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Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Perpetual futures have no scheduled expiry; they keep trading as long as you maintain margin, with periodic funding transfers between longs and shorts. Quarterly (expiry) futures end on a specified date; they generally have no recurring funding payment, but their price can trade above or below spot and they may charge settlement or delivery fees. Both products charge execution commissions and carry liquidation risk.
For an open-ended Bitcoin position, a perpetual is operationally simpler but exposes you to variable funding. For a hedge or trade tied to a known date, a quarterly contract gives a defined endpoint and avoids recurring funding transfers, but you must accept basis risk and close or roll the position at expiry.
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What each futures contract is
Perpetual futures
A perpetual future is a leveraged derivative with no calendar expiration. You can keep the position open until you close it, your margin falls below the venue’s maintenance requirement, the contract is delisted, or another rule forces closure. Because there is no maturity date to pull the contract toward a final settlement, exchanges use a funding mechanism to keep the perpetual price near an index or spot reference.
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Funding is normally transferred directly between traders holding long and short positions. It is not automatically an exchange service charge. When the funding rate is positive, longs generally pay shorts; when it is negative, shorts generally pay longs. The rate and payment schedule are contract-specific and can change as market conditions change.
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Quarterly and other expiry futures
An expiry future lets you buy or sell the underlying exposure for a specified maturity. A quarterly contract is one common form, but exchanges also list monthly, bi-monthly, or weekly maturities. The contract has a fixed settlement timestamp. Open positions are settled or delivered under the venue’s rules and the contract is then removed from trading.
Quarterly contracts generally do not make recurring funding transfers. Instead, the difference between the futures price and spot—the basis—embeds the market’s financing, demand, and supply expectations. That basis can be positive (futures above spot) or negative (futures below spot) and normally converges toward the settlement reference as expiration approaches.
Perpetual vs. quarterly futures at a glance
| Feature | Perpetual futures | Quarterly or other expiry futures |
|---|---|---|
| Expiration | No scheduled expiry; the position can remain open until you close it, are liquidated, or the venue ends the contract. | Fixed calendar settlement; you cannot carry the same contract beyond the settlement time. |
| Recurring carry | Variable funding transfers between longs and shorts. Positive funding usually means longs pay; negative funding usually means shorts pay. | No recurring funding transfer on the quarterly contract in Binance’s comparison. Carry appears in the basis and in eventual settlement or delivery costs. |
| Execution fees | Maker and taker commissions apply whenever you open, reduce, or close a trade. | Maker and taker commissions also apply, and some venues add a separate expiry settlement or delivery fee. |
| Price behavior | The funding mechanism is designed to pull the perpetual toward an index; funding can become expensive when one side of the market is crowded. | The contract can trade at a premium or discount to spot, with the basis generally narrowing toward expiry. |
| Operational work | No scheduled roll, but you must monitor funding, margin, leverage, and liquidation. | You must close, settle, or roll before or at expiry if you want to maintain exposure. |
Every cost you need to include
1. Execution commission
Both products charge a commission when an order executes. Maker and taker rates depend on the exchange, product, account tier, volume, and sometimes whether the contract is linear or inverse. Do not assume that a “no funding” quarterly contract is free to trade.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteBinance defines commission as the contract’s notional value multiplied by the applicable fee rate. For a USD-margined contract, notional is the number of contracts multiplied by the trade price. For a coin-margined contract, notional is the number of contracts multiplied by contract size, divided by trade price. Your actual debit can therefore change with price even when the number of contracts is unchanged on an inverse product.
As a current non-VIP example, Bybit lists a 0.055% taker rate and a 0.02% maker rate for its inverse perpetual and expiry contracts. Those percentages are venue- and product-specific examples, not a market-wide standard. Check the fee schedule for the exact contract and account before calculating a trade.
2. Funding on perpetuals
Funding is calculated from the position’s notional value and the funding rate. A positive rate generally means a long position pays a short position; a negative rate reverses the flow. The exchange normally matches the payment between position holders rather than retaining it as ordinary trading revenue.
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Binance commonly uses eight-hour or four-hour funding intervals, depending on the contract, while other venues can use different schedules. Bybit states that its rate updates during the interval. A contract can therefore show a displayed rate that changes before the actual transfer. Read the contract specification for the funding timestamp, calculation window, caps, floors, and whether the rate is fixed at a snapshot or calculated continuously.
