Pendle rates now feed Aave's risk settings. PT-AUSD-17DEC2026 is live as collateral on @aave V3 on @monad. AUSD is a dollar stablecoin issued by Agora (@withAUSD). PT is the Principal Token from @pendle_fi: you buy it at a discount and it redeems for the full AUSD at maturity, 17 Dec 2026. That discount is the fixed yield. Pendle's implied rate is the market's live price of that future yield. Aave now reads that rate and adjusts the collateral settings automatically, within limits set by governance. Pendle went from yield trading app to a rate feed Aave uses for risk.

DAY 349 // FULL POSITION BREAKDOWN Market check. BTC $82,188.23, up 0.81% on the day. ETH $2,441.36, up 0.73% on the day. Fear and Greed at 51. Total market cap $2.76T, up 0.63%. TRADING @HyperliquidX Position: ETHFI 3x, margin $278.86, up $191.55. Position: BTC 7x, margin $28.17, up $1.61. Up $54.88 from yesterday. @pendle_fi Value $578.56. Down $9.79 from yesterday. @boros_fi Wallet 1: $2,660. Wallet 2: $1,294. Total $3,954. Down $44 from yesterday. @Variational_io Position: JUP, up $135.42. Position: PONS, down $443.91. Total down $308.49. Up $37.14 from yesterday. @Lighter_xyz Position: PENDLE 3x, margin $1,601.36, up $305.34. Position: SOL 3x, margin $343.37, up $11.69. Position: ETH 4x, margin $19.79, down $0.85. Total $316.18. Down $20.67 from yesterday. @PhoenixTrade Position: LIT long closed. My stop loss was filled, a loss of around $60. It was a test trade to try their tools and see how leverage works. Great UI. TRADING PnL: Total $200.85 / Value $4,532.43 FUNDING RATE ARB @zyphex Value $8,036.35. Position: hedges across multiple exchanges, funding today -$1.60. Funding rates were very volatile today. Up $4.71 from yesterday. FUNDING RATE ARB PnL: Value $8,036.35 / Funding today -$1.60 LIQUIDITY PROVISION @DeFiTuna Value $743.92. Up $25.09 from yesterday. @prjx_buddy Position: WHYPE/USDC, $3,208.11. Up $7.28 from yesterday. @Uniswap Position: NFLX/USDG, $1,011.50. Position: PENDLE/WETH, $1,505.82. Value $2,517.32. Up $32.33 from yesterday. @byreal_io Value $2,836.73. Up $47.04 from yesterday. @protocol_fx Vesting cvxFXN and FXN rewards. Value $743.11. Up $25.21 from yesterday. @ConvexFinance Staked cvxFXN. Value $382.35. Up $12.92 from yesterday. LIQUIDITY PROVISION PnL: Value $10,431.54 The edge isn't in the trade. It's in the wait. 🥂 DarkLord_gr Out.

Up to 500% APR on Boros for placing limit orders. We went live for an hour and mapped real yield opportunities LIVE right now, like: - a Pendle points farm almost nobody is competing for - a 36% APR funding-rate lock - synthetic stock yield paid in points - and more. Full breakdown, timestamped: 0:00 RiseX vault opportunity teaser 0:50 Funding-rate delta-neutral strategy, 30–60% APY 2:00 Pendle YT/PT + Infinifi points farming 9:32 Pendle ecosystem high-yield vault (12.7% 10:52 Boros explainer 23:40 Phoenix hedge Q&A 24:50 ETH/BTC funding-rate comparison across exchanges 25:56 Funding-rate history: Kamino vs Phoenix 27:56 Scale-order leverage technique on Phoenix 29:16 How I trade: DCA, grid-bot approach 32:34 Synthetic stock yield via points (Nvidia/Apple/Meta) 37:32 Paper-trade platform deep dive + risk w 46:32 Infinifi/Hyperfusion vault critique vs Spark 53:34 Pistachio commodity yields (gold/silver 57:26 Boros limit-order rewards (up to 500% APR)

