April 16 Funding Rate Arbitrage: 110% APY MAVIA & BLUR Shorts

The total crypto market cap sits at $2.62 trillion, up 1.0% over the last 24 hours, with Bitcoin dominance holding steady at 57.3%. While large-caps like PEPE and AAVE lead the top gainers with 9.1% and 6.8% respectively, the perpetual futures market is flashing massive funding rate divergences on lower-cap assets. For traders executing funding rate arbitrage, these extreme annualised yields represent the best carry trade opportunities of the day. Today's data highlights extreme polarities, specifically on Hyperliquid where micro-cap perps are printing triple-digit APYs. Capitalising on these rates requires precise execution and delta-neutral hedging to isolate the funding yield from underlying spot volatility.

MAVIA Long Carry Trade: 110.55% APY

MAVIA is currently printing the most aggressive positive funding rate in the market at 0.1010% per 8-hour epoch, equating to a staggering 110.55% annualised yield at a mark price of $0.03. For carry traders, this presents a textbook long funding harvest. The strategy involves opening a long position on the MAVIA perpetual contract while simultaneously shorting the asset on a spot or alternate futures market to achieve delta neutrality. As long as the 8-hour funding rate remains elevated, longs are paid out handsomely. However, at a $0.03 mark price, slippage and liquidity depth are critical factors, making position sizing and careful limit order entry essential to prevent adverse price impact that could erase the funding premium.

BLUR Short Arbitrage: 107.96% APY

On the flip side, BLUR is exhibiting an equally extreme negative funding rate of -0.0986% per 8 hours, translating to a -107.96% annualised rate. At a mark price of $0.03, this means shorts are paying longs, creating a massive incentive for traders to step in and collect the negative yield. To capture this 107.96% APY, traders can short the BLUR perpetual contract and hedge by buying the spot token. The sheer magnitude of this negative rate suggests aggressive shorting pressure or a specific market dynamic on this perp DEX. Because these rates naturally mean-revert, the window to capture the full triple-digit yield is likely short, demanding rapid deployment and constant monitoring of the funding epoch payouts.

Stable Double-Digit Shorts: WCT, SAGA, RESOLV

Beyond the volatile triple-digit APYs, more sustainable carry trade yields are available through stable negative funding rates. WCT offers -0.0194% per 8h (-21.2% annualised) at a $0.06 mark price, making it a strong candidate for a short carry trade. SAGA follows closely at -0.0161% per 8h (-17.66% annualised) with a $0.03 mark price, and RESOLV sits at -0.0145% per 8h (-15.92% annualised). These double-digit annualised yields are highly attractive for institutional-style delta-neutral strategies, providing a less volatile income stream compared to MAVIA or BLUR. Traders shorting these assets and hedging with spot can build a robust portfolio of uncorrelated funding yields, balancing the higher risk of micro-cap perps with these mid-tier negative rates.

Optimizing Yield Across Perp DEXs

Execution quality dictates profitability in funding rate arbitrage. While Hyperliquid shows a HEMI rate of 0.0132% per 8h (14.45% annualised) and rates for AVNT, ORDI, EIGEN, and ALT hovering between 8% and 10% annualised, these rates can vary significantly across different venues. This is where Tangerine provides a critical edge. By aggregating funding rates across Hyperliquid, Aster, Lighter, Backpack, and other perp DEXs, Tangerine ensures traders always execute on the venue offering the highest yield for their intended direction. A 2% difference in APY between Hyperliquid and Aster on an ORDI short can materially impact carry trade returns, making cross-DEX comparison an indispensable step before deploying capital into any delta-neutral strategy today.