I think DeFi market-neutral is separated between those that ascribe no risk premium to systemic risks (i.e USDT/USDC and large money markets), and those that do. Might be PTSD, but i see stablecoin capital as risk-on, and I won't accept protocol risk+ oracle risk + peg risk + custody risk for 25bps above RFR. I'm firmly in the camp of pricing all risks.