DAY 349 // FULL POSITION BREAKDOWN Market check. BTC $82,188.23, up 0.81% on the day. ETH $2,441.36, up 0.73% on the day. Fear and Greed at 51. Total market cap $2.76T, up 0.63%. TRADING @HyperliquidX Position: ETHFI 3x, margin $278.86, up $191.55. Position: BTC 7x, margin $28.17, up $1.61. Up $54.88 from yesterday. @pendle_fi Value $578.56. Down $9.79 from yesterday. @boros_fi Wallet 1: $2,660. Wallet 2: $1,294. Total $3,954. Down $44 from yesterday. @Variational_io Position: JUP, up $135.42. Position: PONS, down $443.91. Total down $308.49. Up $37.14 from yesterday. @Lighter_xyz Position: PENDLE 3x, margin $1,601.36, up $305.34. Position: SOL 3x, margin $343.37, up $11.69. Position: ETH 4x, margin $19.79, down $0.85. Total $316.18. Down $20.67 from yesterday. @PhoenixTrade Position: LIT long closed. My stop loss was filled, a loss of around $60. It was a test trade to try their tools and see how leverage works. Great UI. TRADING PnL: Total $200.85 / Value $4,532.43 FUNDING RATE ARB @zyphex Value $8,036.35. Position: hedges across multiple exchanges, funding today -$1.60. Funding rates were very volatile today. Up $4.71 from yesterday. FUNDING RATE ARB PnL: Value $8,036.35 / Funding today -$1.60 LIQUIDITY PROVISION @DeFiTuna Value $743.92. Up $25.09 from yesterday. @prjx_buddy Position: WHYPE/USDC, $3,208.11. Up $7.28 from yesterday. @Uniswap Position: NFLX/USDG, $1,011.50. Position: PENDLE/WETH, $1,505.82. Value $2,517.32. Up $32.33 from yesterday. @byreal_io Value $2,836.73. Up $47.04 from yesterday. @protocol_fx Vesting cvxFXN and FXN rewards. Value $743.11. Up $25.21 from yesterday. @ConvexFinance Staked cvxFXN. Value $382.35. Up $12.92 from yesterday. LIQUIDITY PROVISION PnL: Value $10,431.54 The edge isn't in the trade. It's in the wait. 🥂 DarkLord_gr Out.

DAY 349 // WAR + MACRO + DEFI UPDATE WAR Ukraine resumed strikes on Russian energy infrastructure. A drone attack started a fire at Rosneft's Ryazan refinery. Zelensky told the Financial Times the three day pause requested by Washington is over. He cited Russia's continued attacks on Ukrainian power plants and reported US intelligence disruptions. Two cargo ships sank near the Strait of Hormuz after projectile strikes. One was the Singapore flagged container ship GFS Pride, and all 21 crew were evacuated. The other was the Antigua and Barbuda flagged Cape Dao. Maritime sources describe the recent attacks as the highest tempo of the conflict. Houthi forces struck Saudi Aramco's Dhahran headquarters complex overnight. A fire spread across multiple floors and the top three floors were heavily damaged, including the CEO's office area. Saudi officials reported a limited fire with no casualties and said operations continued. MACRO US PPI jumped 1.3% on the month and 6.3% on the year for September. Core PPI rose 0.7% on the month. This is the largest monthly gain since March 2022. Forecasts were about 0.5% on the month and 5.4% on the year. It follows Wednesday's hot CPI, where core also beat expectations. Rate hike pricing for the October meeting rose again. DEFI The @pendle_fi Ecosystem High Yield USDC vault @Morpho passed $15M TVL within a day of launching on Morpho. It showed about 8.3% APY, backed by high yield PT borrow markets and PENDLE incentives. PPLUS with January 2027 maturity is live on Pendle. It is a leveraged RWA private credit vault strategy designed by Bitwise and run on Ember Protocol. It holds tokenized assets including Huma PST, sUSDai and Hastra PRIME, with a target above 10% APY. PT, YT and LP are all available. @apyx_fi update: its apxUSD and apyUSD markets on Pendle offer YTs with up to 24x leverage. LPs earn up to about 13.87% from fees and incentives. @ipor_io Fusion vaults now host Base's largest Earn on Stocks program. It holds over $2.5M in Coinbase tokenized stocks across 400+ wallets since 24 August. That is 27.7% of all tokenized stock collateral on Aave V4 on Base, and over 50% of NVDAc. Strategies are run by 628Labs. @eulerfinance joined the Tokenized Asset Coalition. The group aims to set standards for tokenized assets and DeFi composability. The @protocol_fx fxSAVE/USDC market on Morpho offers about 13.45% APY on USDC deposits. Over $27M is already supplied. @LiquityProtocol ysyBOLD on Inverse Finance FiRM allows max loops of about 23% APR with Merkl incentives. $500k of liquidity was available at launch.

