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Funding Rate Research and Market Notes

Commentary on funding rates, basis and perpetual futures market structure from the VectorTraders desk.

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Series Funding-rate arbitrage strategy & mechanics How funding payments work and how a delta-neutral position captures them — fees, basis, cross-venue spreads, and what it... 6 articles Series Crypto market education The instruments explained — perpetual futures, how they differ from futures and options, leverage, liquidation, and the... 5 articles Series Fund & product commentary Market-neutral yield as a category — where returns come from, who pays them, and how fund structures, lock periods and l... 5 articles Series Market access, regulation & risk Status Where perpetual contracts can be traded and under which regime — the US, EU, UK, Asia-Pacific and the Gulf — plus venue,... 4 articles

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8 min read

Management Fee vs Performance Fee: What Reaches the Investor

A management fee is charged as a percentage of assets under management, regardless of performance. A performance fee is...
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What Is Liquidation in Crypto — and How Does a Cascade Happen?

Liquidation in crypto is the forced closure of a leveraged position when the collateral backing it falls below the excha...
9 min read

What a Negative Funding Rate Means — and What It Does to a Carry

A negative funding rate means the perpetual futures contract is trading below the spot price, and at each settlement sho...
10 min read

Proof of Reserves: What It Proves, and What It Doesn't

Proof of reserves is an exercise in which a crypto exchange demonstrates that it controls a quantity of assets, usually...
9 min read

Earning Interest on Stablecoins: Who Holds Your Money?

Earning interest on stablecoins means handing them to someone who will deploy them, and the structure you hand them thro...
10 min read

How Do Perpetual Futures Work?

A perpetual futures contract is a derivative that tracks the price of an underlying asset with no expiry date, held in l...
10 min read

What Is a Cash and Carry Trade? The Structure Behind Crypto Funding Capture

A cash and carry trade is an arbitrage that buys an asset in the spot market and simultaneously sells a futures contract...
13 min read

CFTC-Approved Perpetual Futures: Where US Access Stands Now

Perpetual futures are now available to US traders through CFTC-regulated channels. On 29 May 2026 the Commodity Futures...
12 min read

Where Stablecoin Yield Actually Comes From

Stablecoin yield comes from four distinct sources: interest on the reserves backing the stablecoin, lending it to borrow...