· four exchange APIs · rebuilt daily
Offshore Venues Hold a 0.0154% SOL Funding Spread Across Asian Desks
Regulatory limits in Singapore and Hong Kong keep perps offshore, creating a 0.0154% 8-hour funding spread in SOL across major venues.
SOL funding rates show a 0.0154 percentage point spread per 8-hour interval across major offshore platforms servicing Asian traders. The Monetary Authority of Singapore limits retail access to crypto derivatives and restricts leverage. The Hong Kong Securities and Futures Commission allows licensed platforms to offer spot trading in selected high-cap assets to retail investors, but excludes perpetual futures. Because domestic regulatory frameworks prevent onshore retail leverage trading, Asian desk liquidity remains concentrated in offshore venues including OKX, MEXC, Bitget, and Bybit.
This regulatory division splits order flow into separate liquidity pools, causing funding rates and execution costs to diverge between venues. Total 24-hour volume across tracked pairs stands at $8,827,241,918 for ETH, $5,887,030,045 for BTC, $1,568,359,364 for SOL, $786,988,511 for ZEC, $503,314,065 for XRP, and $461,342,948 for XAU.
Live Funding Rate Divergence
Normalised per 8-hour settlement interval, live funding rates display clear pricing gaps between venues. The SOL market exhibits the largest divergence: OKX sets funding at -0.0101%, MEXC sets funding at -0.0045%, and Bitget sets funding at +0.0100% or +0.0053% depending on contract specifications. Between OKX (-0.0101%) and Bitget (+0.0053%), the spread reaches 0.0154 percentage points per 8 hours.
The table below details default 8-hour funding rates, spreads, 24-hour volumes, and the cheapest venue for holding a long position across six contracts.
| Asset | Lowest Long Rate Venue | OKX 8h Rate | MEXC 8h Rate | Bitget 8h Rate | 8h Spread | 24h Volume |
|---|---|---|---|---|---|---|
| ETH | MEXC | +0.0013% | +0.0010% | +0.0100% | 0.0090% | $8,827,241,918 |
| BTC | OKX | +0.0075% | +0.0100% | +0.0100% | 0.0025% | $5,887,030,045 |
| SOL | OKX | -0.0101% | -0.0045% | +0.0053% | 0.0154% | $1,568,359,364 |
| ZEC | OKX | +0.0004% | +0.0017% | +0.0100% | 0.0096% | $786,988,511 |
| XRP | OKX | -0.0015% | +0.0000% | +0.0041% | 0.0056% | $503,314,065 |
| XAU | MEXC | +0.0268% | +0.0130% | +0.0139% | 0.0138% | $461,342,948 |
Worked Funding Arithmetic: SOL Position Carry
A trader holds a long position of $100,000 notional value in SOL for 24 hours, covering 3 funding settlements.
On Bitget, the funding rate is +0.0053% per 8 hours. Longs pay shorts. Per 8-hour interval: 100,000 0.000053 = 5.30 USD. Over 24 hours (3 intervals): 5.30 3 = 15.90 USD paid.
On OKX, the funding rate is -0.0101% per 8 hours. Shorts pay longs. Per 8-hour interval: 100,000 0.000101 = 10.10 USD received. Over 24 hours (3 intervals): 10.10 3 = 30.30 USD received.
Holding the $100,000 SOL long on Bitget costs 15.90 USD per day in funding drag. Holding the same position on OKX yields 30.30 USD per day in received funding. The net daily difference between venues is 46.20 USD per $100,000 held.
Worked Funding Arithmetic: XAU Position Carry
For gold perpetuals (XAU), MEXC requires the lowest funding fee for long positions at +0.0130% per 8 hours, whereas OKX charges +0.0268% per 8 hours.
On a $100,000 notional XAU long held over 24 hours (3 intervals): On MEXC: 100,000 0.000130 3 = 39.00 USD paid. On OKX: 100,000 0.000268 3 = 80.40 USD paid.
The venue spread creates an additional 41.40 USD in daily holding costs on OKX compared to MEXC for an identical position size.
Base Execution Fee Schedules
Base fee schedules vary across venues, altering entry and exit costs before funding rates accrue.
| Venue | Spot Maker | Spot Taker | Futures Maker | Futures Taker |
|---|---|---|---|---|
| Bitget | 0.0010 (0.10%) | 0.0010 (0.10%) | 0.0002 (0.02%) | 0.0003 (0.03%) |
| Bybit | 0.0010 (0.10%) | 0.0010 (0.10%) | 0.0002 (0.02%) | 0.00055 (0.055%) |
| MEXC | 0.0000 (0.00%) | 0.0005 (0.05%) | 0.0000 (0.00%) | 0.0002 (0.02%) |
| OKX | 0.0008 (0.08%) | 0.0010 (0.10%) | 0.0002 (0.02%) | 0.0005 (0.05%) |
Execution costs on a round-trip taker order of $100,000 notional: MEXC futures taker fee: 100,000 0.0002 2 = 40.00 USD. Bitget futures taker fee: 100,000 0.0003 2 = 60.00 USD. OKX futures taker fee: 100,000 0.0005 2 = 100.00 USD. Bybit futures taker fee: 100,000 0.00055 2 = 110.00 USD.
Opening and closing a position via taker orders on Bybit costs 70.00 USD more in baseline fees per $100,000 traded than on MEXC.
Margin Impact and Liquidation Mechanics
Leverage magnifies the impact of trading fees and funding rates on collateral integrity. At 20x leverage, initial margin is 5.0% of nominal position value. An adverse price movement of 5.0% exhausts initial margin, resulting in liquidation before maintenance margin adjustments.
For a $100,000 position backed by $5,000 initial margin at 20x leverage: An entry taker fee of 0.055% ($55.00 on Bybit) reduces collateral by 1.1% immediately upon position entry. Holding an XAU long on OKX for 24 hours at +0.0268% per 8 hours incurs $80.40 in funding fees, deducting another 1.608% of initial margin. Combined execution fees and daily funding decay consume $135.40, or 2.708% of initial margin collateral, without any change in the underlying asset's price.
Regulatory restrictions in Hong Kong and Singapore isolate local accounts from direct onshore perp access. Consequently, Asian market participants face venue-specific funding spreads of up to 0.0154% per 8 hours and taker fee spreads of 0.035% per order, making venue routing a primary determinant of holding capacity and liquidation distance.
Get 20% fee rebate on Bitget →20% of your trading fees back, on every product. The rebate comes out of the commission I would otherwise receive, so it costs you nothing. Affiliate link — see the footer.