You're being paid 2.80% to absorb price risk. Only ~2.80% of it is real fees — and they stop covering impermanent loss if ARM-WETH-STETH diverges more than ±61%.
Real fee/staking yield: 2.80% · token emissions: 0% of the headline.
Break-even fact: a ±61% move in ARM-WETH-STETH erases a full year of the fees you actually keep (~2.80%). Whether that move happens is up to the market — but any emissions inflating the headline will fade regardless.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.