According to @ThinkingUSD, current backwardation in crypto perpetual swaps creates an opportunity to rotate from spot holdings into equivalent long perp positions to capture funding and basis while maintaining directional exposure. Source: @ThinkingUSD on X, Oct 10, 2025; Binance Academy, Perpetual Futures and Funding Rates; CME Group, Backwardation definition. The core trade is to sell spot and buy the same notional in perps trading below spot so you receive negative funding and potentially profit as the perp discount narrows toward spot. Source: Binance Academy, What Are Perpetual Futures and Funding Rates; CME Group, Understanding Backwardation. Traders should verify that the funding rate is negative and that the perp price is at a discount to spot before execution, and size with conservative leverage to reduce liquidation risk. Source: Binance Academy, Perpetual Futures Funding Rates and Liquidation. Execution costs and regime shifts can negate the edge, so monitor fees, slippage, and funding updates across high-liquidity markets such as BTC and ETH. Source: Binance Academy, Perpetual Futures Liquidity and Costs.