Most trades that "worked" have some combination of risk premium/structural alpha, and genuine alpha. That is, you were getting paid to either take a risk or perform a service, but also you got paid more than you "should" have because others had not noticed how good the trade was
IMO the bitcoin futures/spot premium is larger than it needs to be given the risks, but it’s a capital intensive trade and there is close-out risk on the futures leg if you can’t meet a margin call.
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