A perp's funding rate spikes, screams 200% annualized, and pulls in the crowd — then collapses by the next settlement. CarrySignal ignores the spikes and ranks perpetual futures by the carry that actually holds: persistent, fee-aware, and flagged for whether you can hedge it delta-neutral.
Ranked by carry that survives the noise — annualized funding weighted by how consistently it has paid, net-of-fee aware. Green traces are steady payers; jagged ones are the lies.
Funding is paid every 8 hours. A single high print is meaningless — it’s the rate you can keep collecting that pays. Three things separate signal from noise.
Each funding print is annualized at ×1095 (three per day, 365 days) and averaged across the last 21 settlements — a week of real history, not a single screenshot.
A rate that flips sign or spikes once is discounted. The consistency score is the share of settlements that paid the same direction — steady carry ranks above lucky carry.
Carry is only real if you can hold it delta-neutral. Markets with a matching spot pair are flagged hedgeable; perp-only markets carry directional risk that fees and gaps can erase.
The three most persistent, hedgeable carries each week — and the spikes that fooled everyone else. No noise.