Individual skill
perp-funding-basis
Perpetual futures funding rate analysis and cash-carry basis trading — funding rate regimes, annualized basis signals, carry trade construction, and funding rate arbitrage between exchanges.
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# Perpetual Funding Rate & Basis Trading
## Overview
Analyze perpetual futures funding rates and spot-futures basis to identify carry trade opportunities, market positioning extremes, and directional sentiment signals. Funding rates are the single most important microstructure indicator in crypto derivatives — they reveal real-time leverage positioning and crowd sentiment.
## Core Concepts
### 1. Funding Rate Mechanics
Perpetual futures have no expiry date. Instead, a **funding rate** is exchanged between longs and shorts every 8 hours (on most exchanges) to keep the perpetual price anchored to the spot price.
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If perp price > spot price → funding rate positive → longs pay shorts
If perp price < spot price → funding rate negative → shorts pay longs