funding fees

Crypto Funding Rate Arbitrage: Evaluating 16% Gross APR Against 3.91% Borrowing Costs

At Terramatris, we continue to explore systematic approaches to generating income from cryptocurrency markets without relying exclusively on directional price appreciation.

Our primary focus remains options-selling strategies across Ethereum, Bitcoin, and Solana. However, as our multi-asset infrastructure develops, we are increasingly interested in identifying additional sources of recurring income that can complement our existing trading cycles.

On October 18, 2026, we initiated a new EGLD funding rate arbitrage position on Bybit, combining a spot purchase of 150 EGLD with a…

ETH Perpetual vs Spot for Covered Calls: What Funding Really Costs

A covered call is usually described as one of the simplest options structures: Own the underlying asset and sell a call against it.

In crypto markets, however, there is another way to create broadly similar directional exposure. Instead of holding ETH spot, a trader can hold a long ETH perpetual futures position and sell an ETH call against that exposure.

That raises an important question: If the call may remain open for months, is it better to hold ETH spot or keep the long perpetual?

At TerraMatris, this is not just a theoretical question. We have been managing an…