Digital assets · 2026-06-30
Perpetual funding as a cost, not a feature
Digital-asset perpetuals pay whoever is on the other side of the crowding. We model that payment before we model the signal.
Funding is not a curiosity of crypto microstructure. It is the price of holding a crowded perpetual, paid continuously, and it will eat a naïve backtest alive.
We take funding as the venues published it, session by session, and we refuse to average it into a polite number. The strategy that cannot pay its funding does not get a budget.
Perpetuals are also unavailable to certain investor classes, including retail clients in the United Kingdom. The memorandum is explicit. This page is not an offer of them.