A stablecoin loop on @kamino is paying 46% right now. Here's what you're actually risking for it. A loop means you deposit a token, borrow against it, buy more of it, and repeat. Kamino calls it Multiply and does it in one click. LTV (loan-to-value) is how much you've borrowed against your deposit. A depeg is when a stablecoin slips off $1. All numbers are as of 15 Oct. 1. eUSX/USX Multiply (@solsticefi) APY: 45.57%, including Solstice Flares rewards. Leverage: 4x. Liquidity: $2.98M, with $498.07K collateral, the deepest here. Risk: some of that 46% is Flares rewards, not cash yield. 2. apyUSD/USDC Multiply APY: 36.24%. Leverage: 3.3x. Liquidity: $512.52K, with $76.16K collateral. Risk: it's new and tiny, and a depeg would sting. 3. JLP/USDT Multiply (JLP market, @JupiterExchange) APY: 30.67%. Leverage: 6.2x. Liquidity: $281.51K, with $3.04M collateral. JLP is Jupiter's perp pool token, a basket of SOL, ETH, BTC and stables that earns trading fees. You have long exposure to this tokens while holding JLP. You also have exposure to the traders PnL. Never Max leverage. 4. syrupUSDC/USDC Multiply (@maplefinance) APY: 22.69%. Leverage: 8.3x. Liquidity: $261.63K, with $624.07K collateral. Risk: it has the least room of the stable loops, so keep size small. 5. STRCx/USDC RWA Loop STRCx is tokenized @Strategy preferred stock. APY: 17.30%. Leverage: 2x, with max LTV 50% and liquidation at 65% LTV. Liquidity: none free right now, with $203.40K collateral, and it opens up as more lenders join. You're long STRCx, earning yield plus points. You have full price exposure to STRCx. It gets liquidated if the price drops. You also earn @xStocksFi Points for their upcoming airdrop. My take. eUSX is where I'd look first, as long as you're fine with part of the yield coming in Flares. JLP is the pick if you want to be long crypto and get paid fees for it.

DAY 349 // WAR + MACRO + DEFI UPDATE WAR Ukraine resumed strikes on Russian energy infrastructure. A drone attack started a fire at Rosneft's Ryazan refinery. Zelensky told the Financial Times the three day pause requested by Washington is over. He cited Russia's continued attacks on Ukrainian power plants and reported US intelligence disruptions. Two cargo ships sank near the Strait of Hormuz after projectile strikes. One was the Singapore flagged container ship GFS Pride, and all 21 crew were evacuated. The other was the Antigua and Barbuda flagged Cape Dao. Maritime sources describe the recent attacks as the highest tempo of the conflict. Houthi forces struck Saudi Aramco's Dhahran headquarters complex overnight. A fire spread across multiple floors and the top three floors were heavily damaged, including the CEO's office area. Saudi officials reported a limited fire with no casualties and said operations continued. MACRO US PPI jumped 1.3% on the month and 6.3% on the year for September. Core PPI rose 0.7% on the month. This is the largest monthly gain since March 2022. Forecasts were about 0.5% on the month and 5.4% on the year. It follows Wednesday's hot CPI, where core also beat expectations. Rate hike pricing for the October meeting rose again. DEFI The @pendle_fi Ecosystem High Yield USDC vault @Morpho passed $15M TVL within a day of launching on Morpho. It showed about 8.3% APY, backed by high yield PT borrow markets and PENDLE incentives. PPLUS with January 2027 maturity is live on Pendle. It is a leveraged RWA private credit vault strategy designed by Bitwise and run on Ember Protocol. It holds tokenized assets including Huma PST, sUSDai and Hastra PRIME, with a target above 10% APY. PT, YT and LP are all available. @apyx_fi update: its apxUSD and apyUSD markets on Pendle offer YTs with up to 24x leverage. LPs earn up to about 13.87% from fees and incentives. @ipor_io Fusion vaults now host Base's largest Earn on Stocks program. It holds over $2.5M in Coinbase tokenized stocks across 400+ wallets since 24 August. That is 27.7% of all tokenized stock collateral on Aave V4 on Base, and over 50% of NVDAc. Strategies are run by 628Labs. @eulerfinance joined the Tokenized Asset Coalition. The group aims to set standards for tokenized assets and DeFi composability. The @protocol_fx fxSAVE/USDC market on Morpho offers about 13.45% APY on USDC deposits. Over $27M is already supplied. @LiquityProtocol ysyBOLD on Inverse Finance FiRM allows max loops of about 23% APR with Merkl incentives. $500k of liquidity was available at launch.

