The perp DEX airdrop playbook seems simple: - Open short on one DEX and... - ... a long on another for perp DEXs Key is to monitor funding spread to generate outrageous APYs (e.g., 1256% APR on ZORA) Use funding rate arbitrage scanners like @LorisTools, @Arbitraxdexs or the one built by @prz_chojecki It sounds simple, but fewer people farm this way than you might think. Tracking funding rates takes effort. Technical farmers use bots, but even retail degen traders can benefit due to lower(ish) liquidity for alt perps. But the biggest risk is obvious: your hedge is never perfect. Perp DEXs use different oracles, different margin engines, different liquidation rules etc.... A small price change, an oracle delay, or a funding flip on one DEX can break the spread and liquidate one side while the other is still 'safe.' (This happened during 10/10 crash) You think you’re market-neutral, but you’re actually exposed to two smart contracts, two oracles, two liquidity pools, and two risk models at once. The playbook works… but it's definitely not risk free. And not for the lazy ones.(Ignas | DeFi)