Cumulative net carry of a $10k delta-neutral perpetual funding harvest over real Hyperliquid funding regimes. The line starts below zero by the round-trip fee, then climbs at the annualized funding rate; a flip slider rolls it over. Carry, not alpha — until funding inverts.
A perp has no expiry, so only the funding rate pegs it to spot. On Hyperliquid that's an hourly cash flow AI agents now harvest delta-neutral — a $10k position at +0.02%/8h pays ~21.9%/yr. The mechanism, the carry math on real rates, and why it's carry, not alpha.