Funding regime map: eleven weeks positive, and what breaks it
BTC funding has printed positive for eleven straight weeks, the longest run since 2024. Carry books across the platform are full. That is the setup in which a single negative print forces everyone to flatten together, so every basis vault on Orbit has a capacity cap and a 24-hour flatten rule.
What breaks it: a US data surprise into thin weekend liquidity, or an exchange incident. Neither is forecastable; both are survivable if size is right. The rule is the forecast.
Related vaults
Cash-and-carry when annualized basis clears 8%. Inventory is hedged; residual is funding.
Long spot, short perp, collect funding. Flat whenever funding turns negative for 24 hours.
Studio book. Flatten into FOMC. Capacity-aware.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.