As opposed to an outright position where both names are on the long side and there would be a profit and loss offset, a negative correlation between the two names can cause this distortion where both the long and short legs are losing value.

Source: https://seekingalpha.com/article/4647461-ftls-hedge-fund-strategies-in-an-etf-format?source=feed_all_articles

At nearly two hours long, it’s a little on the long side, but there’s plenty of toe-tapping fun to be had.

Source: https://www.theguardian.com/tv-and-radio/2023/jun/25/tv-the-highly-charged-debate-about-the-uks-most-controversial-nhs-clinic

Recent data shows that the cryptocurrency has been recording “crab-like” price action in the short term, but operators favor the long side of their trades.

Source: https://biztoc.com/x/cacaec8bd88e02a3?ref=ff

The screen has 1080p on the short side, but 2520p on the long side: 200p more than, say, the Galaxy S23.

Source: https://houstonianonline.com/these-are-the-best-premium-smartphones-right-now/