How Premiums affect farming profitability?

I have just put on a delta-neutral strategy on Mirror and due to the premium on the mAsset my total balance increased by a few hundred dollars. I understand that this happened due to the fact that I borrowed mAsset at the Oracle price and sold at the market price therefore “pocketing” the difference.

However, when the time will come to unwind this trade I will have to buy back the mAsset at the market price and burn it at the Oracle price. It stands to reason then that if the premium will be lower I will keep some of that initial premium I received and vice versa if the premium is higher.

What it means in practice is that even with “delta-neutral” strategy you are still exposed to the changes in premiums. You are not exposed to changes in price, however.

Is there anything I am missing?

It’s doesn’t, bcs you short on premium and long on premium