Florida tax policy brought capital to Miami while live perpetual futures rates show up to 0.0077 percent 8-hour funding spreads across major venues.
Florida state personal income tax is 0 percent, compared to top rates of 10.9 percent in New York and 13.3 percent in California. In 2021, Miami Mayor Francis Suarez launched a public initiative to attract technology and trading firms by proposing municipal fee payments in crypto and municipal crypto initiatives. This tax differential and policy push accelerated capital movement into Miami's Brickell financial district.
Institutional desks moved physical operations to capture state-level tax savings. Blockchain.com relocated its US headquarters to Miami in 2021. Investment firms including Founders Fund and Citadel established physical footprints along Brickell Avenue. Changing tax residency removes state income tax drag on annual realized income, but trading execution remains bound to exchange fee schedules and 8-hour funding rate dynamics.
Perpetual futures contract holding costs vary by venue. Funding rates settle every 8 hours, transferring cash flow between long and short positions based on market skew.
| Asset | Bitget 8h | Bybit 8h | MEXC 8h | OKX 8h | 8h Spread | 24h Volume |
|---|---|---|---|---|---|---|
| BTC | +0.0033% | +0.0072% | +0.0100% | +0.0052% | 0.0067% | 2,175,869,528 USD |
| ETH | +0.0100% | +0.0024% | +0.0028% | +0.0053% | 0.0076% | 1,957,049,070 USD |
| SOL | +0.0048% | -0.0017% | +0.0012% | -0.0018% | 0.0066% | 720,167,698 USD |
| TRUMP | +0.0040% | -0.0035% | N/A | -0.0037% | 0.0077% | 530,867,106 USD |
| ZEC | +0.0100% | +0.0100% | +0.0100% | +0.0100% | 0.0000% | 421,101,882 USD |
| XRP | +0.0100% | +0.0100% | +0.0039% | +0.0098% | 0.0061% | 249,752,880 USD |
Positive funding rates mean long positions pay short positions. Negative funding rates mean short positions pay long positions. On BTC perps, Bitget offers the lowest long holding cost at +0.0033% per 8 hours. On ETH perps, Bybit offers the lowest long holding cost at +0.0024% per 8 hours. On SOL perps, OKX offers the lowest long holding rate at -0.0018% per 8 hours.
Order execution costs modify entry baseline figures. Default fee schedules differ across venues prior to volume tier discounts.
| Exchange | Futures Taker | Futures Maker | Spot Taker | Spot Maker |
|---|---|---|---|---|
| Bitget | 0.030% | 0.020% | 0.100% | 0.100% |
| Bybit | 0.055% | 0.020% | 0.100% | 0.100% |
| MEXC | 0.020% | 0.000% | 0.050% | 0.000% |
| OKX | 0.050% | 0.020% | 0.100% | 0.080% |
Taker fee costs on Bybit sit at 0.055%, compared to 0.020% on MEXC. Opening a market position requires factoring taker fees into the total position cost alongside funding rate differentials.
Consider a desk holding a 100,000 USD long position in TRUMP perps over 24 hours. A 24-hour holding period contains 3 funding intervals.
On OKX, the TRUMP funding rate is -0.0037% per 8 hours. Because the rate is negative, the long position receives funding payments from short positions. 100,000 USD multiplied by 0.000037 equals 3.70 USD received per 8 hours. Over 3 funding intervals in 24 hours, the long position collects 11.10 USD.
On Bitget, the TRUMP funding rate is +0.0040% per 8 hours. Because the rate is positive, the long position pays funding payments to short positions. 100,000 USD multiplied by 0.000040 equals 4.00 USD paid per 8 hours. Over 3 funding intervals in 24 hours, the long position pays 12.00 USD.
The cash flow gap between holding the position on OKX versus Bitget is 11.10 USD received plus 12.00 USD paid, totaling 23.10 USD per day per 100,000 USD position size. Over 30 days, holding the long position on Bitget costs 360.00 USD in funding payments, while holding on OKX collects 333.00 USD in funding payments, creating a total 30-day spread of 693.00 USD.
Execution costs further alter entry capital requirements. Entering a 100,000 USD position with a taker market order costs 55.00 USD on Bybit at 0.055% taker fee, compared to 20.00 USD on MEXC at 0.020% taker fee. The entry execution cost gap equals 35.00 USD.
Liquidation mechanics depend directly on collateral ratios. A 20x leverage position requires 5,000 USD collateral for a 100,000 USD position size. An adverse price movement of 4.5% reduces position value by 4,500 USD, wiping out 90% of margin collateral and triggering liquidation loss.
Relocating management operations to Brickell eliminates state-level income tax drag up to 13.3%. However, venue choice determines operational position decay. Holding long positions on venues with positive funding rates depletes margin balances continuously, while market order taker fees reduce entry capital before price movement occurs.
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