Risk disclosure
Perpia is an information tool, not financial advice. Funding-rate arbitrage is often described as “delta-neutral,” but neutral to price is not the same as free of risk. Before trading anything you see here, understand what the data does not remove.
Not financial advice
Nothing on Perpia is a recommendation to buy, sell or hold any asset, or to use any venue. The figures are analytics derived from live market data and may be delayed, incomplete or wrong. You are solely responsible for your own decisions. Do your own research.
It is not risk-free
Liquidity and size. A high APR usually lives on a thin book. The size that can actually be entered is often small, and pushing past it moves the price against you. The max-size and slippage figures are estimates, not guarantees.
Funding flips. Funding is not fixed. A positive spread can turn negative within hours, turning a paying position into a losing one. Realized returns run below the live headline.
Execution risk. Opening two legs is not instant. Prices, spreads and depth can move between the quote you see and the fills you get; one leg can fill while the other slips.
Venue and counterparty risk
Every venue carries its own risk. Decentralized venues expose you to smart-contract bugs, oracle failures, bridge risk and chain congestion. Centralized venues expose you to custody, withdrawal freezes, solvency and regulatory action. A venue can pause markets, change fees or funding mechanics, or delist an asset at any time. Perpia does not vet or endorse any venue.
Leverage and liquidation
Perpetual positions use leverage and can be liquidated. A delta-neutral book is only neutral while both legs remain open and adequately margined; a large move, a funding payment, or a failure on one venue can leave you one-sided and exposed to liquidation. Margin, collateral and liquidation rules differ per venue.
Data accuracy
Rates are snapshots refreshed every few minutes, not tick data. Adapters can publish stale or malformed values; Perpia filters obvious anomalies but cannot guarantee correctness. Treat every figure as an indication to verify on the venue itself, not as ground truth. See the methodology for exactly how each number is derived and bounded.