ETH cash & carry
Long spot, short the perpetual, collect funding. Market-neutral, and the cleanest way to learn how perps work.
Learn the trades hedge funds run.
From the theory behind the edge to a live position on a real exchange.
MidenDelta takes one institutional strategy at a time and shows you all of it: why it makes money, where it loses money, and exactly how to set it up yourself.
01The problem
A piggy bank pays 0%.
Hedge funds put capital to work with strategies most savers never see, and traditionally charge 2% a year plus 20% of the profits for it.
We show you how those strategies work and how to run them yourself, from home, with no management fee and no performance fee.
02The method
Theory first. Then the exact setup.
Every strategy gets the same treatment. First, why the return exists and what the math says. Then the build on a real exchange, down to position size, margin and when to rebalance.
TheoryMathExchange setupAutomation
03The library
One strategy, done properly.
We start with a single trade and cover it completely before we add the next. Over time the library grows into a portfolio of institutional strategies, each one explained the same way.
01 Cash & carry02 In research03+ Planned
04Strategy 01: cash & carry
Buy spot ETH.
Holding ETH means full exposure to its price. That is a delta of +1. On its own, it tips the scale.
Spot ETH, Δ +1
05Short the perp
Short an equal ETH perpetual.
A short perpetual future of exactly the same size cancels the price exposure: +1 − 1 = 0. The scale levels out. The position is delta-neutral.
ETH-PERP short, Δ −1Same size as spot
06Delta 0
ETH moves. The scale doesn't.
If ETH rallies, the spot leg gains what the short loses. If it crashes, the short gains what spot loses. Net price exposure stays close to zero.
- ETH price
- $2,500
- Net delta
- 0.00
- Spot leg
- +$0
- Perp leg
- −$0
07Collect the carry
Get paid to hold the hedge.
Perpetual futures pay a funding rate. When more traders are long than short, longs pay shorts, on Hyperliquid every hour. The short leg collects it. Funding moves with the market and can turn negative, so we also cover when the trade stops being worth it.
Funding → youPaid hourly
08The record
May 2023
ETH swings. The carry climbs.
Cash & carry+0.0%
ETH+0.0%$1,807
09Our service
From the idea to a running position.
- 01
Theory, turned into video Mostly free
We take the papers, desk notes and math behind each strategy and turn them into short videos you can follow without a finance degree.
- 02
Exchange walkthrough Free with our link
Screen by screen on an example exchange: opening the account, deposits, spot and perp orders, margin, funding and withdrawals. Free when you sign up through our affiliate link.
- 03
Broker, coins and rebalancing
Which venue to use, which coins carry the trade well, and how to automate the adjustments that keep the position neutral.
- 04
Capital efficiency and automation with Claude
How to work around margin and capital constraints, and how to run the whole strategy with Claude as your automation layer.