Futaba Lab 株式会社 代表取締役
複数取引所・オンチェーン市場を横断した取引執行、流動性分析、マーケットストラクチャーの調査に従事。Futaba Lab Researchでは、公開APIおよび実測データに基づく分析を担当。
From 18 SEC filings and regulator publications. Whether the official holder record sits on-chain or with the transfer agent differs by issuer, yet in all three entities examined the issuer or its agent controlled changes to it. Where the record sits and who controls it must be checked separately.
A funding rate combines a premium and an interest component joined by a clamp. While the premium stays in range, the output is just the interest component. Over 2,005 hours of Hyperliquid's BTC Perpetual, this held for 1,086 hours (54.2%), when the rate carried no supply-and-demand signal.
Measured on the BTC/JPY order books of three Japanese venues (bitbank / bitFlyer / Coincheck) over 48 hours. For a ¥100M market buy, the median gap from the best ask was 8.61–117.49bps; a 10× larger order raised it 5.82–21.95×. How far the public API can price also differs by venue.
Funding intervals differ by venue, so averaging the rates returned by each exchange API is not a comparison. Across four BTC Perpetual venues over 89.7 days, the spread between venue averages was 51.7x as reported and 9.4x once normalized to a 1-hour basis, and the ranking changed.