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Funding rate: what it is and how to read itWhat the funding rate on perpetual futures is, who pays whom, how it is calculated and how to compare rates across exchanges with different intervals.Funding arbitrage: how to earn on rate differencesHow funding arbitrage on perpetual futures works: a delta-neutral pair, a worked example, fees, payback period and what to check when choosing a pair.Cross-exchange spread: entry, exit, real resultHow to calculate the spread between exchanges from bid and ask, why exit differs from entry and how fees and order-book depth change the real result.CEX vs perp DEX arbitrage: differences and risksHow a perp DEX differs from a centralized exchange for spread and funding arbitrage: collateral, funding intervals, limits, smart-contract and liquidation risks.Arbitrage risks: a pre-trade checklistRisks of spread and funding arbitrage: liquidity, liquidation, rate changes, deposits and withdrawals, outages — and what to check before opening a pair.