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Brickell Miami crypto capital grew through zero state tax
The finding
Florida state tax policy and municipal recruitment in 2021 drew capital to Brickell Miami crypto desks while funding spreads across perp venues reached up to 0.4451 percentage points per 8h.
Zero corporate state tax incentives lowered overhead for trading firms.
Derivatives liquidity concentrated around venues with zero maker fees like MEXC.
Execution costs now depend on matching venue fee tiers against live 8-hour funding settlements.
The Brickell Miami crypto relocation wave and tax structure
The concentration of Brickell Miami crypto capital began when zero state income tax policies aligned with Mayor Francis Suarez's 2021 campaign to recruit venture funds and derivatives desks. Institutional desks moving to the district faced distinct operational cost structures across spot and perpetual venues.
Florida levies zero percent personal state income tax. For fund managers relocating from states with local tax burdens, net capital retention changed immediately upon establishing residency.
Municipal outreach positioned Brickell as a financial district for digital asset firms. Investment funds, market makers, and venture firms established offices along Brickell Avenue between 2021 and 2022.
Worth knowing
Realized gains retained by fund principals in Florida do not reduce trading friction or exchange execution fees on active positions.
Institutional desk migration and local fee structures
Trading desks in Brickell manage perpetual positions across centralized order books where exchange fees directly impact holding margins. Tax policy preserved capital at the firm level, but market microstructure determines the daily cost of carrying inventory.
Fee schedules vary between venues. On spot markets, maker fees range from 0.0 to 0.001, while taker fees range from 0.0005 to 0.001.
On futures markets, maker fees range from 0.0 to 0.0002. Taker fees range from 0.0002 to 0.00055. MEXC sets a 0.0 fee for both spot and futures maker orders, reducing entry drag for passive liquidity providers.
Where this goes wrong
High turnover strategies operating on Bybit face a futures taker fee of 0.00055, which is 2.75 times higher than MEXC's futures taker fee of 0.0002.
Perpetual venue fees and execution costs
Exchanges establish default fee tiers for spot and futures execution. The table below details published fee schedules across four major venues.
| Exchange | Spot Maker Fee | Spot Taker Fee | Futures Maker Fee | Futures Taker Fee |
|---|---|---|---|---|
| bitget | 0.001 | 0.001 | 0.0002 | 0.0003 |
| bybit | 0.001 | 0.001 | 0.0002 | 0.00055 |
| mexc | 0.0 | 0.0005 | 0.0 | 0.0002 |
| okx | 0.0008 | 0.001 | 0.0002 | 0.0005 |
A trader taking liquidity on Bybit futures pays 0.00055 per trade. On a position size of $100,000, entry and exit taker fees total $110.
The same round-trip trade on MEXC futures incurring a 0.0002 taker fee totals $40. On Bitget, a futures taker fee of 0.0003 results in $60 total taker fees for entry and exit.
What to do instead
Route passive limit orders to venues offering 0.0 futures maker fees when building inventory to eliminate maker fee drag completely.
Live 8-hour funding rates across major perp markets
Perpetual contract holding costs depend on live funding rates settled every 8 hours. Divergence across exchanges creates cost differences for identical asset positions.
The table below lists live funding rates normalized per 8-hour interval, total spread, and 24-hour spot volume.
| Asset | Lowest Rate (Venue) | Highest Rate (Venue) | Spread (8h) | 24h Volume |
|---|---|---|---|---|
| ETH | +0.0037% (bybit) | +0.0100% (bitget / okx) | 0.0063% | $2,888,459,905 |
| BTC | +0.0048% (okx / mexc) | +0.0100% (bybit) | 0.0052% | $1,479,624,753 |
| SOL | +0.0006% (bitget) | +0.0100% (bybit) | 0.0094% | $630,127,930 |
| ZEC | -0.0107% (bybit) | +0.0100% (bitget) | 0.0207% | $595,979,140 |
| LSK | -0.9593% (bybit) | -0.5142% (mexc) | 0.4451% | $200,673,127 |
| XRP | -0.0119% (bybit) | +0.0089% (bitget) | 0.0208% | $158,575,432 |
For ETH, holding a long position on Bybit costs +0.0037% per 8 hours, compared to +0.0100% on Bitget and OKX. The 0.0063 percentage point spread equals a daily holding cost difference of 0.0189 percentage points over three settlement cycles.
For BTC, holding a long position on OKX or MEXC costs +0.0048% per 8 hours, whereas Bybit charges +0.0100%. The 0.0052 percentage point spread yields a 0.0156 percentage point daily difference.
Execution drag and venue selection for long positions
Negative funding rates alter the carrying cost structure for long positions. When funding is negative, long position holders receive payments from short position holders.
On LSK, Bybit displays a funding rate of -0.9593% per 8 hours. A long position holder on Bybit receives 0.9593% of position value every 8 hours. On MEXC, the LSK rate is -0.5142% per 8 hours.
The spread on LSK across venues is 0.4451 percentage points per 8 hours. Over 24 hours (three settlements), holding a long LSK position on Bybit yields 2.8779% in funding receipts, compared to 1.5426% on MEXC.
On XRP, Bybit shows -0.0119% per 8 hours, making it the cheapest venue to hold a long XRP position. Bitget shows +0.0089% per 8 hours, creating a spread of 0.0208 percentage points per 8-hour period.
Why did crypto firms move to Brickell Miami in 2021?
Zero state income tax in Florida combined with municipal recruitment programs led funds and trading desks to establish offices in Brickell. This structure allowed principals to retain more capital compared to higher-tax jurisdictions.
Which venue is cheapest to hold a long ETH perpetual position?
Bybit is currently the cheapest venue for long ETH positions with an 8-hour funding rate of +0.0037%. Bitget and OKX charge +0.0100% per 8-hour period.
How much do futures taker fees vary across major exchanges?
Futures taker fees range from 0.0002 on MEXC to 0.00055 on Bybit. On a $100,000 position, a round-trip taker trade costs $40 on MEXC versus $110 on Bybit.
What is the funding rate spread on LSK across perpetual exchanges?
The LSK 8-hour funding spread is 0.4451 percentage points. Bybit pays long positions -0.9593% per 8 hours while MEXC pays -0.5142% per 8 hours.