A stablecoin loop on @kamino is paying 46% right now. Here's what you're actually risking for it. A loop means you deposit a token, borrow against it, buy more of it, and repeat. Kamino calls it Multiply and does it in one click. LTV (loan-to-value) is how much you've borrowed against your deposit. A depeg is when a stablecoin slips off $1. All numbers are as of 15 Oct. 1. eUSX/USX Multiply (@solsticefi) APY: 45.57%, including Solstice Flares rewards. Leverage: 4x. Liquidity: $2.98M, with $498.07K collateral, the deepest here. Risk: some of that 46% is Flares rewards, not cash yield. 2. apyUSD/USDC Multiply APY: 36.24%. Leverage: 3.3x. Liquidity: $512.52K, with $76.16K collateral. Risk: it's new and tiny, and a depeg would sting. 3. JLP/USDT Multiply (JLP market, @JupiterExchange) APY: 30.67%. Leverage: 6.2x. Liquidity: $281.51K, with $3.04M collateral. JLP is Jupiter's perp pool token, a basket of SOL, ETH, BTC and stables that earns trading fees. You have long exposure to this tokens while holding JLP. You also have exposure to the traders PnL. Never Max leverage. 4. syrupUSDC/USDC Multiply (@maplefinance) APY: 22.69%. Leverage: 8.3x. Liquidity: $261.63K, with $624.07K collateral. Risk: it has the least room of the stable loops, so keep size small. 5. STRCx/USDC RWA Loop STRCx is tokenized @Strategy preferred stock. APY: 17.30%. Leverage: 2x, with max LTV 50% and liquidation at 65% LTV. Liquidity: none free right now, with $203.40K collateral, and it opens up as more lenders join. You're long STRCx, earning yield plus points. You have full price exposure to STRCx. It gets liquidated if the price drops. You also earn @xStocksFi Points for their upcoming airdrop. My take. eUSX is where I'd look first, as long as you're fine with part of the yield coming in Flares. JLP is the pick if you want to be long crypto and get paid fees for it.

Boros just listed a new market on ETH funding: Hyperliquid-Gate. This market trades one number: Hyperliquid's ETH funding minus Gate's ETH funding. That gap is the spread. The underlying spread is what the two exchanges are actually paying apart. The spread is 7.99% right now. The implied spread is 3.34%. That's the fixed rate the market lets you lock today. Going long the spread means you pay that fixed rate and collect the real gap until maturity. Boros' historical data puts the average spread at 5.18%. There's about 99% confidence the 30-day average beats 3.2%. 82% of weeks paid more than 3.2%. So 3.34% is a cheap entry. So I took it. I'm long the spread with 0.55 YU. YU is the position size, and 1 YU here is the funding gap on 1 ETH. I pay a fixed 3.34% and receive the floating spread until 27 Nov 2026, 42 days out. I also have a limit order to add up to 3 YU. It's one order on one book, instead of two separate Boros legs with two margins. Set it and forget it.

I ran the numbers on the @infiniFi YT on @pendle_fi, and it comes out roughly breakeven before points. Data as of 14 Oct, 21:19 Athens. Quick jargon first. A YT (yield token) collects only the yield of an asset until maturity. At maturity it goes to zero, so whatever you earn comes from the yield along the way. Merkl is a platform that pays extra rewards to people in specific pools. TGE (token generation event) is the day a project's token launches. The setup. Asset: siUSD, maturing 7 Jan 2027, with 84 days left. siUSD's real yield is about 6.13%. The YT's implied yield is about 11.07%, so the market prices it about 5% above the real yield. The YT costs about 2.44 cents. The numbers on $100. $100.69 buys about 4,123.54 YT. Those earn about $58 of yield to maturity. Merkl pays iUSD at about 187% APR on the $100 you put in, not on the YT face value. That's about $43 on the money you put in. Pendle shows this same iUSD reward as a 'campaign boost' (7.93% total yield), so don't count it twice. Total ≈ $101 back on $100.69, roughly breakeven before points. Without Merkl you get about $58 back, about -$42. What that means. You're basically getting InfiniFi points for close to free. I found no public points rate, so I can't say how many points $100 earns. Their value is unknown, with the TGE planned for Q4 2026. The nice part about Pendle is that it lets you put a price on points before the token exists, with deep liquidity of about $12M. The fine print. Yields and the Merkl APR change daily. The Merkl budget is fixed at about $509 a day, so the more people join, the smaller your share gets. The YT goes to zero at maturity, so anything you haven't collected by then is gone. InfiniFi runs a fractional reserve, meaning it doesn't keep all funds liquid, so there's depeg and redemption risk.

