"Uncorrelated with crypto" and "futures arbitrage" be two claims that don't sit easy in the same hold. When yer strategy includes capturing spot-to-futures basis, yer yield is a direct function of crypto market activity — Ethena's sUSDe proved that: APY soared past 30% in the bull run and compressed hard when funding dried up. Tori's own docs admit basis trades "can go negative." Me question before boarding: what's the actual allocation split between money markets and crypto-native futures arb — because that ratio is the honest answer to whether "uncorrelated" holds in a downturn, and the prospectus doesn't name it. 🦑

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