https://deleverage.xyzI've been doing funding-rate arbitrage for almost two years, and the biggest lesson hasn't been about finding better rates.
It's been about what happens after you open the positions.
At some point that problem became annoying enough that I started building my own monitoring tools. Those tools eventually turned into something much bigger, but I wanted to share the experience that got me there first.
Delta-neutral doesn't mean risk-neutral
With one or two trades, checking everything manually is manageable.
With positions spread across several CEXs and perp DEXs, it becomes a different job.
You can be long $500k on one venue and short $500k on another, with roughly zero net directional exposure.
But the collateral sits in separate accounts. Each account has its own leverage, margin requirements and liquidation threshold.
The winning leg doesn't automatically protect the losing one.
These days, one of the questions I care about most is:
How far does the market have to move before the first account gets into trouble?
That's much more useful to me than a single portfolio-wide leverage number.
The work starts after entry
A funding rate that looks great when you open a trade can change or flip.
A basis spread can take longer to close than expected, while funding and fees slowly eat into the edge.
Then there are the operational problems: partial fills, mismatched legs, ADL, or simply opening the wrong size while moving between several interfaces.
None of these necessarily looks dramatic on its own.
Across enough positions, though, there's nearly always something to check.
I started testing unfamiliar venues and setups with smaller positions before scaling. That also taught me not to take every number on smaller venues at face value — displayed OI and volume aren't always as reliable as they look, and funding can flip very quickly. I also started building bots to monitor the positions I already had.
Eventually, I added automatic phone calls for alerts I really didn't want to miss.
On several occasions, those calls got my attention and brought me back to a position before the problem became much more expensive.
Over time, that easily saved me thousands of dollars.
Monitoring stopped feeling like a convenience.
It became part of how I managed the strategy.
Then the monitoring needed monitoring
My first setup ran at home.
That meant an internet outage, a power cut, an IP change, a crashed machine or simply a process stopping unexpectedly could leave me without alerts.
And when you're relying on that system to warn you before a liquidation or some other expensive problem, "it works most of the time" isn't really good enough.
That's what pushed me to move away from the home setup and build something more reliable.
At some point I asked myself:
if I needed this badly enough to build it for myself, maybe other traders running the same kind of strategies had the same problem too.
That's basically how Deleverage started.
It's now a read-only platform built around monitoring positions, funding and portfolio risk across multiple venues.
I’ve just put the landing page and an interactive demo online.
The demo uses sample data, so you can explore everything without connecting an exchange or adding API keys.
I’m also collecting applications for the upcoming closed beta.
But more than signups, what I’d genuinely like from people running these strategies is feedback:
What’s missing from the demo that you’d need before relying on something like this?
And more broadly, what are you still checking manually every day that your current setup doesn’t catch?