#Crypto循环贷也有高低之分。ENA S4 里 AAVE PT 循环贷，最后数据应该是：1️⃣ 100%+ APR 保底2️⃣ 风险极低3️⃣ 策略容量在 1～2 亿美金，循环之后是 10～20 亿美金规模（成本 0.2-0.3 的 ENA，每天做空当日收益，套在 0.5～0.6 不难吧？）说实话，这种容量、收益率、风险的机会。也只在 Crypto 存在了。JaceHoi 智海 (@JaceHoiX):大资金循环贷搞各种理财，感觉还不如存在bifinex里面，拿收到的利息买一些被低估的yt来得安心。而且收益算下来其实差不多了多少。 ...

#Crypto《循环贷三部曲》alpha - beta - 清算当然还有第四部，没人敢说完全不会发生。https://t.co/c9b13PchGN𝘁𝗮𝗿𝗲𝘀𝗸𝘆 (@taresky):#Crypto风险提示：非高高手不要玩循环贷。什么是高高手。—— 有这个疑问的不属于。 ...

#Crypto又快半年过去了，循环贷成为显学之后被清算了。用户被保护的太好，完全失去野外生存能力。风险和易用性的两端，赚钱的人却是同一批：当它很难时，可以赚 alpha apy；当它很容易时，可以捡清算筹码。有人还是说懂得越多，亏得越多。恰恰是因为不懂。 ...

就比如，weth在16号就要修改预言机机制了，要是以后币安修改usde预言机下限，那不是都打脸了？所以，币安没有提前考虑到大量循环贷会触发系统性风险，这不就是草台班子嘛？毕竟链上已经多次出现循环贷系统性风险的案例了，当然，也可以阴谋论说币安是故意让usde出现风险，但是我觉得这种想法真的很蠢。 ...

Risk Management - The industry emphasizes the importance of avoiding cyclical loans, even when annualized returns on the chain are 100% [3] - The industry suggests that current market conditions are often designed to target arbitrage strategies due to the large capital and positions involved, making it difficult to replenish margin or reduce positions quickly enough [3] - The industry warns against underestimating the complexities of financial management, especially in 2025 [3] Trading Strategies - The individual previously separated trading positions from arbitrage positions for clarity [1] - The individual's previous strategy involved simultaneously buying 1,000 units and shorting 900 units for arbitrage and long positions [2] - The individual's current strategy involves buying 1,000 units and shorting 1,000 units, with a separate account holding a long position of 900 units [2] Market Observations - The individual's smaller account, primarily used for trading smaller cryptocurrencies with moderate leverage, experienced significant losses due to the near-zero value of many of these cryptocurrencies [2] - The individual failed to replenish margin during a market downturn [3] - The industry notes that USDT interest rates exceeding 12% would have resulted in even greater losses [3]

#Crypto半年过去了，关于循环贷的一些变化。1. 借贷平台帮你做了很多风控，实质上是风险由（出借人和平台口碑）替（借款人和项目方）承担一部分。所以循环贷的门槛大大降低。2. 门槛降低的同时，竞争者也变多了，以及容量基本放开。市场化的循环贷，已经失去了 alpha 属性，没什么价值。 ...