{
  "tool_id": "art-270-perp-funding-carry",
  "note": "art-270-perp-funding-carry fixture vectors. ZERO PII.",
  "vectors": [
    {
      "name": "empty_input_finite",
      "description": "empty input finite — computed output_payload.",
      "policy_parameters": {},
      "output_payload": {
        "venue": "hyperliquid",
        "asset": "BTC",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "hourly_rate_pct": 0.01,
        "simple_annualized_rate_pct": 87.6,
        "compound_annualized_rate_pct": 140.117,
        "basis_spot_price": 60000,
        "basis_perp_price": 60000,
        "basis_usd": 0,
        "basis_pct": 0,
        "annualized_basis_pct": 0,
        "cross_venue_arb": null,
        "delta_neutral_carry": null,
        "hl_funding_cap_pct_per_hour": 4,
        "hl_typical_rate_note": "Hyperliquid typical funding ~0.01%/hr (cap 4%/hr). Simple annualized at typical rate: 0.01 * 8760 = 87.6%. Compound: (1.0001)^8760 - 1 = ~143%.",
        "table_version": "PERP-FUNDING-CARRY-2024",
        "table_source": "Hyperliquid documentation 2024 (hourly funding cap 4%/hr, taker 3.5 bps); Binance perpetuals fee schedule 2024 (8h funding, taker 5 bps); Ethena sUSDe documentation for delta-neutral carry strategy. Compound APR: (1 + hourly_rate/100)^8760 - 1 using deterministic fdlibm pow.",
        "regulatory_basis": "Perpetual futures funding is market-determined and changes continuously. Delta-neutral carry strategies combine DeFi and perpetual futures exposure; they are unregulated in most jurisdictions. Verify all rates with venue APIs before trading.",
        "pii_note": "ZERO PII: rate inputs and venue parameters only. No account, API key, wallet address, or personal data enters this kernel.",
        "not_financial_advice": "Not financial or investment advice. Perpetual funding rates are volatile; liquidation risk, basis risk, and smart contract risk all apply. For informational purposes only."
      },
      "golden_hash": "ca392041f1b950424fc1065bb1da1a8b3a7a677fad1391943dd3daf8aea71f3b"
    },
    {
      "name": "hl_btc_typical_rate",
      "description": "hl btc typical rate — computed output_payload.",
      "policy_parameters": {
        "venue": "hyperliquid",
        "asset": "BTC",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "basis_spot_price": 65000,
        "basis_perp_price": 65130,
        "taker_fee_pct": 0.035
      },
      "output_payload": {
        "venue": "hyperliquid",
        "asset": "BTC",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "hourly_rate_pct": 0.01,
        "simple_annualized_rate_pct": 87.6,
        "compound_annualized_rate_pct": 140.117,
        "basis_spot_price": 65000,
        "basis_perp_price": 65130,
        "basis_usd": 130,
        "basis_pct": 0.2,
        "annualized_basis_pct": 1752,
        "cross_venue_arb": null,
        "delta_neutral_carry": null,
        "hl_funding_cap_pct_per_hour": 4,
        "hl_typical_rate_note": "Hyperliquid typical funding ~0.01%/hr (cap 4%/hr). Simple annualized at typical rate: 0.01 * 8760 = 87.6%. Compound: (1.0001)^8760 - 1 = ~143%.",
        "table_version": "PERP-FUNDING-CARRY-2024",
        "table_source": "Hyperliquid documentation 2024 (hourly funding cap 4%/hr, taker 3.5 bps); Binance perpetuals fee schedule 2024 (8h funding, taker 5 bps); Ethena sUSDe documentation for delta-neutral carry strategy. Compound APR: (1 + hourly_rate/100)^8760 - 1 using deterministic fdlibm pow.",
        "regulatory_basis": "Perpetual futures funding is market-determined and changes continuously. Delta-neutral carry strategies combine DeFi and perpetual futures exposure; they are unregulated in most jurisdictions. Verify all rates with venue APIs before trading.",
        "pii_note": "ZERO PII: rate inputs and venue parameters only. No account, API key, wallet address, or personal data enters this kernel.",
        "not_financial_advice": "Not financial or investment advice. Perpetual funding rates are volatile; liquidation risk, basis risk, and smart contract risk all apply. For informational purposes only."
      },
      "golden_hash": "b9d22db0b7e1c4b4e9e1f8cd24fc1d0c2b0169f0fc705dd6c8a9010323dc08c4"
    },
    {
      "name": "hl_binance_cross_venue_arb",
      "description": "hl binance cross venue arb — computed output_payload.",
      "policy_parameters": {
        "venue": "hyperliquid",
        "asset": "ETH",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "taker_fee_pct": 0.035,
        "venue2": "binance",
        "venue2_funding_rate_pct_per_period": 0.03,
        "venue2_cadence_hours": 8,
        "venue2_taker_fee_pct": 0.05
      },
      "output_payload": {
        "venue": "hyperliquid",
        "asset": "ETH",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "hourly_rate_pct": 0.01,
        "simple_annualized_rate_pct": 87.6,
        "compound_annualized_rate_pct": 140.117,
        "basis_spot_price": 60000,
        "basis_perp_price": 60000,
        "basis_usd": 0,
        "basis_pct": 0,
        "annualized_basis_pct": 0,
        "cross_venue_arb": {
          "venue1": "hyperliquid",
          "venue1_hourly_rate_pct": 0.01,
          "venue2": "binance",
          "venue2_hourly_rate_pct": 0.00375,
          "differential_hourly_pct": 0.00625,
          "gross_simple_arb_apr_pct": 54.75,
          "gross_compound_arb_apr_pct": 72.8896,
          "round_trip_fee_pct": 0.17,
          "days_to_break_even": 113.33,
          "arb_viable": true,
          "note": "Long venue1 (receive funding) + short venue2 (pay funding). Delta-neutral when position sizes match. Profitable when venue1_hourly > venue2_hourly and differential APR > round-trip fees."
