STRAT Strategy · Updated April 2026 · ~4 min · For TradingView desktop 3.2.1
The Funding-Rate-Neutral (Delta Neutral) Strategy: An Intro
When perp funding is persistently positive (longs pay shorts), you can: buy equal spot + open an equal perp short. As price moves, spot gains/losses and the short's losses/gains cancel (directionally neutral), while you continuously collect the short-side funding.
Why it's neutral
Spot +1 BTC, perp short 1 BTC, net exposure ≈ 0. If BTC rises 10%, spot's gain ≈ the short's loss, offsetting. You earn the funding cash flow, not a directional bet — collectable in bull or bear.
Three real risks (not risk-free)
- Funding flips negative: when the market turns bearish, funding can go negative and you pay instead — unwind in time;
- Liquidation risk: keep the short leg's margin ample; a violent spike can blow the short leg first and break neutrality;
- Platform risk: funds sit on an exchange — a platform blow-up is crypto's biggest tail risk.
Tip: same family as cash-and-carry. The yield looks "steady," but an extreme move + platform risk can wipe out months of it in one shot. Verify small, spread across platforms, keep ample margin. Monitor with mark-price and funding alerts.