This approach gives you several distinct advantages. You'll lock in consistent yield streams while maintaining exposure across longer timeframe arbitrage opportunities. The strategy provides natural protection during periods of inverted rate environments—meaning extended negative rates won't erode your position value. Layer in controlled leverage and your returns scale accordingly, all while keeping your portfolio delta-neutral. The beauty here is you're not betting directionally; you're capturing structural inefficiencies in the market. If you're looking to optimize capital efficiency without adding directional risk, this setup deserves serious consideration.