feat(perps): cherry-pick perp cluster sprint 1+2 to prod

benchmarks/perp-funding-stability.yml

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+# OpenChainBench. Bench № 043
+
+slug: perp-funding-stability
+number: "043"
+title: Perp DEX funding stability, 7-day stddev of ETH funding ranked
+seo_title: "Perp DEX funding stability 2026: ETH funding stddev across 12 venues ranked"
+seo_description: "Live 7-day standard deviation of ETH perpetual futures funding rate in bps across 12 major venues. Lower means more stable funding for carry traders."
+subtitle: 7-day standard deviation of ETH funding rate, in basis points per 24h, across the Mobula funding cohort. Lower means funding stays in a tight band, the carry trader's preferred signal.
+category: Trading
+status: live
+metric: 7d ETH funding stddev
+unit: bps
+higher_is_better: false
+
+disclaimer: |
+ Stability is not directionality. A venue with persistently positive but tight-banded funding ranks better here than one that flips between positive and negative every settlement, even if the second venue offers better average carry. Read alongside perp-funding for direction and average level.
+
+seo_intro: |
+ This benchmark ranks perp venues by how tightly their ETH funding
+ rate clusters over the trailing 7 days. Average funding tells you
+ which side gets paid; stability tells you how reliably. A venue
+ whose 24h hold cost wanders 15 bps in a week is harder to carry
+ trade than one that holds within 3 bps even if both average the
+ same number. The bench reads the same normalized series as
+ perp-funding (per-venue hold cost in bps per 24h) and exposes
+ stddev_over_time of that series on a 7 day window for ETH. The
+ Mobula funding cohort is 12 venues: Hyperliquid, Binance, Bybit,
+ OKX, dYdX v4, Paradex, Aster, Drift, Vertex, EdgeX, Extended and
+ Aevo. Lower is better.
+
+abstract: |
+ The bench reuses the normalized 24h ETH funding series from
+ perp-funding and adds a 12-venue cohort: Hyperliquid, Binance,
+ Bybit, OKX, dYdX v4, Paradex, Aster, Drift, Vertex, EdgeX, Extended
+ and Aevo. For each venue it publishes the 7 day rolling standard
+ deviation of the ETH hold-24h gauge, in bps. Sign is preserved on
+ the underlying series; the ranking metric is the magnitude of the
+ swing, not its direction. Lower means the venue's funding stayed in
+ a tight band, the cleanest signal for funding-rate arbitrage and
+ basis trades. Cadence and freshness inherit from the upstream
+ funding scrape (60 second poll, 30 second Prom scrape).
+
+methodology:
+ - "Source. Same upstream as perp-funding: each venue's public funding endpoint polled every 60 seconds, normalized to bps per hour and per 24h hold, sign preserved."
+ - "Metric. stddev_over_time(perp_venue_funding_24h_bps{asset=\"ETH\"}[7d]) per venue. The 7d window smooths intraday noise but reacts to regime shifts within a week."
+ - "Sign handling. The underlying series is signed (positive means longs pay). Stability measures the swing, so the ranking uses the unsigned stddev. Average direction and level are the perp-funding bench."
+ - "Cohort. 12 venues: Hyperliquid, Binance, Bybit, OKX, dYdX v4, Paradex, Aster on the CEX-plus-orderbook side; Drift, Vertex, EdgeX, Extended and Aevo on the onchain-perp side. All quote ETH funding with documented intervals."
+ - "Cadence. The upstream funding harness polls every 60 seconds; Prometheus scrapes every 30 seconds. The 7 day stddev refreshes on every scrape."
+ - "Failures. A venue whose upstream funding feed errors keeps its last gauge value; the perp_venue_health gauge drops to 0 and the leaderboard tags the row stale."
+ - "Reproducibility. The harness emits perp_venue_funding_24h_bps with labels venue and asset; the bench query is the stddev over 7d on that series with asset=ETH pinned."
+
+findings:
+ - "{{best_name}} currently has the tightest ETH funding band at {{best_p50}} stddev (7d)."
+ - "{{name:hyperliquid}} sits at {{p50:hyperliquid}} stddev (7d) on ETH. Hourly settlement means rapid reaction to skew but tight clustering once the book is calm."
+ - "{{name:binance}} sits at {{p50:binance}} stddev (7d). Deepest book in the field anchors the rate."
+ - "Outliers on this bench are the venues to watch for funding arbitrage: a wider band means larger spreads to harvest against the cohort median."
