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Perpetual futures never expire, while quarterly (expiry) futures settle on a stated date. Perpetuals use funding transfers between longs and shorts to keep their price near an index; quarterly contracts normally have no recurring funding, but their price can trade above or below spot and converge at settlement. Both charge execution commissions, and expiry products can add settlement or delivery fees.
For an open-ended Bitcoin position, a perpetual is operationally simpler but exposes you to variable funding and liquidation risk. For a hedge or trade with a known end date, a quarterly contract makes the horizon explicit and avoids periodic funding transfers, but you must close, settle or roll the position and account for basis and expiry costs.
Perpetual and quarterly futures at a glance
| Question | Perpetual futures | Quarterly or other expiry futures |
|---|---|---|
| When does it end? | No scheduled expiration; it remains open until you close it, are liquidated, or the venue delists it. | It ends at a fixed calendar settlement time. Open positions cannot continue past that event. |
| How is price kept near spot? | Funding payments transfer between long and short holders. | Basis (the futures price minus spot or index) is priced into the contract and normally converges as settlement approaches. |
| Recurring carry | Funding can be paid or received, depending on the rate and your side. | Binance’s comparison says quarterly contracts do not carry a funding fee; carry is expressed through basis and eventual settlement costs. |
| Trading cost | Maker or taker commission on every execution. | Maker or taker commission on every execution, plus any venue-specific settlement or delivery charge. |
| Operational task | Monitor funding, margin and liquidation; no scheduled roll. | Track the expiry timestamp and close, settle or roll if you need exposure beyond it. |
“Quarterly” describes a common expiry schedule, not a universal contract design. Exchanges also list monthly, weekly and other dated futures, so read the individual contract specification rather than assuming that every expiry product has the same calendar or settlement method.
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How perpetual futures work
No maturity date
A perpetual contract is a futures-style position with no contractual delivery date. You can hold it for an open-ended period as long as you maintain the required margin and the exchange keeps the contract listed. That removes the need to roll at the end of each quarter, but it does not remove risk: a sharp adverse move can trigger liquidation, and a venue can change contract rules or delist a market.
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The funding transfer
Funding is a transfer between traders, not necessarily an exchange service fee. Its purpose is to pull the perpetual price toward an index or spot reference. When the perpetual trades at a premium, the funding rate is normally positive: longs pay shorts. When it trades at a discount, the rate is normally negative: shorts pay longs. The receiving side is credited while the paying side is debited according to the venue’s calculation and settlement rules.
Binance commonly settles funding at eight-hour or four-hour intervals, depending on the contract. Other venues can use different intervals, and Bybit states that its rate updates during the interval. Deribit describes a method that can calculate funding continuously. The interval and the displayed rate are therefore contract-specific; check the symbol’s specification before estimating a holding cost.
Why funding can become expensive
Funding responds to the relationship between the perpetual and its reference price. In a crowded long market, demand for leverage can keep the perpetual above the index and make the positive rate costly for longs. A crowded short market can produce the reverse flow. A rate that looks small for one interval compounds through repeated payments, so an apparently inexpensive position can have a material carry cost over weeks or months.
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Fixed settlement date
An expiry future specifies a calendar date and time at which the contract is settled. Bybit explains that its open expiry positions are automatically settled, profit and loss is realized, a settlement fee may apply, and the contract is then delisted. An inverse expiry example settles at 8:00 UTC using an index-price average taken from 7:30 to 8:00 UTC. Your contract can use a different timestamp, averaging window or settlement index, so those fields matter when planning a hedge.
No periodic funding does not mean free carry
Quarterly contracts generally do not exchange a funding payment every few hours. Instead, the futures price can sit above spot (contango) or below spot (backwardation). That difference, called the basis, affects the price at which you enter and the eventual settlement value. If you buy a contract above spot and the basis narrows before expiry, the convergence can reduce your return even if spot rises. If you sell a contract below spot, convergence can work in the opposite direction. Commissions and any settlement or delivery fee remain separate costs.
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Rolling exposure
If your trade must continue beyond the expiry, you need to close the expiring contract and open a later one, or use the exchange’s roll process where available. The two trades create additional execution commissions and expose you to the basis of the new maturity. A perpetual avoids this scheduled operation, but replaces it with ongoing funding and margin monitoring.
