Delta-neutral carry

How it works

Own the coin, short its perpetual

A cash-and-carry trade holds the coin on the spot market and shorts the same amount of its perpetual. Price is fully hedged — a dollar up on spot is a dollar down on the short — so the position is market-neutral, and what you keep is the funding the short leg collects each interval. It only works while that funding is positive: positive funding means longs pay shorts, and you are the short. DeltaPulse finds 125 coins where that holds across 16 venues right now, ranked by net APR after fees and by how long it takes to break even. The best-paying carry is JUP at 628.97% annualized.

Paying the most right now

Where the carry is richest — and where the funding is.

Carry yield is just the short leg's funding annualized, so the richest trades are the coins whose perpetual longs are paying up hardest. The five best-paying carries at this refresh:

1. JJUPSpot Backpack · Short N1628.97%
2. SSKHYNIXSpot Binance · Short Pacifica259.76%
3. XXMRSpot Backpack · Short Extended190.97%
4. AAPEXSpot Bybit · Short Hyperliquid181.53%
5. FFARTCOINSpot Backpack · Short N1161.18%

APR is the funding rate annualized on an 8-hour basis, before your own trading fees. It is what the carry would earn if funding held for a year — which it does not, so the higher the APR the more it depends on the rate staying positive. This block is a snapshot of the board above and is rebuilt every few minutes.

FAQ

Cash-and-carry, answered

What is a cash-and-carry trade?

You buy the coin on the spot market and short the same size of its perpetual future. The two legs cancel each other's price exposure — the position is market-neutral — and you collect the funding the short perp is paid each interval. In crypto the "carry" is that funding rather than a futures basis, and it is positive to you whenever the perpetual's longs are paying its shorts. DeltaPulse tracks 125 coins where that is true right now across 16 venues.

Why does it only work when funding is positive?

Because you are the short. Funding is a payment that flows from one side of the perpetual to the other: when it is positive, longs pay shorts, so your short leg receives it. If funding turns negative, the flow reverses and your short leg starts paying — the carry becomes a cost. That is why every strategy here is filtered to coins with positive funding on the short venue, and why a carry is only as durable as the rate staying positive.

Is cash-and-carry risk-free?

No. The hedge removes price risk, not every risk. Funding can flip negative and turn the trade into a bleed; the perpetual short can be liquidated if its margin is not managed even while your spot is fine; you carry custody of the spot coin; and spot and perp can drift apart enough to matter on entry and exit. Market-neutral means you are not betting on direction — it does not mean the yield is guaranteed.

How is the APR calculated?

From the short leg's funding rate, annualized on a common 8-hour basis so venues that fund hourly and venues that fund every eight hours compare like for like. The figure is what the position would earn if the current rate held for a full year, before your own trading fees — a ceiling, not a promise, since funding moves every interval. Break-even hold time sits beside it because a high APR that only lasts a few hours is worth less than a steadier one.

Which coin pays the most carry right now?

As of this refresh, JUP has the richest carry at 628.97% annualized, shorting the perpetual on N1. The ranking moves every few minutes with funding, so treat it as a snapshot — the board above re-sorts each time it refreshes.

Do I need an account to use this?

No. The strategy board, every coin page and the live funding data are open with no account and no delay. DeltaPulse is analytics, not a broker — we never hold your funds and never place an order. An account only adds the things that are yours: alerts, and a read-only portfolio across the exchange accounts you connect.