$ARM pumped 5 points to 375, and the position volume of 11K isn't too big. Today, the funding rate evened out at zero, and neither bulls nor bears are rushing to pay; the market is waiting for a clear direction.

Trump's tariff rhetoric is flipping again, circulating around what might be exempt outside of China. In times like this, semiconductor positions are really twisted, especially for ARM, which relies on licensing to capture the global market; a gust of policy wind can swing it in either direction. A zero funding rate indicates that both longs and shorts have pulled back their hands, and no one dares to position early.

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