Florida tax policy and the 2021 Miami campaign drew trading funds to Brickell, where execution costs depend on venue funding and taker fees.
Florida's 0% state income tax policy and the 2021 mayoral campaign in Miami drove digital asset firms to relocate to the Brickell financial district, where institutional desks manage capital subject to venue-specific perpetual futures fee schedules and funding rate spreads reaching 0.0111 percentage points per 8-hour interval on SOL.
In 2021, municipal leaders in Miami initiated a targeted campaign to recruit financial technology firms, venture capital funds, and crypto trading operations. Central to this push was the promotion of Florida's tax framework, which levies a 0% personal state income tax and 0% individual capital gains tax. Capital management firms, market makers, and institutional trading desks moved physical operations to Brickell, establishing the district as a primary venue for crypto asset management.
Firms operating out of Brickell deploy capital across international perpetual futures venues. Because offshore liquidity pools exhibit varying fee schedules and divergent funding rates, holding identical underlying risk across venues generates structural cost differentials. Evaluating venue execution requires calculating maker/taker fee tiers alongside active funding rates.
Exchange fee schedules establish baseline costs for position entry and exit. Unverified default trading fee tiers for primary perp venues are detailed below.
| Venue | Spot Maker Fee | Spot Taker Fee | Futures Maker Fee | Futures Taker Fee |
|---|---|---|---|---|
| Bitget | 0.0010 | 0.0010 | 0.0002 | 0.00030 |
| Bybit | 0.0010 | 0.0010 | 0.0002 | 0.00055 |
| MEXC | 0.0000 | 0.0005 | 0.0000 | 0.00020 |
| OKX | 0.0008 | 0.0010 | 0.0002 | 0.00050 |
Perpetual swap contracts settle funding payments every 8 hours. The table below outlines live normalised 8-hour funding rates, venue spreads, 24-hour trading volumes, and the lowest-cost venue for holding a long position.
| Asset | Bitget Rate | MEXC Rate | OKX Rate | Spread (8h) | 24h Volume ($) | Lowest Cost Long Venue |
|---|---|---|---|---|---|---|
| BTC | +0.0093% | +0.0100% | +0.0100% | 0.0007% | 6,937,604,655 | Bitget |
| ETH | +0.0100% | +0.0046% | +0.0098% | 0.0054% | 6,557,382,247 | MEXC |
| SOL | -0.0053% | -0.0007% | +0.0058% | 0.0111% | 2,066,490,990 | Bitget |
| SNDK | +0.0200% | N/A | +0.0306% | 0.0106% | 1,332,476,207 | Bitget |
| TRUMP | -0.0012% | N/A | -0.0096% | 0.0084% | 1,035,234,526 | OKX |
| XAU | +0.0022% | +0.0036% | +0.0013% | 0.0023% | 523,637,812 | OKX |
Funding rates compensate counterparty imbalance. When the rate is positive, long position holders pay short position holders. When the rate is negative, short position holders pay long position holders. For institutional trading desks carrying directional positions, net funding payments erode or expand cash reserves over multi-day holding periods.
Consider a trading desk entering a $1,000,000 long position in SOL and holding the exposure for 24 hours (3 funding intervals).
Comparison between OKX and Bitget:
Consider a $2,000,000 long position held in SNDK over 24 hours across Bitget and OKX.
Venue selection dictates holding efficiency. A $1,000,000 long position in SOL incurs a $533.00 cost divergence between venues within 24 hours due to the 0.0111% funding spread and taker fee schedule variations. Position sizing and execution venue routing must account for combined fee schedules and prevailing funding rates to avoid unnecessary carry drag.
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