This year, one of the most anticipated events in the entire digital asset space is slated to take place: the Ethereum Merge. Ethereum will transition from proof-of-work to proof-of-stake, fundamentally changing important aspects of the protocol, (1/18)

or other arbitragers enforcing the cash-and-carry boundaries between the futures curve and the spot lending market for ETH. We like the extra scenario optionality that this long-spot/short-futures positioning provides, (17/18)