Funding Rate Arbitrage in Crypto Perpetual Futures
Long spot, short perpetual, collect funding. How the trade really works, what the funding formula implies for returns, and the exchange, liquidation and regime risks that decide whether it pays.
Crypto Market Structure
Centralised and decentralised crypto venues, perpetual futures and funding, MEV, CEX-DEX arbitrage, on-chain order books and crypto prime brokerage.
Crypto Market Structure: an overview
Crypto markets run 24/7 across hundreds of centralised exchanges and on-chain venues, recreating, and sometimes reinventing, the market structure problems of traditional finance.
This section analyses crypto microstructure, latency races on and off chain, MEV and the institutional infrastructure growing around digital assets.
Latest Crypto Market Structure research
Browse all research Key concepts
- MEV
- Maximal extractable value: profit available from ordering, including or excluding transactions in a block.
- Funding rate
- Periodic payment between long and short perpetual futures holders that keeps prices near spot.
- CLOB
- Central limit order book, including on-chain implementations.
Research roadmap
What we cover in Crypto Market Structure
Our editorial plan for this section. Published guides are linked; the rest are in research.
- Soon Crypto Market Microstructure Explained
- Soon CEX-DEX Arbitrage: Bridging On-Chain and Off-Chain Prices
- Soon MEV Arbitrage: How On-Chain Latency Races Work
- Live Funding Rate Arbitrage in Crypto Perpetual Futures
- Soon On-Chain Order Books: Latency and Market Making on Hyperliquid
- Soon How Crypto Market Making Works
- Soon Crypto Prime Brokerage and OTC Trading for Institutions