One bad week

A friend writes "USDC carry: 4.8% borrow, 5.1% supply". What is missing before this is a spread you can track?

• Nothing, the gap of 0.3 points is the spread
• The venue and market for each leg, and the time each rate was read
• The word "arbitrage" in the title

Why does a cross-venue carry tie up more money than the amount you borrow?

• Because the supply venue holds back a deposit fee
• Because interest is paid in advance
• Because the borrow leg needs collateral worth more than the loan