Skip to content
cryptocarry

Earn yield on crypto without betting on the price.

cryptocarry documents delta-neutral and low-risk strategies that target 10% a year or more — funding-rate arbitrage, hedged staking, covered calls, liquidity provision, prediction-market arbitrage — with the mechanics, the math and the risks written out.

Browse the strategies

What a hedged year looks like

ETH rallies, then falls. The spot leg and the short perp cancel each other out, and the funding you collect is what you keep. Drag across the chart to see any day.

Day
365
Long ETH spot
−20.4%
Short ETH perp
+20.4%
Net: funding collected
+12.0%
Illustrative simulation, not historical data. Position: long 1 ETH spot, short 1 ETH perpetual, funding averaging about 13% a year with a stretch of negative funding after the top.
Profit and loss by quarter, as a percentage of notional
DayLong ETH spotShort ETH perpNet: funding collected
0+0.0%+0.0%+0.0%
91+2.6%−2.6%+3.2%
182−16.6%+16.6%+5.2%
273+3.7%−3.7%+8.2%
365−20.4%+20.4%+12.0%

How a carry trade works

  1. 1

    Hold something that pays

    Spot that earns funding, a staking token, an LP position, collateral for options — an asset with a yield attached.

  2. 2

    Hedge away the price

    Open an equal and opposite position, usually a short perpetual or an offsetting market, so a move in price shows up on both legs and cancels.

  3. 3

    Keep the spread

    What remains is the carry: funding, staking rewards, fees or option premium, minus costs. We only write up trades where that has targeted 10% a year or more.

Latest strategies

See all 4
  • 5–18%
    target APY

    Hedged liquid staking

    Hold an ETH liquid staking token and short the same amount of ETH perps. Staking rewards and funding stack on one hedged notional while ETH price exposure nets out.

    Hedged stakingCEX + DeFi9 min read

    Risk
    Moderate
    Complexity
    Intermediate
    Min. capital
    $1k–$10k
  • 6–20%
    target APY

    Perpetual funding-rate arbitrage

    Buy spot and short the same amount of the perpetual future. Price exposure cancels out, and the short leg collects the funding that leveraged longs pay.

    Funding-rate arbitrageCentralized exchange, DeFi9 min read

    Risk
    Low
    Complexity
    Intermediate
    Min. capital
    $1k–$10k
  • 8–25%
    target APY

    Covered calls on BTC and ETH

    Hold BTC or ETH and sell out-of-the-money calls against it. Buyers pay a premium for the upside above the strike. You keep most of the downside.

    Options incomeCentralized exchange, DeFi9 min read

    Risk
    Elevated
    Complexity
    Intermediate
    Min. capital
    $1k–$10k
  • 5–20%
    target APY

    Prediction-market arbitrage

    Buy every outcome of one event, on one venue or across venues such as Polymarket and Kalshi, for less than the $1 payout. The gap is locked in at resolution.

    Prediction-market arbitrageCEX + DeFi9 min read

    Risk
    Moderate
    Complexity
    Intermediate
    Min. capital
    $1k–$10k

Strategy families

Different trades, same shape: a yield on one side, a hedge on the other.

What makes the cut

Close to delta-neutral
The position barely moves with the underlying, or the exposure that remains is stated up front.
10%+ target APY
After trading fees and hedging costs, under conditions we can point to — not a best-week screenshot.
Risks written out
Every strategy lists what can break it, how to size against it, and when to stop running it.
Something you can run
Public venues and instruments, with the steps in order. Access depends on where you live; we say so.