Every cost to include in a comparison
Execution commission
Maker and taker commissions apply when you open or close either product. Binance defines commission as notional value multiplied by the applicable fee rate. For a USDⓈ-margined contract, notional is the number of contracts multiplied by trade price. For a COIN-margined contract, Binance defines notional as (contracts × contract size) ÷ trade price. Confirm whether the quoted schedule is for your VIP tier, settlement currency and contract type.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallBybit’s published non-VIP example for inverse perpetual and expiry contracts lists a 0.055% taker fee and a 0.02% maker fee. Those are venue- and product-specific examples, not a market-wide standard. Your round-trip commission is the opening execution plus the closing execution, each calculated on its own notional.
Funding on a perpetual
Funding is calculated from the position notional and the rate at the applicable timestamp. A positive rate debits longs and credits shorts; a negative rate reverses that flow. Some venues cap or damp the rate, and the displayed rate can change before the settlement time. Keep a record of the rate, interval, mark price and position size used by your exchange if you need to reconcile the debit or credit.
Settlement or delivery on an expiry contract
Expiry venues can charge a separate fee when they settle or deliver the contract. Bybit documents a 0.05% settlement-fee example for expiry contracts in its non-VIP schedule. Deribit lists a 0.025% delivery fee for standard BTC and ETH futures, while its weekly BTC and ETH futures are listed at 0% delivery fee. These charges are in addition to trading commissions and may be calculated on a venue-defined settlement value.
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Liquidation and collateral charges
Both contract types require collateral and can be liquidated when your margin falls below the maintenance requirement. Liquidation pricing, insurance-fund deductions and any liquidation fee depend on the venue. Deribit lists a separate liquidation fee for futures and perpetuals and a daily collateral fee when a settlement currency has negative equity. Those are venue rules, not characteristics that can be generalized to every exchange. Include them in a model only after reading the contract’s current fee schedule.
Funding mechanics in plain language
Premium, damper and cap
Deribit’s funding specification illustrates the process: it derives a premium from the mark price relative to the index, applies a damper and then applies limits to the resulting rate. Its worked example uses a 0.05% funding rate for a 0.075% BTC perpetual premium after a ±0.025% damper. The exact formula, cap and averaging period can differ on another venue, so the example explains the principle rather than setting a universal rate.
Worked payment example
In the same Deribit example, a USD 100,000 position held for an eight-hour funding period at 0.05% produces a payment of 0.0005 BTC. The calculation is 0.0005 multiplied by the USD 100,000 notional, then expressed in BTC at the example’s price. Your payment changes with notional, rate, contract denomination and the exchange’s mark price. A rate quoted as a percentage is not a fixed dollar charge.
Checklist before holding through funding
- Identify whether you are long or short and which side pays at a positive rate.
- Confirm the next funding timestamp and whether the rate can update before then.
- Check the interval: eight hours, four hours or another schedule.
- Use the exchange’s mark-price and notional definition, not just the last traded price.
- Stress-test several consecutive intervals rather than multiplying one favorable rate indefinitely.
What happens at expiry
- Read the contract specification. Record the expiry date, UTC time, settlement index, averaging window, margin currency and settlement or delivery fee.
- Decide whether the position ends or continues. If you want no exposure after expiry, reduce or close it before the cutoff. If you need continued exposure, plan the later contract and allow time for both executions.
- Account for the settlement method. An automatically settled contract realizes profit or loss using the venue’s stated index or average. The final mark may not equal the last trade you saw on the order book.
- Check the account after settlement. Confirm that the position is closed, realized P&L is posted, the settlement fee is debited, and the expired symbol is no longer available for trading.
- Re-establish exposure only after comparing basis. A new quarter can trade at a premium or discount that materially changes your effective entry price.
Perpetuals do not go through this scheduled close, but they remain subject to margin calls, liquidation and possible delisting. “No expiration” means no calendar settlement, not guaranteed perpetual availability.
How to estimate the total cost of a position
Use a holding-cost worksheet that separates one-time, recurring and event-driven charges:
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- Opening commission: entry notional multiplied by the maker or taker rate.
- Recurring funding: sum each funding debit or credit over the planned holding intervals.
- Closing commission: exit notional multiplied by the applicable execution rate.
- Expiry charge: settlement or delivery fee if the contract reaches maturity.
- Margin-related charges: liquidation or collateral fees where the venue specifies them.
For an expiry trade, add the basis effect: compare your entry futures price with the spot or index reference and model convergence to the settlement value. For a perpetual, replace that convergence line with a range of funding scenarios, because the rate can move from positive to negative and can change frequency by contract.
Do not compare a quoted funding percentage directly with a trading-fee percentage without matching the time basis. A 0.02% maker commission is charged on an execution, while a funding rate applies to a particular interval and may recur many times. Likewise, a 0.05% settlement fee is an event at expiry, not a periodic charge.
Which contract fits a long-term Bitcoin position?