3. Settlement or delivery fees at expiry
An expiry contract can add a fee when it settles or delivers. Bybit documents a 0.05% settlement-fee example for expiry contracts in its non-VIP help-center material. Deribit lists a 0.025% delivery fee for standard BTC and ETH futures and a 0% delivery fee for its weekly BTC and ETH futures. These examples apply only to the named venue and products; they cannot be used as a universal rate.
Settlement fees are separate from the commission paid when you enter or exit. Include both in a comparison, especially if you plan to hold a contract all the way to maturity rather than close it beforehand.
4. Liquidation and collateral charges
Leverage creates costs and risks that are independent of funding or expiry. If losses reduce your collateral below the maintenance requirement, the venue can liquidate the position and charge a liquidation fee under its rules. Deribit, for example, lists a separate liquidation fee for futures and perpetuals. It also lists a daily collateral fee when a settlement currency has negative equity. Those are venue-specific rules, not characteristics shared by every exchange.
Also check whether collateral is held in cash, a stablecoin, or the underlying coin; whether unrealized profit can support margin; and how the venue calculates mark price. Two contracts with the same headline leverage can have very different liquidation distances and collateral costs.
How perpetual funding is calculated and why it changes
The link to an index
A perpetual has no maturity-driven convergence, so the exchange compares its mark price with an index built from spot-market prices. When the perpetual trades above the index, the premium component tends to produce positive funding and encourages longs to pay shorts. When it trades below the index, the mechanism tends to produce negative funding and encourages shorts to pay longs.
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The transfer is an incentive, not a guarantee. Funding can remain positive for long periods when demand for leveraged longs is strong, and it can become negative during sustained shorting. A trader receiving funding can still lose money if the contract price moves against the position or if leverage triggers liquidation.
Dampers, caps, and calculation windows
Venues limit extreme transfers with contract-specific formulas. Deribit calculates a premium from mark price versus index price, applies a damper and a cap, and can calculate funding continuously. Its funding specification illustrates a 0.05% funding rate for a 0.075% BTC perpetual premium after a plus-or-minus 0.025% damper. On a USD 100,000 position held for eight hours, that example produces a 0.0005 BTC funding payment.
The example is a calculation illustration, not a promise of a particular future rate. Funding rates, caps, dampers, and intervals can change by contract. Before opening a position, record the current rate, the next funding timestamp, the maximum rate, and whether your venue settles in coin or cash.
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- Determine the position’s current notional value using the venue’s contract formula.
- Multiply that notional by the funding rate that will apply at the settlement time.
- Identify whether you are paying or receiving based on the sign of the rate and your position direction.
- Repeat the estimate for each expected interval, using a range rather than one constant rate because funding can change.
- Add entry and exit commissions, expected slippage, and any liquidation or collateral charges to the funding estimate.
For example, a 0.05% rate on a USD 100,000 notional position equals USD 50 for one interval before considering the venue’s currency conversion and contract formula. If the rate is unchanged and the interval is eight hours, that is one interval’s transfer only; it is not a guaranteed daily or monthly cost. The rate may rise, fall, change sign, or be capped at the next calculation.
How expiry settlement works
The contract reaches a fixed timestamp
Quarterly futures settle at the date and time printed in the contract specification. At that point, open positions are automatically settled under the venue’s procedure, profit and loss is realized, and the contract is delisted. You cannot leave the position open in the same maturity after that event.
Bybit’s inverse-expiry example settles at 8:00 UTC using an index-price average from 7:30 to 8:00 UTC. The averaging window is important: the final settlement price may differ from the last traded price you saw before the window began. Other venues and contracts use different timestamps, averaging windows, and settlement indices.
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Cash settlement versus delivery
Cash settlement credits or debits the difference between the contract price and the settlement index in the settlement currency. Physical or coin delivery transfers the underlying according to the contract terms. A delivery fee can apply even when the final profit and loss is favorable. Confirm the settlement method, currency, index constituents, averaging period, and fee before holding through expiry.
Closing early and rolling
You can usually close an expiry position before maturity with an offsetting trade. If you need exposure beyond the date, you must roll by closing the expiring contract and opening a later maturity. That creates two additional execution events, possible spread slippage, and a new basis. A roll is not a funding payment, but it is a real trading cost and can change the hedge ratio.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Basis risk: the quarterly contract’s hidden carry
Not paying funding does not mean a quarterly future tracks spot for free. Suppose a quarterly contract trades above spot when you buy it. If the basis narrows by expiry, the futures price can fall relative to spot even when spot is flat. A long futures holder can therefore lose on convergence without a corresponding fall in the underlying asset.
