// The Forge thesis as a standalone form. Long one venue, short another, collect the spread. Net APR is what you keep — gross is vanity.
> Strong net APR. Verify the spread holds across the historical chart on /backtest before sizing live.
Same math the Forge runs across the live board. Annualise each venue's per-interval rate to APR. Subtract the long-leg APR from the short-leg APR — that's your gross spread. Subtract round-trip taker fees amortised over the hold to get net APR. Anything below your cost-of-capital is a fee trap.
gross_apr = (short_rate * 8760/short_interval)
- (long_rate * 8760/long_interval)
cost_bps = 2*long_taker + 2*short_taker
funding_$ = position * (short_rate/100) * short_payments
- position * (long_rate/100) * long_payments
net_$ = funding_$ - position * (cost_bps/10000)
net_apr = (net_$ / position) / (hold_days / 365) * 100
break_even = cost_$ / daily_spread_$Slippage isn't an explicit input — bake it into the taker bps if your books are thin. The /costs page on the Forge tracks per-venue defaults; pull from there when you want audited numbers.