The research library
Understand the cost
of a trade.
Worked examples and research on fees, funding and margin. Start with the calculation, then explore the assumptions behind the number.
Model opening fees, closing fees and funding with your own assumptions.
Costs & fee schedules
Read the terms, separate the fee components, and work through the arithmetic.
How to read a fee schedule
A guide to maker and taker fees, account tiers, and the conditions behind a headline rate.
Read the articleBase-tier perpetual fees, compared
The July 2026 fee study, with its original figures, sources and correction record.
Read the articleHow trading style changes the cost
Worked examples for different trade sizes, maker shares and holding periods.
Read the articleUnderstanding the levers behind trading fees
How order type, volume and funding contribute to the cost of a position.
Read the articleBinance and OKX: a dated cost comparison
A historical comparison of fee assumptions, funding observations and venue differences.
Read the articleBybit and Bitget: the July comparison
A dated look at fees and margin tiers. Current product availability needs a separate check.
Read the articleHow volume-based fee tiers work
Examples of tier thresholds and the arithmetic behind a change in trading fees.
Read the articleFunding & holding costs
Understand settlement timing, rate signs and the limits of comparisons across venues.
How funding payments work
Follow a position through settlement and see how notional, rate and direction affect the payment.
Read the articleA historical study of funding direction
A fixed-window study of positive settlements and cumulative funding across a basket of coins.
Read the articleA census of settlement intervals
The July 2026 observations behind the need to compare rates on a common time basis.
Read the articleWhy funding differs across exchanges
What a cross-venue spread measures, with historical examples and comparison limits.
Read the articleThe costs behind funding arbitrage
The mechanics of a hedged position, including fees, changing funding and execution risk.
Read the articleContracts, margin & risk
Context for reading a cost estimate and understanding what it leaves out.
What is a perpetual future?
An introduction to contracts without expiry, funding, margin and the possibility of liquidation.
Read the articleReading maintenance-margin tiers
How position size changes margin requirements, illustrated with dated venue examples.
Read the articleHow liquidation works
Maintenance margin, partial liquidation, insurance funds and auto-deleveraging explained.
Read the article