Delta-neutral perp carry: long on the venue paying you, short on the venue charging you. This works out what you actually keep after all four fills.
Gross funding is size x |spread| / 100 x hours / 8760. The spread is the difference between the two annualized rates: you receive funding on the leg where you are on the paid side, and pay it on the other, so what you keep is the gap, not either headline number.
Fees are charged four times — open and close on each venue — so a 5 bps taker fee is 20 bps of round-trip cost. That single line is what kills most funding trades that look good on a screenshot. Break-even is the hour at which accumulated funding finally covers those four fills.
What this deliberately does not model: slippage at size, borrow costs if either leg is margined, and the chance that funding flips halfway through your hold. Treat the output as a ceiling, not a forecast.
The calculator tells you whether one trade clears. The playbook is the operating manual: venue-by-venue fee and funding-interval table, position sizing and collateral split so a single leg can't get liquidated, a worked BTC example from entry to unwind with every number shown, the five ways this trade loses money, and how to wire this site's free JSON API into an alerting script.
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Get the Playbook — $19Multiply the per-interval rate by the number of intervals in a year. Hyperliquid settles hourly, so rate x 24 x 365. OKX, Binance and Bybit settle every eight hours, so rate x 3 x 365. Only compare venues after you have converted both to the same annualized basis.
The point where accumulated funding equals the round-trip fees on both legs. With four fills total (open long, open short, close long, close short), break-even hours = total fee percent / (spread APR / 100 / 8760). A 10% APR spread earns about 0.00114% per hour, so 0.08% of total fees needs roughly 70 hours to clear.
No. You are price-neutral, not risk-neutral. Funding can flip against you before you clear fees, one leg can be liquidated during a fast move while the other is fine, and a venue can halt withdrawals or change its funding formula. Delta-neutral removes directional risk and leaves execution, liquidation and counterparty risk.
Whatever clears your fees inside the time you are confident the spread persists. If you pay 0.05% per leg on four legs that is 0.20% total, and holding for 24 hours at a 10% APR spread earns about 0.027% - a loss. Most retail fee tiers need a spread well above 30% APR, or a multi-day hold, to be profitable.
Yes. Enter your taker fee in basis points for one fill and it charges four fills - open and close on each venue. Set it to your actual exchange tier, not the headline rate, and add a basis point or two for slippage at your size.