February 2026 · 8 min read · Atman Capital Research
Perpetual futures exchange a payment between long and short holders every 8 hours. When the perpetual trades at a premium to spot, longs pay shorts — creating a persistent, harvestable yield for market-neutral traders.
Over long periods, crypto perpetuals have traded at a persistent premium to spot. Retail and leveraged longs consistently outweigh shorts, generating positive funding rates for delta-neutral strategies on Binance and OKX.
80% funding arbitrage provides the stable income floor; 20% CTA captures trend moves. Since July 2023: 72.86% total return, Sharpe 5.21, best year 2024 at +46.32%.