+
+source: https://github.com/ChainBench/OpenChainBench/tree/main/benchmarks/perp-funding-stability.yml
+
+prometheus:
+ window: 24h
+ expected_freshness_seconds: 3600
+
+faq:
+ - q: "What does this benchmark measure?"
+ a: "How tightly each venue's ETH funding rate clusters over the trailing 7 days. The ranking metric is the standard deviation of the normalized 24h hold cost in bps. Lower is better."
+ - q: "Why stddev instead of average?"
+ a: "Average funding is the perp-funding bench. This one ranks stability: a venue whose hold cost swings 20 bps in a week is harder to carry trade than one that holds within 3 bps. Both views matter."
+ - q: "Why 7d window?"
+ a: "Long enough to capture a full funding cycle (typically 8h settlements across 21 cycles), short enough to react to regime shifts within a week. 30d would smooth too much and hide stress windows."
+ - q: "Why only ETH?"
+ a: "ETH is the deepest perp pair on every venue in the cohort. BTC and SOL have noisier feeds on some smaller venues, which would contaminate the cross-venue ranking. BTC and SOL stability are companion panels rather than the headline."
+ - q: "Is a low stddev always good?"
+ a: "Low stddev means predictable funding, which is what most carry traders want. But a stable rate of 0 bps is less useful than a stable rate of negative 10 bps; combine this view with perp-funding to size the actual opportunity."
+
+providers:
+ - slug: hyperliquid
+ name: Hyperliquid
+ tag: HyperBFT L1 perp DEX, hourly funding
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"hyperliquid\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="hyperliquid",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="hyperliquid",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="hyperliquid"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="hyperliquid",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="hyperliquid",asset="ETH"}[7d])
+
+ - slug: binance
+ name: Binance
+ tag: Largest CEX perp book, 8h funding
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"binance\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="binance",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="binance",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="binance"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="binance",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="binance",asset="ETH"}[7d])
+
+ - slug: bybit
+ name: Bybit
+ tag: USDT linear perps, interval per instrument
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"bybit\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="bybit",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="bybit",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="bybit"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="bybit",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="bybit",asset="ETH"}[7d])
+
+ - slug: okx
+ name: OKX
+ tag: USDT swaps, 8h funding
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"okx\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="okx",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="okx",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="okx"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="okx",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="okx",asset="ETH"}[7d])
+
+ - slug: dydx
+ name: dYdX v4
+ tag: Appchain order book perps, hourly funding
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"dydx\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="dydx",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="dydx",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="dydx"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="dydx",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="dydx",asset="ETH"}[7d])
+
+ - slug: paradex
+ name: Paradex
+ tag: Starknet L2 perps, 8h funding
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"paradex\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="paradex",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="paradex",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="paradex"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="paradex",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="paradex",asset="ETH"}[7d])
+
+ - slug: aster
+ name: Aster
+ tag: BNB Chain perps, Binance compatible API
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"aster\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="aster",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="aster",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="aster"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="aster",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="aster",asset="ETH"}[7d])
+
+ - slug: drift
+ name: Drift
+ tag: Solana perp DEX, hybrid AMM and orderbook
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"drift\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="drift",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="drift",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="drift"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="drift",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="drift",asset="ETH"}[7d])
+
+ - slug: vertex
+ name: Vertex
+ tag: Arbitrum perp and spot orderbook
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"vertex\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="vertex",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="vertex",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="vertex"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="vertex",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="vertex",asset="ETH"}[7d])
+
+ - slug: edgex
+ name: EdgeX
+ tag: zkSync perp DEX
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"edgex\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="edgex",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="edgex",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="edgex"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="edgex",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="edgex",asset="ETH"}[7d])
+
+ - slug: extended
+ name: Extended
+ tag: Starknet perp DEX (formerly X10)
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"extended\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="extended",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="extended",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="extended"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="extended",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="extended",asset="ETH"}[7d])
+
+ - slug: aevo
+ name: Aevo
+ tag: OP Stack perp DEX with options
+ formula: "stddev_over_time of perp_venue_funding_24h_bps{venue=\"aevo\",asset=\"ETH\"} over a 7d window."
+ queries:
+ p50: stddev_over_time(perp_venue_funding_24h_bps{venue="aevo",asset="ETH"}[7d])
+ mean: stddev_over_time(perp_venue_funding_24h_bps{venue="aevo",asset="ETH"}[7d])
+ success: avg_over_time(perp_venue_health{venue="aevo"}[24h])
+ sample_size: count_over_time(perp_venue_funding_24h_bps{venue="aevo",asset="ETH"}[24h])
+ series: stddev_over_time(perp_venue_funding_24h_bps{venue="aevo",asset="ETH"}[7d])