// THE FORGE DISPATCHES
// Field notes from the board. Funding arb, DEX mechanics, the edge before the tourists notice it.
>4/4
// tags
// 4 dispatches
venuesstrategycomparisonApr 20, 2026
Hyperliquid vs Paradex vs Lighter — The Board's Verdict
Comparison posts on other sites are PR. This one is scraped. Three perp DEXes, three use cases, one verdict — pulled from the Forge's own stored funding data and live open interest.
8 min readREAD →
strategycostsfunding-arbApr 19, 2026
The Real Cost of a Trade — Why Gross APR Is a Tourist Trap
Of 199 arb opportunities on the board right now, 43 — twenty-two percent — have positive gross spread and negative net APR. Pure fee traps, quoted as yield. Here's the math they don't want you to do.
8 min readREAD →
strategygetting-startedfunding-arbApr 18, 2026
Funding Arb 101 — The Oldest Delta-Neutral Play in the Wasteland
The tourists trade price. You trade the difference in what two venues charge each other for the same position. Here's the mechanic, the math, and the trap that kills the tourists.
7 min readREAD →
product-tourgetting-startedApr 18, 2026
Welcome to the Forge — A Warlord's Guide to Defi Warlord Forge
The wasteland is full of yield. Most of it is poisoned. Here's how to read the signals.
8 min readREAD →