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No-arbitrage bounds in decentralized perpetual markets
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DOI：10.1016/j.frl.2026.110598.png)
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Abstract
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• Funding timing, not cap size, determines no-arbitrage testability. • A one-period theorem separates guaranteed from ex post funding cash flows. • Drift funding fixed at entry yields informative BTC, ETH, and SOL bands. • Forward-looking dYdX funding makes unclamped dislocations untestable. • Cap calibration is a concrete lever for perpetual price discipline.
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