- Buy BTC futures on bitmex. [If you refer to Bitmex / Deribit futures yield farming (contango market) this explains why people wants to sell their futures to you]
- Sell BTC Spot into stable coin (USDC for example)
- Then you lend out USDC on aave or comp or defi saver
- If the rate you lend out is higher. Then you win
By doing the above steps you essentially get borrow at 0% collateralization ratio (compare this to 150% ratio required on makerdao)