With Ethena expanding into the equity basis trade, I wanted to take a look at recent funding rate data across Binance and TradeXYZ. (data from Sep 1st to Oct 1st) Some takeaways from the image below: · Of the 5 largest equity perps (sorted by OI on Binance), SK Hynix had the highest APY at 10.4% on Binance and 15.6% on XYZ · An RWA basket (OI-weighted and comprised of equities >$10m in OI) averaged 5.25% APY on Binance and 7% on XYZ in this period · In the same period, BTC delivered a 5.5%-8.8% APY and ETH 4.9%-10.2% APY (depending on the venue) · The highest funding rates on pairs with OI >$100m were Circle, SK Hynix, DRAM, INTC and NVDA · XYZ has consistently had higher funding rates than Binance. There are however benefits for Ethena to run this strategy on Binance including lower ADL priority, being able to use spot equities as collateral and higher OI on many of the pairs as of now. Perhaps Hyperliquid enabling spot equities as collateral would be enough for Ethena to move some of this strategy over there and capture the higher funding. As we’ve been in a more bullish environment for crypto lately, funding rates on majors seem to match or even exceed those available through the equity basis trade currently. In any case, it seems clear that there's a discretionary element in picking the right equities for this sort of strategy given the wide range in funding.