Module 5 · Strategy

Market-neutral strategies

Cash-and-carry basis trades and funding rate harvesting — the "boring money" strategies.

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Cash-and-carry calculator

Learn

Remove price exposure entirely and harvest structural inefficiencies — the basis premium and the funding rate. Lower variance, steadier returns, and far less psychological strain than directional trading.

Basis = (Futures − Spot) / Spot Annualized yield = Basis × (365 / Days to expiry) Net profit = Capital × Basis − Fees

Practice

Spot price (BTC)$

Quarterly futures price$

Days to expiryd

Capital deployed$

Round-trip fees%

Raw basis

3.00%

futures vs spot premium

Ann. yield (gross)

13.0%

before fees

Ann. yield (net)

12.6%

after fees

Gross profit

$1,500

at expiry

Net profit

$1,450

at expiry

Strong basis — annualized net yield above 8%. Verify data and confirm exchange safety before deploying capital.

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Recall0/1

Recall

A cash-and-carry trade earns its return from…

Funding harvest calculator

Learn

When funding is persistently positive, a delta-neutral position (short perp, long spot) collects the funding payment while the hedge cancels price risk. Fees and a funding reversal are the main threats.

Practice

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