The main concern and only variable we can't control about looping PT is the borrowing rate. I don't think it's a concern this time. December was very different: funding went nuts, there were less funds/protocols arbing the funding, Aave just launched sUSDe collateral, Euler/Morpho were not at their current TVL. I may be wrong, but I think PTs >13% are really a steal. This should continue as long as ENA pumps because it's driving YTs implied yield up. Loop at your own risk.

@brisket131 I wanted to check what % is Usual's USD0++ market but their UI is awful and fucking slow so I couldn't. But it may be right that it feels lacking liquidity because it is very fragmented.