Notes on funding & arbitrage.
Guides and explainers on perpetual futures funding, delta-neutral strategies, execution costs and risk — written from the data we collect every minute.
Cross-Exchange Spread Trading: The Other Delta-Neutral Edge
Cross-exchange spread trading explained: enter when a perp's venue gap is statistically wide, exit on mean reversion — a delta-neutral crypto edge.
Read the note →Exchange Spreads: The Hidden Cost That Decides Your Arbitrage P&L
How cross-exchange spreads, maker vs taker execution, and round-trip costs erode funding arbitrage returns — and how to time entries using spread history.
Read the note →Funding Rate Arbitrage Risks: What Can Go Wrong (and How to Manage It)
Funding rate arbitrage is not risk-free. A candid guide to liquidation, funding-flip, execution, venue, and liquidity risks — and how to manage them.
Read the note →How Perpetual Futures Funding Rates Work
Perpetual futures funding rates explained: who pays whom, the funding rate calculation, settlement intervals, and how to annualize rates into APR.
Read the note →What Is Funding Rate Arbitrage? A Complete Guide
Funding rate arbitrage explained: how delta-neutral traders collect perpetual futures funding spreads, worked examples, costs, risks, and tooling.
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