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Cheapest exchange to hold perpetual positions varies by asset
The finding
Holding a 100,000 USD long position in BTC for 30 days creates a 532 USD total cost gap between venues.
OKX requires 378 USD in total funding payments per 100,000 USD open interest versus 900 USD on Bybit.
Execution fees account for under 25 percent of total position cost after 14 days of holding.
Finding the cheapest exchange to hold perpetual contracts requires evaluating normalized funding rates alongside trading fee schedules. The cheapest exchange to hold perpetual long positions in BTC and ETH is OKX, while Bitget is cheapest for ZEC and SOL.
The cheapest exchange to hold perpetual contracts across four venues
Funding rates settle every 8 hours, yielding 90 settlement periods over a 30-day duration. An exchange with lower execution fees can prove more expensive over a month if its funding rate is higher.
For BTC, OKX carries a normalized rate of +0.0042% per 8 hours. Bybit carries +0.0100% per 8 hours. Over 30 days, holding a long position on Bybit incurs 0.900% in funding payments, while OKX incurs 0.378%.
| Asset | OKX 8h Rate | MEXC 8h Rate | Bitget 8h Rate | Bybit 8h Rate | 24h Volume | Lowest Holding Cost Venue |
|---|---|---|---|---|---|---|
| BTC | +0.0042% | +0.0058% | +0.0063% | +0.0100% | $10,562,406,716 | OKX |
| ETH | +0.0009% | +0.0011% | +0.0027% | +0.0027% | $8,246,364,599 | OKX |
| ZEC | +0.0072% | +0.0084% | -0.0049% | +0.0028% | $1,973,620,781 | Bitget |
| SOXL | +0.0027% | +0.0000% | +0.0141% | +0.0135% | $1,316,904,875 | MEXC |
| SNDK | +0.0000% | N/A | +0.0123% | +0.0070% | $1,152,811,116 | OKX |
| SOL | +0.0040% | +0.0064% | -0.0018% | +0.0024% | $1,039,893,180 | Bitget |
Where this goes wrong
Negative funding rates force short positions to pay long positions. On Bitget, SOL and ZEC long positions receive payments rather than paying them.
Order execution fees compared to long-term funding
Exchanges charge futures entry and exit fees upon order execution. Default futures fee schedules differ across maker and taker orders across all four venues.
MEXC sets futures maker fees at 0.0000% and taker fees at 0.0200%. Bitget charges 0.0200% maker and 0.0300% taker. OKX charges 0.0200% maker and 0.0500% taker. Bybit charges 0.0200% maker and 0.0550% taker.
| Exchange | Futures Maker Fee | Futures Taker Fee | Round-Trip Taker Fee |
|---|---|---|---|
| Bitget | 0.0200% | 0.0300% | 0.0600% |
| Bybit | 0.0200% | 0.0550% | 0.1100% |
| MEXC | 0.0000% | 0.0200% | 0.0400% |
| OKX | 0.0200% | 0.0500% | 0.1000% |
What to do instead
Calculate total holding fees over the planned trade duration before selecting a venue based on order execution fees alone.
Opening and closing a 100,000 USD position using taker orders costs 40 USD on MEXC, 60 USD on Bitget, 100 USD on OKX, and 110 USD on Bybit. On a 1-day trade, MEXC is the lowest cost venue for BTC. On a 30-day trade, lower funding makes OKX cheaper despite higher taker fees.
Worked arithmetic for a 30-day position duration
Consider a 100,000 USD long BTC position held for 30 days, entered and exited via taker orders.
On OKX, entry and exit fees equal 100 USD. Funding equals 0.0042% multiplied by 90 periods, which equals 0.378%, or 378 USD. Total cost equals 478 USD.
On Bybit, entry and exit fees equal 110 USD. Funding equals 0.0100% multiplied by 90 periods, which equals 0.900%, or 900 USD. Total cost equals 1,010 USD.
On MEXC, entry and exit fees equal 40 USD. Funding equals 0.0058% multiplied by 90 periods, which equals 0.522%, or 522 USD. Total cost equals 562 USD.
On Bitget, entry and exit fees equal 60 USD. Funding equals 0.0063% multiplied by 90 periods, which equals 0.567%, or 567 USD. Total cost equals 627 USD.
Worth knowing
Holding costs scale directly with open interest size and duration, whereas execution fee tiers remain static until volume thresholds change.
For SOL, Bitget charges 60 USD in taker execution fees for a 100,000 USD round-trip trade. Over 30 days, the negative rate of -0.0018% per 8 hours pays the long holder 162 USD. Net holding balance on Bitget yields a 102 USD credit.
Which exchange has the cheapest funding rate for BTC perpetuals?
OKX offers the lowest funding rate for BTC long positions at +0.0042% per 8-hour interval. This results in a 30-day funding cost of 378 USD on a 100,000 USD position, compared to 900 USD on Bybit.
How do execution fees affect long-term holding costs on perpetual exchanges?
Execution fees are paid twice when opening and closing a position, while funding rates accrue every 8 hours. On trades held longer than two weeks, funding payments exceed order execution costs on all four exchanges.
Which exchange pays long position holders for SOL perpetual contracts?
Bitget has a negative funding rate of -0.0018% per 8 hours on SOL perpetuals. Long positions receive 1.80 USD per 8 hours for every 100,000 USD in position value rather than paying a fee.
What is the total cost difference between OKX and Bybit for a 30-day BTC long?
On a 100,000 USD position with taker order execution, total venue costs equal 478 USD on OKX and 1,010 USD on Bybit. OKX reduces total position cost by 532 USD over 30 days due to lower funding rates and lower taker fees.