Arthur Hayes: Basis Trade Returning, ENA May Benefit

Hayes flagging a basis-trade revival matters less as a call on ENA than as a signal that leverage demand and funding spreads are normalizing after a stretch of compressed carry. If that read is right, the beneficiaries are venues and protocols whose economics are tied to hedging flow rather than directional bets, which reframes ENA as a carry proxy. Whether the basis actually widens enough to sustain that flow is the open question.