🎒 If you look at @Backpack from the perspective of financial tools, you'll find that it is currently the most explosive product in the market: ❂ Beginner's Play: The APY for USDC in the account is 5.31%, rewards are calculated in real-time, earnings are settled monthly, you can just let your money sit and earn slightly higher interest than U.S. Treasury bonds, which is safe and worry-free. ❂ Advanced Play: Buy $SOL in spot, hedge by shorting contracts. Both sides can be fully leveraged, using 100% of the margin, which allows for a position size of a little over 8 times the principal. Since it's a neutral position, the risk of liquidation is very low; just keep an eye on the margin rate daily to ensure it doesn't turn too red. After taking some time to open a position, you can just leave it alone and earn 9.25% from SOL lending and staking rewards. The mechanism is the same as U, calculated in real-time, with no redemption period, and the settlement day is every Friday. If you have a large amount of funds, you need to open multiple sub-accounts; otherwise, the leverage ratio will decrease. However, this advanced play has two additional cost items to consider: a. When you buy and sell spot with leverage, you borrow U from the platform, which incurs a 3% borrowing cost. b. If the funding rate for SOL is negative, you will also have to pay the contract fee. Now that more people are playing, it’s easy to end up in the negative. However, if the rate is positive, then you’re in for a treat, as it’s like having leverage while earning staking rewards and funding rates, and you only have to pay a bit of stablecoin interest. For me, the rate issue is a minor problem because even if you don’t trade during the holding period, you provide open interest to the contract market, and you can earn platform points weekly. Those who have seen my previous tutorials understand: this is currently the lowest cost way to earn points. ❂ The high-level play is, of course, cross-exchange rate arbitrage. After @Backpack adjusted the rate mechanism, the funding rate for $BTC has basically been positive during this time, while the rate on @variational_io can be almost negligible. So, short on Backpack and long on var, just leave the position there, and you’ll be collecting profits daily. For example, the funding rate for $ETH on Backpack is generally around +10%, but it often spikes to 30%-50% on @Lighter_xyz. So, go long on Backpack and short on lighter to profit from the rate difference. The key point is that lighter's rate settles every hour, so if you close a position every 7 hours, wait for the settlement on Backpack, and then reopen the position, it’s like you’ve earned 21 hours of funding rate profits in one day, while also generating trading volume on both platforms and earning points from both.