Could you do a reverse spread trade on $HYPE funding rates for a quick win on Boros? The mean spread over the past 180 days is 7.93%, while the current Boros implied spread is 5.28%. Want to capture a possible mean reversion of the spread? Long HYPE-HL funding, short HYPE-Gate funding. The Boros Data Board shows the mean APR of HYPE-HL funding is 8.62%, while Boros is 8.39%. And the mean APR of HYPE Gate funding is 0.68%, while Boros is pricing it at 3.12% implied. If both implied APRs move towards their mean APRs, both legs of the trade profit. Now, this is a directional bet on funding rates. So there’s no need to open any perp positions on HL/Gate. It’s the opposite of fixed rate arbitrage, as you’re betting that the implied APR spread will widen before your positions mature!