It's 2025, in the last year, is there any large-capacity, high-yield, low-risk, and no poor information fool arbitrage, it seems to sell YT when the second phase of ENA opens. But I think there is a difference in information, and it is not a high yield compared to the market interest rate at that time. (Because at that time, REZ's YT income was also 50%-60% annualized) But this pump hedging is pre-sold in the years, and the capacity is too high. The YT of the ENA is now less than 10%, indicating that the market base rate is very low. I believe that in 2025 there will not be such a simple arbitrage of big money to send money. So there is no pre-sale. If you want to play, you can bet long and short directly.