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Funding mechanics, basis, break-even math, market-hours mismatch, and execution/hedge risk — five focused explanations to start.
When funding profit differs from total trade profit
Two P&L numbers appear on every trade this research publishes, and they can disagree by a lot.
How we test entry and exit rules without live capital
Paper trading isn't a lesser version of real trading — it's how rule bugs get found before they cost real money.
What happens when the perp closes before the hedge
The perp trades 24/7. The hedge doesn't. That mismatch is this strategy's single biggest structural risk.
Why a day with no qualifying opportunities is still useful
A research process that finds nothing to do on most days is behaving correctly, not failing.
Why high funding alone is insufficient
A single scary-looking funding print is not a trade. Here's what else has to be true first.