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Operational notes, mechanics explanations, and honest risk breakdowns — not a sales blog. Everything here is either a real bug we published in the changelog, math you can check yourself, a mechanism explained from scratch, or a backtest we ran and published — including the ones that failed.

// Mechanics
Mechanics
What Is Delta-Neutral Funding Rate Arbitrage?
The funding-payment mechanism, the long-spot/short-futures hedge, worked math, and the risks it doesn't remove.
Mechanics / Risk
The Fee-Coverage Math: Why Most Positive Rates Aren't Worth Trading
A positive funding rate isn't the same as a profitable trade — the fee math that decides the difference.
// Field Notes
Field Notes
The Bitget Hedge-Mode Bug That Cost Us a Real Position
A real, fixed bug — error 22002 — and the runtime check that now catches this class of failure.
// Research
Research / Backtesting
Sharpe 1.55 in the Backtest, −0.42 in Reality
A funding-based strategy looked excellent on a fixed list of 50 coins. On the point-in-time universe, including delisted perps, it lost money.
Research / Funding signals
Shorting the Most Crowded Coins: Why Extreme Funding Is a Losing Directional Bet
Short coins with extreme positive funding, buy coins with extreme negative funding, and collect the funding on top. The price moves swamp the funding income.
Research / Funding signals
Funding Momentum, Tested Both Ways: Why We Didn't Just Flip the Sign
We registered one direction, it failed; we registered the mirror image separately, and it failed too.
Research / Microstructure
The Hour Before Funding Settlement: A Real Effect That Costs More Than It Pays
When funding is expensive, perp prices drift against the paying side before settlement. The effect is real, and smaller than the cost of trading it.
Research / Carry mechanics
Quarterly Futures vs. Perpetual Funding: Is There a Term Premium?
Does the basis locked into a quarterly future pay more than the funding that follows? 21 expired Binance contracts per coin say no.