The core of hedging is 'spot + equivalent contract short', essentially turning you into a 'quasi-long receivable party', while hedging against price volatility risk:

1. Implicit long exposure: Spot is a natural long, contract short is a short, and the two are equivalent and opposite, with price fluctuations offsetting each other, you only earn the fee difference.

2. Net fee income: When the fee is negative, the money paid for the short position will be covered by the implicit long receivable brought by the 'spot + short' combination, net profit = nominal value × |negative fee| (short position payment < implicit long receivable).

3. No price risk: When sideways, you earn fees; when the spot rises, you earn, and the short loses; when the spot falls, you lose, and the short earns, both offset each other, you only earn the short position payment.

$BEAT I need to deal with you while sideways

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