This is a great strategy during a long downtrend vs putting your powder on the sidelines. PAXG is backed by gold so it has much lower risk. Doing this at KuCoin is giving me 40% APR for the last couple of months. Your mileage will vary due to entry points, etc. but mostly PAXG goes sideways with plenty of wicks for arbitrage.
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Adjusted the rainge to fit the rising price of PAXG - using 1800-2250 with 13 grid lines.
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73 Days in - Grid APR 53%, APR 50%