Long QQQ / short high-funding stock perps — carry monitor
The short leg of each stock perp collects its funding while funding is positive; the long hedge pays its own funding. Net carry ≈ stock funding − hedge funding (annualized, trailing 7 days). Hedgeability: ρ/β are computed from daily perp closes (up to 120 days, min 20 overlapping); Resid vol is the annualized volatility left after β-hedging with the chosen hedge family — the risk you actually keep. Carry/risk = net carry ÷ residual vol (a Sharpe-like quality score, ignoring fees). Pos. 30d = share of the last 30 days' funding periods that were positive (persistence); Fund vol = volatility of the funding income itself, in the same annualized units.
| Symbol | Venue | OI | 24h Vol | Funding 1d (ann.) | 3d (ann.) | 7d (ann.) | 30d (ann.) | Pos. 30d | Fund vol | ρ QQQ | β QQQ | ρ SPY | β SPY | ρ BTC | β BTC | ρ HYPE | ρ BNB | ρ LIT | Resid vol | Net carry | Carry/risk |
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Read this before trading it
- Funding flips. The 7d number is a snapshot of a mean-reverting series — high funding names are crowded longs and can normalize fast. Compare 7d vs 30d vs lifetime: a big gap means the carry is fresh, not structural.
- This is not market-neutral. QQQ hedges broad tech beta, but a single-name short has idiosyncratic risk (earnings, squeezes — GME/BIRD-type names especially). Positive-funding names are crowded longs, exactly the names that squeeze.
- You pay the hedge's funding. QQQ perp funding is usually small but nonzero; it is subtracted in the net column. Alternatively hedge with spot QQQ at a broker (no funding, but capital lives elsewhere).
- Weekends and opens. Stock perps trade 24/7 but the underlying prices only during exchange hours — basis widens on weekends and funding spikes around US open/close. KR names (SKHYNIX/SMSN/HYUNDAI) follow KRX hours.
- Liquidity gate. Below ~$1M open interest, entry/exit slippage can eat months of carry. The checkbox above hides those by default.
- Venue mechanics. Binance: USDT-margined, funding every 8h (some 4h), geo-gated. Hyperliquid xyz: USDC-margined, hourly funding with a 0.5x multiplier, no API geo-block.
- Hedgeability numbers are perp-vs-perp. ρ/β use daily closes of the perps themselves (which trade 24/7), so they measure how well the QQQ or BTC perp hedges the stock perp — including weekend co-movement. Betas from short samples (many names have <120 days of history) are noisy; treat β as a starting hedge ratio, not gospel.
- BTC is a poor hedge for most stock perps. Check ρ BTC before using it — it mainly hedges the crypto-linked names (MSTR, COIN, HOOD, CRCL). A low-ρ hedge leaves nearly all the single-name vol as residual risk.
- Judge the book by carry/risk, not carry. A 60% net carry with 45% residual vol is a worse trade than 25% carry with 12% residual vol. Diversify the short basket: residual risks are mostly idiosyncratic and average out across names.
Spot-hedged carry per ticker (long spot here + short the perp on the best venue = delta-neutral per name)
Net (cash) = best perp funding, spot fully paid — the clean number if capital sits at the broker. Net (margin) = funding − this broker's margin rate — the number if the spot leg is fully financed. Anything in between scales linearly with the financed fraction. Funding = trailing 7d annualized, best of Binance / Hyperliquid.
| Symbol | Spot instrument | Available here | Perp funding 7d (ann.) | Best venue | Net (cash) | Net (margin) | Notes |
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Summary (click a column to sort, click a symbol for its chart)
| Symbol | First record (UTC) | Last update (UTC) | Events | Days live | Cumulative | Avg / period | Ivl (h) | Annualized | 1d (ann.) | 3d (ann.) | 7d (ann.) | 30d (ann.) | OI | 24h Vol | Max period | Min period |
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