bitmex-recipe-funding-rate-scan

name	bitmex-recipe-funding-rate-scan
description	Scan perpetual contracts for funding rate carry opportunities.

Funding Rate Scan

Perpetual contracts charge a funding payment every 8 hours between longs and shorts. When the rate is extreme, the paying side subsidizes the receiving side — this creates a carry trade opportunity.

Prerequisites

• No API key required for market data.
• jq and bc installed.

Steps

1. Get all active perpetuals with current funding rate

bitmex market instrument --active -o json \
  | jq '[.[] | select(.typ == "FFWCSX") | {symbol, fundingRate, markPrice, volume24h}]'

2. Annualize the funding rate

BitMEX pays funding every 8 hours (3 times per day, 1095 times per year):

bitmex market instrument --active -o json \
  | jq '[.[] | select(.typ == "FFWCSX") | {
      symbol,
      fundingRate,
      annualizedPct: (.fundingRate * 3 * 365 * 100 | . * 100 | round / 100)
    }] | sort_by(.annualizedPct) | reverse'

3. Pull recent funding history (3 intervals) per symbol

bitmex market funding --symbol XBTUSD --count 3 --reverse -o json \
  | jq '[.[] | {symbol, fundingRate, timestamp}]'

Repeat for high-rate symbols identified in step 2.

4. Rank opportunities

Symbols with annualizedPct above +54.75% (0.05% per 8 h) are strong positive carry candidates — short that perp and collect funding. Negative rates below -54.75% favor longs.

5. Entry decision

# Example: short high-funding perp (validate first)
bitmex order sell XBTUSD 100 --order-type Limit \
  --price <markPrice * 1.0001> --validate -o json

Notes

• Cross-check volume in step 1: avoid illiquid symbols where the spread erodes carry.
• Funding rates shift rapidly near settlement (top of each 8 h window). Re-scan every 30 minutes.
• Combine with a delta hedge on spot to isolate the carry without directional risk.