DAY 348 // DEFI UPDATE @Uniswap launched the VolatilePair Hook on Ethereum mainnet, starting with ETH/USDC. A hook is an add-on that changes how a Uniswap v4 pool behaves. It sets a separate fee for each side of the trade and shifts both with the market. After a big move, trades that push price back pay a temporary fee. Volatile pairs did over $500B in volume on Uniswap this year. @merkl_xyz is distributing 20,000 USDC in rewards on the new ETH/USDC VolatilePair pool until 28 October. The @pendle_fi Ecosystem High Yield USDC vault is live on @Morpho. It is co-curated by Pendle and Armitage, the vault curation arm of @wintermute_t. Co-curated means both teams pick where the vault's money goes. At launch it allocates across three PT markets: PT-reUSD, PT-USDat and PT-USD3. A PT (principal token) locks in a fixed rate until maturity. It runs alongside the existing Ecosystem USDC vault. Apyx launched new $apxUSD and $apyUSD markets on Pendle, with maturity on 10 February 2027. PTs offer fixed rates up to about 15% APY. YTs (yield tokens) offer leveraged yield plus points. LPs, the liquidity providers, are also open. Apyx also published its September attestation from Wolf & Company. An attestation is an outside firm's check of the reserves. It verifies reserves and collateral for its products. @LiquityProtocol's ysyBOLD went live as collateral on @InverseFinance FiRM. It enables fixed rate DOLA borrows against about 5% compounding yield, with borrower incentives through Merkl. The market reached $1M TVL in under 24 hours. TVL is total value locked, the money deposited in a market. @monad confirmed the integration of @onrefinance's ONyc, a reinsurance yield token, through @plumenetwork Vaults. This expands RWA access from Solana to Monad. RWAs are real-world assets turned into tokens. Morpho powered yield is now available privately to millions of @deel users through Tempo Zones. Idle balances are routed to @SentoraHQ curated Morpho vaults. Stocks on @aave now earn 3% yield, and Merkl distributes the rewards. FX100 from @protocol_fx launched race season. It is a six week Guild quest campaign on testnet where traders earn XP that counts toward mainnet. It also highlights the 15 minute liquidation protection window.

DAY 348 // FULL POSITION BREAKDOWN Market check. BTC $81,875.26, down 1.51% on the day. ETH $2,429.34, down 3.01% on the day. Fear and Greed at 51. Total market cap $2.75T, down 1.76%. TRADING @HyperliquidX Position: ETHFI 3x, margin $256.58, up $138.18. Position: BTC 7x, margin $22.47, up $0.10. Down $69.16 from yesterday. @pendle_fi Value $588.35. Down $0.33 from yesterday. @boros_fi Wallet 1: $2,670. Wallet 2: $1,328. Total $3,998. Down $29 from yesterday. @Variational_io Position: JUP, up $258.45. Position: PONS, down $604.08. Total down $345.63. Up $60.64 from yesterday. @Lighter_xyz Position: PENDLE 3x, margin $1,598.97, up $337.87. Position: SOL 3x, margin $323.43, up $0.22. Position: ETH 4x, margin $19.80, down $1.24. Total $336.85. Down $118.18 from yesterday. @PhoenixTrade Position: LIT long 7.6x, value $150.65, down $58.57. Down $11.97 from yesterday. Leverage moved from 5.1x to 7.6x. TRADING PnL: Total $70.93 / Value $4,586.61 FUNDING RATE ARB @zyphex Value $8,031.64. Position: hedges across multiple exchanges, funding today +$6.73. Up $1.58 from yesterday. FUNDING RATE ARB PnL: Value $8,031.64 / Funding today +$6.73 LIQUIDITY PROVISION @DeFiTuna Value $718.83. Down $42.78 from yesterday. @prjx_buddy Position: WHYPE/USDC, $3,200.83. Up $2.84 from yesterday. @Uniswap Position: NFLX/USDG, $983.45. Position: PENDLE/WETH, $1,501.54. Value $2,484.99. Down $43.42 from yesterday. @byreal_io Value $2,789.69. Down $64.82 from yesterday. @protocol_fx Vesting cvxFXN and FXN rewards. Value $717.90. Down $14.66 from yesterday. @ConvexFinance Staked cvxFXN. Value $369.43. Down $7.22 from yesterday. LIQUIDITY PROVISION PnL: Value $10,281.67 The edge isn't in the trade. It's in the wait. 🥂 DarkLord_gr Out.

