The funding edge. Costs shown in full.
By sub-period. Same rules.
The same backtest, sliced by date and never re-fitted. Total return over each window, net of the fee per side + slippage shown.
| Cadence | 5 + 5 bps | 3 + 3 bps | 2 + 2 bps | No cost (bound) | 5× margin |
|---|---|---|---|---|---|
| Full window · 2022-01-01 → 2026-09-03 · 1707 days | |||||
| weekly | +2.44% | +6.69% | +8.89% | +13.40% | closed 2022-07-18 |
| biweekly | +4.73% | +7.01% | +8.16% | +10.51% | closed 2022-02-07 |
| monthly | +5.25% | +6.46% | +7.07% | +8.30% | closed 2022-02-07 |
| 2026H1 · 2026-01-01 → 2026-06-30 · 181 days | |||||
| weekly | −0.32% | −0.16% | −0.08% | +0.08% | closed 2026-01-06 |
| biweekly | −0.15% | −0.07% | −0.03% | +0.06% | held |
| monthly | −0.03% | −0.01% | +0.01% | +0.03% | held |
| 2026Q3 to date · 2026-07-01 → 2026-09-03 · 65 days | |||||
| weekly | −0.34% | −0.11% | +0.01% | +0.25% | closed 2026-08-20 |
| biweekly | +0.02% | +0.11% | +0.16% | +0.25% | closed 2026-08-20 |
| monthly | +0.09% | +0.12% | +0.14% | +0.17% | closed 2026-08-20 |
Data ends 2026-09-03; 2026-09-04 left out (incomplete funding settlements). Margin: 5× on the short leg, a fresh account at each window’s start, one 200 bps basis shock, at 5 + 5 bps.