Crypto Market Makers Harvest Yield as Bitcoin Tops $80,000

A cash-and-carry, or basis, trade pairs a long spot position with an equivalent short in perpetual futures, largely neutralizing price exposure while collecting funding paid by bullish leveraged traders. The strategy lost appeal as Bitcoin retreated from record highs above $120,000 and annualized perpetual funding stayed compressed or negative from February through July. Bitcoin’s rebound above $80,000 has reopened that yield opportunity without requiring market makers to bet on the rally’s direction.

On Aug. 30, 2026, onchain data tracked by Lookonchain showed Abraxas Capital, Fasanara Capital and Wintermute held combined Hyperliquid shorts of 3,425 BTC, worth about $265 million, and 138,569 ETH, worth roughly $338 million. Abraxas also withdrew 73,872 ETH, valued near $173 million, from Binance over four days, consistent with building the spot leg. Aegis said Bitcoin’s seven-day average perpetual funding rate reached an annualized 8.7% on Aug. 24, versus 6.7% over 30 days.