The funding rate is
the cheapest signal
in crypto.

Perpetual futures stay anchored to spot through a small periodic payment between longs and shorts. Bybit and Binance settle every eight hours; Hyperliquid settles hourly. When the rate is positive, longs pay shorts. When negative, shorts pay longs. That's the whole mechanism.

A carry trade is taking the side that receives the payment, and hedging (or sizing carefully) so the price move doesn't eat the yield. At our scale — four-figure book — that's exactly what we run. Most days it's flat. Some weeks it's the most reliable cash on the screen.

Two practical truths nobody tells you: fees eat more than you think, and which venue you execute on matters more than which signal you read. The rest is bookkeeping.