Perpetual futures are the most traded product on crypto exchanges. Holding a position has two separate costs, and it helps to know which is which.
Trading fees
You pay a trading fee each time an order fills: once when you open and once when you close. The fee is a percentage of the position's full value (its notional), not of your margin. A $1,000 margin at 10x leverage opens a $10,000 position, so a 0.05% taker fee costs $5 to open and about $5 more to close.
These are the fees a RefundHub247 rebate applies to. On Binance, 15% of them comes back to you.
Funding rates
A perpetual contract has no expiry, so exchanges use a funding payment to keep its price close to the spot price. At set intervals, commonly every eight hours, traders on one side pay traders on the other side:
- Positive funding: the contract trades above spot, and longs pay shorts.
- Negative funding: the contract trades below spot, and shorts pay longs.
- The payment is position value × funding rate, and only positions open at the funding time pay or receive it.
Funding is exchanged between traders, not paid to the exchange, so it is not a trading fee and does not earn a rebate.
Which one matters more?
For short-term trades, trading fees dominate, because you pay them on every entry and exit while funding may never be charged. For positions held for days or weeks, funding can add up to more than the fees. Leverage multiplies both, because both are charged on the full position value.
To see the fee side for your own volume, use the crypto fee calculator; to see a trade's result after fees and rebate, use the profit calculator.
Leveraged futures trading carries a high risk of loss, including liquidation of your margin.
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