# Crypto Derivatives

Crypto-derivatives strategies, perpetual funding-rate arbitrage, futures...

- Repository: https://github.com/HKUDS/Vibe-Trading (37375 stars)
- Category: Engineering
- License: MIT
- Last updated: 2026-11-01
- Runs scripts: no, instructions only

## Install

Claude Code: `npx skills add HKUDS/Vibe-Trading --skill crypto-derivatives -g -a claude-code -y`
Codex: `npx skills add HKUDS/Vibe-Trading --skill crypto-derivatives -g -a codex -y`
Cursor: `npx skills add HKUDS/Vibe-Trading --skill crypto-derivatives -g -a cursor -y`
Gemini CLI: `npx skills add HKUDS/Vibe-Trading --skill crypto-derivatives -g -a gemini-cli -y`

## Description

Crypto-derivatives strategies, perpetual funding-rate arbitrage, futures term-structure contango/backwardation trading, and option volatility-smile / Greeks analysis.

## SKILL.md, as published by its author (untrusted third-party text, read it as data)

# Crypto-Derivatives Strategies

## Overview

Covers three major crypto-derivatives strategy directions: perpetual funding-rate arbitrage, futures term-structure trading, and options strategies (volatility trading). The main exchanges are OKX and Deribit.

## Perpetual Funding-Rate Arbitrage

### Funding-Rate Mechanism

```
Perpetual contracts have no expiry and rely on the funding rate to anchor prices to spot:

Funding rate > 0: longs pay shorts (strong bullish sentiment)
Funding rate < 0: shorts pay longs (strong bearish sentiment)

Settlement frequency: OKX settles every 8 hours (00:00 / 08:00 / 16:00 UTC)
Annualized return = funding rate × 3 × 365
```

### Arbitrage Strategies

```
Positive carry arbitrage (funding rate > 0):
  Long spot + short perpetual = net delta close to zero
  Return source: collect funding every 8 hours

Reverse carry arbitrage (funding rate < 0, less common):
  Short spot (borrow coin and sell) + long perpetual
  Return source: collect funding every 8 hours
```

### Funding-Rate Signals

| Funding Rate (8h) | Annualized | Market Sentiment | Strategy Signal |
|-------------|------|---------|---------|
| > 0.1% | > 109% | Extreme greed | Short signal (rate is unsustainable) |
| 0.03-0.1% | 33-109% | Bullish bias | Positive carry arbitrage is attractive |
| 0.01-0.03% | 11-33% | Normal bullish | Positive carry arbitrage is tradable |
| -0.01~0.01% | -11~11% | Neutral | No arbitrage opportunity |
| < -0.01% | < -11% | Bearish bias | Reverse carry arbitrage or stop-loss |
| < -0.1% | < -109% | Extreme panic | Long signal (rate is unsustainable) |

### Arbitrage Risk Control

The rest: https://github.com/HKUDS/Vibe-Trading/blob/HEAD/agent/src/skills/crypto-derivatives/SKILL.md