The opposite can occur when a contract trades below spot. A short futures position may face a convergence loss if the discount disappears. The basis reflects interest rates, borrowing conditions, inventory, demand for leverage, and expectations about future supply and demand. Compare the futures price with spot at entry and estimate how much convergence your trade can tolerate.
Which contract fits a long-term Bitcoin position?
Perpetuals for open-ended exposure
- Choose a perpetual when you need an indefinite holding period and continuous ability to add or reduce exposure.
- They avoid scheduled rolls and usually have deep, continuously quoted markets.
- You must budget for variable funding, watch the next payment time, and maintain enough margin for adverse price moves.
- A long-term position can become expensive if positive funding persists; a negative rate can reduce carrying cost but is not guaranteed.
Quarterlies for a known horizon or hedge date
- Choose a quarterly or other expiry future when the hedge ends on a known date, such as a reporting period or planned settlement.
- You avoid recurring funding transfers on the contract, but you pay for the basis you enter and exit, plus any settlement or delivery fee.
- You must track the exact expiry timestamp and either close or roll the position.
- Liquidity can migrate from the expiring maturity to a later one as the date approaches, so check order-book depth before relying on a last-minute roll.
A practical long-term comparison
Estimate the perpetual’s expected funding over your intended holding period, using a conservative range of rates. Separately, measure the quarterly contract’s basis at entry, expected convergence, commissions, settlement or delivery fee, and the cost of rolling into the next maturity. The cheaper choice is the one with the lower total expected carry for your horizon, not automatically the one advertising no funding.
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A decision checklist before you trade
- Set the horizon. Write down whether the position is open-ended, tied to a calendar date, or likely to be rolled.
- Read the contract specification. Confirm linear or inverse structure, contract size, settlement currency, index, mark price, funding interval, expiry timestamp, and settlement method.
- Calculate all entry and exit fees. Apply the current maker or taker rate to the actual notional, not just the margin posted.
- Estimate carry. For a perpetual, model several funding-rate scenarios. For an expiry contract, record the basis and expected convergence.
- Price the exit plan. Include closing commission, spread, slippage, and—if applicable—settlement, delivery, or roll costs.
- Check margin and liquidation rules. Compare leverage, maintenance margin, mark-price methodology, liquidation fee, and collateral treatment.
- Verify liquidity and availability. Confirm that the contract is accessible in your jurisdiction and that volume and open interest are adequate for your position size.
- Set operational reminders. For perpetuals, monitor funding and margin. For expiry futures, set alerts well before the settlement window so you are not forced to trade during thin liquidity.
Common mistakes and how to avoid them
Assuming “no funding” means no carry
A quarterly contract replaces periodic funding with basis exposure. A premium or discount can be larger than the funding you expected to pay on a perpetual. Compare the total economic carry, not one line item.
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Using a generic funding schedule
Eight-hour funding is common on some contracts, but four-hour and other schedules also exist. The displayed rate may update during the interval. Always use the exact contract’s schedule and timestamp.
Ignoring the settlement window
The final index can be an average over a window rather than the last traded price. Review the averaging period and avoid assuming that a last-minute market order will determine your final P&L.
Holding maximum leverage into expiry
Basis volatility, spread widening, and mark-price moves can reduce available margin before settlement. Lower leverage, keep collateral available, and close or roll before liquidity deteriorates if the position does not need to reach maturity.
Comparing percentages from different venues
A 0.055% taker fee, a 0.05% settlement fee, and a 0.025% delivery fee refer to different venues, products, and events. They are useful examples of cost categories, not interchangeable market rates. Recheck the current schedule for your account and contract.
Bottom line
Perpetual futures trade flexibility for an uncertain carrying bill: funding can be paid or received, changes over time, and never removes liquidation risk. Quarterly futures provide a defined end date and generally no recurring funding transfer, but their basis, settlement mechanics, and possible delivery fee determine the real cost. Choose the contract whose carry, liquidity, margin rules, and operational demands match your horizon—and treat every quoted fee as specific to the venue and product that published it.
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