# Decentralised venues paid twice the funding

> Over 1,187 days covered by all four venues we hold, AsterDEX and Hyperliquid paid about double Binance and Bybit. Then the number that deflates it.

- Source: https://defiloops.com/blog/decentralised-venues-paid-twice-the-funding
- Published: 2026-09-16
- Category: Strategy
- Tags: funding, perpetuals, hyperliquid, delta-neutral
- Author: DeFiLoops

---
We keep daily funding rates from four perpetual venues on BTC and ETH, going back as far as
September 2019. They are stored separately and never averaged.

Over the 1,187 days all four cover, the two decentralised venues paid roughly **twice** what
the two centralised ones did.

```
  asset    Binance   Bybit   AsterDEX   Hyperliquid
  BTC         7.3%    7.5%      14.5%         14.5%
  ETH         7.4%    7.4%      15.3%         14.6%
```

<Callout type="note" title="Why two venues matter and one would not">
  Two independently operated decentralised venues agreeing within 0.7 points is not a
  coincidence about either of them. One venue would be an anecdote about that venue. Two make
  it a property of the venue type, which is a different and far more useful claim.
</Callout>

## Now the part that deflates it

A funding rate is quoted **on notional, not on capital**, and the gap between those is where
most of this apparent edge goes.

The delta-neutral carry is holding the coin and shorting the perpetual. The short needs margin.
At two times leverage your capital is one and a half times the notional — so a venue paying
14.5% on notional returns **under 10% on what you actually put in**, before any costs at all.

Read a funding figure as a rate on the position. Never as a return.

<Callout type="warn" title="And the risk is not price">
  The structure removes price risk, which is the whole point. What it leaves is liquidation —
  a hedge that gets closed out stops hedging exactly when you needed it — and funding turning
  negative, at which point you are paying the rate rather than earning it. Both get worse with
  leverage, which is awkward, because leverage is also what made the headline number look good.
</Callout>

## Why we hold this at all

To answer questions. This history exists so the agent can tell you what a venue has actually
paid over a window you name, rather than quoting you a rate from this minute and calling it a
yield.

**It is read, never traded on.** Nothing in this system executes against a perpetual venue —
the perp steps in a plan are
[instructions for a person](/blog/the-hedge-is-the-one-step-you-place-yourself), and this data is what
makes those instructions worth following rather than a guess. The analysis is the product; the
execution is yours.

Kept separately for the same reason. Binance and Bybit correlate around 0.85 on BTC, and where
two venues disagree **the disagreement is the reading**. An average would smooth away exactly
the days worth knowing about.