Funding capture, explained.
Plain-English explainers on funding-rate capture — the edge and the costs shown in full.
What is a funding rate?
The beginner's explainer: what a perpetual-futures funding rate is, why it exists, who pays whom, and how often it settles — no jargon.
What is delta-neutral (in crypto)?
What delta-neutral means, why a long-spot / short-perp pair cancels price direction, and the risks a hedge does not remove — it is not risk-free.
What is a basis trade (spot–futures basis)?
The spot–futures basis and cash-and-carry, how it differs from perpetual funding capture, when each one pays — and why Fygga's harness measures funding specifically.
What is funding-rate capture (delta-neutral funding yield)?
How a delta-neutral hedge collects perpetual funding without taking on price direction — and the honest, cost-aware numbers behind it.
Is funding-rate farming profitable? The honest answer
A modest ~3–5% market-neutral edge before costs, and why rebalance cadence quietly decides whether anything survives net.