Perpetual is usually the practical choice when
- You need open-ended exposure with no planned maturity date.
- The market’s continuous liquidity and ability to adjust size at any time are more important than a fixed end date.
- You can monitor funding, margin and liquidation conditions.
- You have a rule for reducing exposure when funding becomes unattractive.
The trade-off is that the long-term cost is uncertain. Positive funding can steadily reduce a long position, while negative funding can offset part of the carry for a short position. Leverage magnifies both P&L and the chance that a temporary move triggers liquidation before your thesis plays out.
Quarterly or another expiry future is usually the practical choice when
- Your hedge or directional view has a known date, such as the end of a quarter.
- You want to avoid recurring funding transfers.
- You can tolerate basis movement and have a process for settlement or rolling.
- The contract’s liquidity, margin currency and jurisdictional availability suit your account.
The trade-off is operational: the position must be closed, settled or replaced. A favorable spot move does not guarantee a favorable futures return if the basis changes, and a roll introduces a new execution price and another round of commissions.
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| Venue example | Published figure or rule | How to interpret it |
|---|---|---|
| Bybit, non-VIP example | 0.055% taker and 0.02% maker for inverse perpetual and expiry contracts | Execution commissions for the stated example tier and products; verify your account tier and current schedule. |
| Bybit expiry contracts | 0.05% settlement fee example | Event-driven expiry charge in the documented example, separate from trading fees. |
| Deribit standard BTC/ETH futures | 0.025% delivery fee | Delivery fee listed for standard contracts; weekly BTC/ETH futures are listed at 0% delivery fee. |
| Binance perpetual funding | Positive funding generally means longs pay shorts; negative funding reverses the flow. | Funding is transferred between position holders. Interval and formula vary by contract. |
| Binance commission formula | Notional value multiplied by fee rate | USDⓈ-margined notional is contracts × price; COIN-margined notional is (contracts × contract size) ÷ price. |
No single percentage represents the whole crypto-futures market. Fees vary by venue, product, account tier, margin currency and whether an order is maker or taker. Geographic eligibility, referral terms and current schedules also require checking the exchange’s own legal and fee pages at the time you trade.
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Risk and operations checklist
- Price reference: Know which index and mark-price methodology drives funding, liquidation and settlement.
- Leverage: Set position size from the liquidation threshold, not only from the amount of cash posted as margin.
- Liquidity: Check order-book depth around the size you need to open, close or roll.
- Calendar: Convert the expiry timestamp to your local time and set an alert before the exchange cutoff.
- Basis: Track futures price minus spot for each maturity; a low funding rate does not make an expensive basis disappear.
- Collateral: Verify whether gains, losses, fees and funding are settled in a stablecoin, the underlying coin or another currency.
- Contingency: Keep extra margin for volatility, rate changes and the possibility that a roll executes at a worse price.
- Rules: Read liquidation, auto-deleveraging, delisting and settlement provisions for the exact symbol.
Common mistakes to avoid
Assuming “no funding” means no holding cost
An expiry contract avoids the recurring transfer used by a perpetual, but its basis can embed a substantial carry cost or benefit. Include the entry premium or discount and the settlement fee in the return calculation.
Using one funding snapshot as a forecast
The displayed rate is tied to a particular interval and can change with the premium, index and venue formula. Model a range of rates and include both paying and receiving outcomes.
Forgetting the final settlement window
The settlement value may be an index average over a specified period rather than the last traded price. Closing before that window can produce a different result from allowing automatic settlement.
Comparing unlike fee schedules
A maker rate, taker rate, funding rate, settlement fee and delivery fee apply at different times and may use different notionals. Put each on a common holding-period model before choosing a product.
Ignoring the roll decision
Continuing a quarterly hedge requires a new contract. Decide in advance whether to close and reopen manually, use a roll feature, or accept that exposure will end at settlement.
Quick Recap
A practical decision sequence
- Set the horizon. If there is no known end date, start by evaluating a perpetual; if there is a firm date, evaluate the expiry contract for that maturity.
- Estimate carry. For the perpetual, use funding history and several rate scenarios. For the expiry, calculate the basis from spot and the intended settlement date.
- Add every fee. Include both execution legs, settlement or delivery, and any documented collateral or liquidation charge.
- Check operations. Confirm funding times, expiry UTC time, settlement index, margin currency and roll liquidity.
- Stress-test liquidation. Test adverse price moves, higher funding, widening basis and a forced close before the planned date.
- Choose the simpler product you can manage. A theoretically cheaper contract is not advantageous if you cannot monitor its funding, margin or expiry process.
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