The two independent inputs to the delta-neutral strategy. Funding comes from perpetual futures markets, staking yield from Ethereum proof-of-stake rewards. Their sum is an input, not a rate anyone receives, and it is not the 4.89% at the top of this page.
What separates them, every term read from the sources block of /api/apy rather than recomputed here: the hedge is sized one for one against spot, so the carry is multiplied by 0.6888, which is L/(L+1) at a venue leverage of 2.21, and never by the leverage itself. That takes 9.30% to 6.41%. Strategy costs of 15.2% take it to 5.44%. The 10% insurance allocation takes it to 4.89%, the published rate.
These rows show each exchange's current-moment perp funding rate annualized, the hedge leg Kerne shorts. The skUSD APY shown on the stat card above uses a 60-day trailing mean of this funding plus LST staking, the venue leverage the deployed engine itself targets, and cost deductions. Because the hedge is sized one for one against spot, that leverage sets how much margin has to be posted and multiplies the carry by less than one, never by the leverage itself. Short-term funding can flip negative; the trailing window smooths the noise so the modeled figure is stable.
