From October 2025 to September 2026, Binance’s BTCUSDT perpetual contract made 1,095 funding payments totaling 3.37% of notional, far below the theoretical 10.95% calculated from the 0.01% reference rate. Nearly one in four payments was negative over the period, and the reference rate was never exceeded. With execution fees of 0.10% for a full round trip, it took an average of eleven days of payments to simply break even on transaction costs. In Bitcoin, the inverse contract returned 4.17% over the same period, but the 26% drop in Bitcoin reduced the dollar value of the position by 22%.
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