        },
        "delta_neutral_carry": null,
        "hl_funding_cap_pct_per_hour": 4,
        "hl_typical_rate_note": "Hyperliquid typical funding ~0.01%/hr (cap 4%/hr). Simple annualized at typical rate: 0.01 * 8760 = 87.6%. Compound: (1.0001)^8760 - 1 = ~143%.",
        "table_version": "PERP-FUNDING-CARRY-2024",
        "table_source": "Hyperliquid documentation 2024 (hourly funding cap 4%/hr, taker 3.5 bps); Binance perpetuals fee schedule 2024 (8h funding, taker 5 bps); Ethena sUSDe documentation for delta-neutral carry strategy. Compound APR: (1 + hourly_rate/100)^8760 - 1 using deterministic fdlibm pow.",
        "regulatory_basis": "Perpetual futures funding is market-determined and changes continuously. Delta-neutral carry strategies combine DeFi and perpetual futures exposure; they are unregulated in most jurisdictions. Verify all rates with venue APIs before trading.",
        "pii_note": "ZERO PII: rate inputs and venue parameters only. No account, API key, wallet address, or personal data enters this kernel.",
        "not_financial_advice": "Not financial or investment advice. Perpetual funding rates are volatile; liquidation risk, basis risk, and smart contract risk all apply. For informational purposes only."
      },
      "golden_hash": "d320c234fea4044a21ab6fd86e76c31ea01db6c84ee9da50d6af0e425c2a3621"
    },
    {
      "name": "delta_neutral_carry_susde",
      "description": "delta neutral carry susde — computed output_payload.",
      "policy_parameters": {
        "venue": "hyperliquid",
        "asset": "BTC",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "taker_fee_pct": 0.035,
        "defi_yield_pct_annual": 13.5
      },
      "output_payload": {
        "venue": "hyperliquid",
        "asset": "BTC",
        "funding_rate_pct_per_period": 0.01,
        "cadence_hours": 1,
        "hourly_rate_pct": 0.01,
        "simple_annualized_rate_pct": 87.6,
        "compound_annualized_rate_pct": 140.117,
        "basis_spot_price": 60000,
        "basis_perp_price": 60000,
        "basis_usd": 0,
        "basis_pct": 0,
        "annualized_basis_pct": 0,
        "cross_venue_arb": null,
        "delta_neutral_carry": {
          "perp_funding_simple_apr_pct": 87.6,
          "perp_funding_compound_apr_pct": 140.117,
          "defi_yield_apy_pct": 13.5,
          "total_carry_simple_pct": 101.1,
          "total_carry_compound_pct": 153.617,
          "hedge_open_close_fee_pct": 0.07,
          "strategy_note": "Hold collateral asset (e.g. Ethena sUSDe) for DeFi yield. Short perp hedges spot price exposure. Net APR = funding received + collateral yield. Fee drag = 2x taker fee for open+close of the hedge."
        },
        "hl_funding_cap_pct_per_hour": 4,
        "hl_typical_rate_note": "Hyperliquid typical funding ~0.01%/hr (cap 4%/hr). Simple annualized at typical rate: 0.01 * 8760 = 87.6%. Compound: (1.0001)^8760 - 1 = ~143%.",
        "table_version": "PERP-FUNDING-CARRY-2024",
        "table_source": "Hyperliquid documentation 2024 (hourly funding cap 4%/hr, taker 3.5 bps); Binance perpetuals fee schedule 2024 (8h funding, taker 5 bps); Ethena sUSDe documentation for delta-neutral carry strategy. Compound APR: (1 + hourly_rate/100)^8760 - 1 using deterministic fdlibm pow.",
        "regulatory_basis": "Perpetual futures funding is market-determined and changes continuously. Delta-neutral carry strategies combine DeFi and perpetual futures exposure; they are unregulated in most jurisdictions. Verify all rates with venue APIs before trading.",
        "pii_note": "ZERO PII: rate inputs and venue parameters only. No account, API key, wallet address, or personal data enters this kernel.",
        "not_financial_advice": "Not financial or investment advice. Perpetual funding rates are volatile; liquidation risk, basis risk, and smart contract risk all apply. For informational purposes only."
      },
      "golden_hash": "0c00b718a7ac14cda6ef55a8f1ec2bb0ebdba27a71a3633a2098ea1b913b6147"
    }
  ]
}