same window · same costs · same engine
Funding Carry vs Momentum
Backtested on the same Hyperliquid perps over 2024-08-15 → 2026-09-29, at the same costs and on the same engine: Funding Carry wins on risk-adjusted return, a Sharpe of 1.39 against 1.17. Funding Carry rode out the shallower worst drawdown (10%), and Momentum made the most in total. When Bitcoin was trending up, Momentum gained more; when it was falling, Funding Carry held up better.
By Keel Research Team · Data as of 2026-09-29 · how these backtests were produced
Funding Carry Momentumgrowth of $100, net of costs
Funding Carrywinner
- Net Sharpe
- 1.39
- Total return
- +49.2%
- Max drawdown
- −10.5%
- Trades
- 17,680
- Win rate
- 48%
- Net Sharpe
- 1.17
- Total return
- +151.0%
- Max drawdown
- −38.8%
- Trades
- 1,243
- Win rate
- 49%
Run the winner — Funding Carry
Funding Carry came out ahead here (Sharpe 1.39 vs 1.17). Start it on your own Hyperliquid account, or fork it and change the settings first.
At $1,000, Funding Carry's worst historical dip was about $105. Free account, your own keys — Keel only places the trades.
When each one wins
Total return while Bitcoin was trending up vs trending down (split by Bitcoin’s 100-day trend line).
| Market | Funding Carry | Momentum | Higher return |
|---|---|---|---|
| Rising Bitcoin | +24.7% | +176.7% | Momentum |
| Falling Bitcoin | +25.8% | -26.6% | Funding Carry |
What this is: a head-to-head backtest of Funding Carry and Momentum on the same Hyperliquid window, costs and engine — net of fees, slippage and funding. The overlay is growth of $100 (normalized), not a return promise. A higher Sharpe is not a guarantee; both strategies draw down. Past performance does not predict future results, and this is not investment advice.
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