Framing Net Carry for Cross-Venue Perpetual Funding Positions: A Settled-History, Depth-Walked, and Liquidation-Aware Method

Cross-venue perpetual funding positions are often summarized by annualizing the current funding-rate spread, a practice that conflates transient quotes with holding-period cash and omits execution and margin risks. This paper develops an accounting framework based on settled funding history, asynchronous settlement grids, depth-walked entry and exit costs, and tier-adjusted liquidation distances. Net income is reported at reference and conservative ends, with unavailable inputs left explicitly unavailable. A nominal cost-coverage horizon is distinguished from recovery under time-varying funding. A limited replay motivates the historical basis but does not validate the estimator; out-of-sample performance is not reported.