{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "JTPWedjCgi4AinQM854HrKsRRLuaKbVPbXSvzh/QG00nQT9Uu4k0mh/JISXVagecxzl8fUuFhrJ+LMoOBYJGFyhn+6o4aOgrrLz4UR7ytiqjrbdeoNqr8fqUPa/Nkx/OB6C+q8lX56SFiD4cFQazPrH8erCLU24Q7EljRHp6QGImlGBjDSja9t9gP0kWSxWJ3eIThOeEERSftyJFmIoiZRlhGuHzmGsskG+V8r165KFmKq/B9fRNTah2e2Pwd6DWLLSHcFXboXY7pusu1/CaSZUdAdd/NVpxnKuAehTHIqwZs/zQZCXfSV/K1oN23MxxwoX6k020MsFoN82NXhGeFg==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:aee8d23400f51967716d7a7033f200fa5947d81889f3f656b06fced816014de1",
    "output": {
      "annualized_basis_pct": 0,
      "asset": "BTC",
      "basis_pct": 0,
      "basis_perp_price": 60000,
      "basis_spot_price": 60000,
      "basis_usd": 0,
      "cadence_hours": 1,
      "compound_annualized_rate_pct": 140.117,
      "cross_venue_arb": null,
      "delta_neutral_carry": null,
      "funding_rate_pct_per_period": 0.01,
      "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%.",
      "hourly_rate_pct": 0.01,
      "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.",
      "pii_note": "ZERO PII: rate inputs and venue parameters only. No account, API key, wallet address, or personal data enters this kernel.",
      "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.",
      "simple_annualized_rate_pct": 87.6,
      "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.",
      "table_version": "PERP-FUNDING-CARRY-2024",
      "venue": "hyperliquid"
    }
  }
}