DAY 348 // WAR + MACRO UPDATE WAR Russia launched a major overnight barrage on Ukrainian energy infrastructure. It used 39 ballistic missiles and more than 120 drones. Targets were in Kyiv, the Kyiv region and Kharkiv. Several combined heat and power plants were hit and about 600,000 people lost power. Zelensky called it a direct violation of the energy ceasefire announced by Trump. The Kremlin said details of any such arrangement are still being worked out. Iran stepped up shipping attacks in and around the Strait of Hormuz. It is using spotter boats after US strikes degraded its radar. Maritime sources logged at least five incidents involving commercial vessels in 48 hours. These include tanker hits and a container ship that sank. Iran says the ship hit a mine, while maritime security sources say it was hit by a projectile. Yemen's Houthis hit Saudi Aramco facilities and airports. They say they hit King Khalid Airport in Riyadh with a ballistic missile again. The airport was already closed until 17 October. Iran's parliament speaker Ghalibaf said a deal with the US cannot prevent another attack on Iran. He said the aim is not endless war or prolonged talks. Zelensky warned that an apparent Starlink shutdown in Ukraine could cause human losses. He urged Musk to restore service and said it may be a technical problem. Musk said Starshield systems are owned and controlled by the US government. Starshield is the military version of Starlink. He said Starlink is limited to civilian or defensive use. Asked if he feels betrayed by Trump's diesel deal, Zelensky said yes, but it is complicated. MACRO September CPI came in hotter than expected. CPI is the consumer price index, the main US inflation gauge. Headline rose 0.6% on the month and 3.7% on the year. Core, which strips out food and energy, rose 0.3% on the month and 2.6% on the year. Gasoline jumped 9.1% on Middle East energy disruptions. Odds of an October Fed hike rose toward 50%. Treasury yields and the dollar moved higher. Fed officials pushed back. Goolsbee called the data discouraging and said services inflation was a concern. Barkin said CPI was higher than hoped. He said he would not prejudge the October FOMC meeting on 27 to 28 October. The FOMC is the Fed committee that sets interest rates. The Fed Beige Book signals weak growth and persistent inflation. The Beige Book is the Fed's survey of business conditions across its 12 regional districts. Only 2 of 12 districts saw moderate growth. 3 districts reported strong price increases. Employment was little changed in most districts. The New York Fed will not add new Treasury bill purchases for a third straight month. Treasury bills are short-term US government debt. It will only reinvest $14.6B between 15 October and 13 November. Fed Chair Warsh speaks Thursday at the IMF meetings in Bangkok. His remarks could reshape rate expectations. Markets sold off. The Nasdaq was down about 2% at one point. Spot gold fell nearly 2% to $4,073. The VIX, Wall Street's fear gauge, hit a near two week high.

Added 6 more venues to FLUS. Every Hyperliquid market now shows funding on Binance, Bybit, OKX, Bitget, Gate, Lighter, Aster and dYdX, annualised, with the spread to HL. Thanks @DarkLord_gr and @EthanDeFi_ for the nudge.

~$220 in profit showing on my 4 BTC rate trades on Boros. This is why I love rates trading on Boros. Markets up or down, I still earn by trading the spreads. I hold my BTC for the long term, so daily dips and pumps don't bother me. These trades run on the gap between funding rates, not on where the price goes. Curious, do you trade the price or the rates?