ETH Negative Funding

Thesis

Buy ETH when funding is negative, seeking price gains and funding payments before funding turns positive.

Strategy

• Entry: Check ETH funding every minute and open one long below 0%, including on the first check. • Exit: Close the ETH long above 0%; at exactly 0%, leave the position unchanged. • Size: Use allocated USDC for one ETH long at roughly 1x exposure, with a $10 minimum opening order.

Exposure

• Holds: ETH long or USDC — An ETH perpetual long backed by USDC, or USDC between trades. • Venue: Hyperliquid — Select EVM Imported only; never Gas Seed ETH or Gas Seed SOL. Funds stay on Hyperliquid. • Leverage: About 1x — Size ETH exposure from allocated USDC without a leverage multiplier. • Costs: Fees and funding — Hyperliquid trading fees and hourly funding payments. • Data: Circuit — ETH funding rates and prices. • On unwind: USDC — Close the ETH long and retain USDC on Hyperliquid.