Question for you, since you seem pretty knowledgeable. How does a HF lever up 10x+ using the repo market anyhow? Is this a typical leverage ratio for borrowing in the repo market? I'm guessing it's extremely rare for a UST to lose >10% of it's value overnight, which I guess would mean that this would be how they're doing it. What is the customary leverage ratio for repo borrowing and is there some repo-market specific name for this metric?