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Long spot, short perp, same size. You keep the funding.
01 — Neutrality
Move the price as far as you like in either direction. The long leg and the short leg are the same size, so whatever one gains the other loses.
The net line stays at zero because it has to — that is arithmetic, not a result. What it does not show is funding, which is the part that actually pays.
Why the pair cancels02 — Lifecycle
Four steps, in order. Nothing between them is discretionary — there is no trader deciding when to enter.
One asset in, one vault share out. The share is your claim on the position and on whatever it has collected.
It buys the coin and sells the same size of the perpetual. Long and short, same coin, same moment.
A rally is a gain on the spot leg and an equal loss on the short. A crash is the reverse. The pair sits still.
While longs are paying shorts to hold their bet, the short leg is on the receiving side. That flow is the yield.
03 — Plainly
Both columns matter. The one on the right is the one most sites leave out.
Funding can invert, a hedge can be liquidated, and a venue can go down while both legs are open. The risk page is not a disclaimer at the bottom of a page — it is a page.
Read the risks