMM protocols could learn a lot from Meteora and Orca UX/UI. Solana could benefit a ton from understanding the success of Morpho/Euler, and the RWA/Stablevault sector.