Silver arbitrage (not even entirely) is really a thing. I've observed the pattern a few times: in the minutes before the funding rate is collected, there's always a temporary low point. Right after the fee is collected, a robot jumps in to push the price up rapidly.

Especially on Monday mornings, when global silver opens at 7 AM and the second fee rate is only at 8 AM, just withstand a 0.5% fee wave at 4 PM, and there's a high chance to earn 2-3% profit from the price movement.
Of course, this has its limitations. For example, this time, due to the Iran situation, the market opened with high certainty on Monday, making it possible to do this. But grabbing a few of these opportunities a year is already quite exciting.
Also, a reminder: 95-100 is considered a relatively high short-term point. The delivery for March has been moved to May, so the short squeeze logic isn't as strong. If the market makers want to repeat the thrill of January 30, the recent favorable conditions with opposing orders are the easiest to harvest.