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Given where some of those funding rates are printing - there is room for the bitcoin term structure to invert further. 
On Bitmex, implied funding is -0.0127% per 8h out to March and -0.0087% per 8h out to June.
If you think implied funding is cheap you can go long the Mar future short the perpetual swap - the opposite if you think it's expensive.
If you think implied funding is cheap you can go long the Mar future short the perpetual swap - the opposite if you think it's expensive.
PnL: if you are short perpetual swap long Mar future, you will collect the spread equal to $88 (fixed) and pay/receive funding every 8 hours on your perpetual swap position (variable).
That way you can end up with a position driven by realized funding versus implied funding!
That way you can end up with a position driven by realized funding versus implied funding!
