Short high-funding-venue perp + long low-funding-venue perp (same coin) = price-neutral, collect
the funding DIFFERENCE, NO spot leg needed -> fixes the single-venue hedgeability block. Binance/
Bybit/Hyperliquid bulk funding, normalized to daily (HL is hourly!). Sanity-filtered (liquid >$10M
both legs, exclude |funding|>50bp/day distress/artifacts -- raw scan top was 9000%/yr delisting
junk). Clean spreads: ETH ~20%, ARB/ONDO ~20%, up to ZEC 167%; 16 coins >5bp/day. scan/run/status,
idempotent daily, cron 9/12/15/18 UTC. Decisive open question = PERSISTENCE (snapshot != edge;
paper-forward measures whether spreads last long enough to collect net of ~10bp fees).
Co-Authored-By: Claude Opus 4.8 (1M context) <noreply@anthropic.com>
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