https://www.alyx-capital.com/insights Comments and observations on the markets and equity derivatives from ALYX Capital. en 20 May 2026 00:00:00 +0000 https://www.alyx-capital.com/insights/cash-optimisation-funding-spread https://www.alyx-capital.com/insights/cash-optimisation-funding-spread 20 May 2026 00:00:00 +0000 S&P 500 futures embed a structural funding spread of 35-65 bps. Idle institutional cash can capture it - no equity exposure, no leverage.