| Range | Positive | Negative |
|---|---|---|
| 1-5 bps | Healthy demand | Normal volatility |
| 10-50 bps | Liquidity squeeze | Liquidity drain |
| 100+ bps | Broken peg up | Systemic depeg |
| Range | Earning | Paying |
|---|---|---|
| 1-50 bps | Baseline returns | Holding drag |
| 300+ bps | Competitive yield | Shorting incentive |