ETH Negative Funding

Thesis

A recurring ETH perpetual long strategy driven by the sign of predicted funding on Hyperliquid.

Strategy

• Regime entry: It opens at most once per observed negative-funding regime, including a negative rate on startup; zero funding changes nothing. • Cost test: Entries require projected funding receipts to exceed estimated round-trip fees and price tolerance over the configured horizon. • Positive funding exit: A positive rate triggers an immediate exit at the next one-minute check.

Exposure

• Holds: ETH perp long, USDC — A small allocation-relative ETH perpetual long, with no ongoing rebalancing. • Venue: Hyperliquid — The session must be funded and activated through Terminal. • Leverage: No added multiple — Entry notional is a percentage of allocated USDC with no added leverage multiple. • Costs: Fees and slippage — Estimated round-trip fees and price tolerance; orders may reject or partially fill. • Data: Circuit — One-minute checks use fresh Circuit funding, market and midpoint reads. • On unwind: Positions close — Stopping submits reduce-only closes for its positions and surfaces incomplete closes as failures.