A more concrete example:
Buy $10k USDC, borrow $5K USDT on Aave, trade this for USDC on Uniswap
Net result: $15k USDC and -$5K USDT, if USDT crashes you gain $5k, if it doesn't, you pay ~4% APR on the $5K loan (current rate, variable)
A more concrete example:
Buy $10k USDC, borrow $5K USDT on Aave, trade this for USDC on Uniswap
Net result: $15k USDC and -$5K USDT, if USDT crashes you gain $5k, if it doesn't, you pay ~4% APR on the $5K loan (current rate, variable)