PARTIAL · ops-bound
Hypothesis
The same perp can have positive funding on one venue and negative on another; going long the negative-funding venue and short the positive-funding venue nets the spread, delta-neutral.
Math
$$ \text{net carry} = f^{\text{short venue}} - f^{\text{long venue}} - \text{fees} - \text{transfer cost} $$
Method
Monitor funding across venues, open offsetting legs when the spread exceeds cost, manage collateral on both sides.
Results
| Funding spreads > cost | occur regularly |
| Net of fees + collateral fragmentation | thin positive |
| Operational/counterparty risk | real (2 venues) |
A genuine delta-neutral spread but operationally heavy — capital fragmented across venues, transfer latency, and doubled counterparty risk. Thin net edge that only scales with infrastructure. Filed as a treasury/ops trade, not a signal.
Cross-venue arbitrage converts market risk into operational and counterparty risk. The spread is real; so is the cost of standing in two places at once.