If it were 2024 and I saw this kind of price spread, I’d just say one thing: damn, free money. Back then, most of it was retail-driven, and the spreads were all about sentiment. For example, even if Trump only had a 3% spread, I’d still dare to open a 6-month arbitrage. No way to get liquidated. Now, liquidity is so bad that when I see such a huge premium, I start wondering if it’s a trap. Take LSK for example. For those doing arbitrage on the spreads, are you really arbitraging? It still hasn’t even launched cross-chain functionality. How is this any different from just shorting it outright?