Binance BTCUSDT perpetual funding
deriv_binance_perp · derivative · operated by Binance
8 of 8 criteria researched.
Price
What does credit cost here, and how is the price formed?
| Rate formation | derivative_impliedsourceBinance funding rate methodology — premium index plus interest component, clamped: derivative_implied per v1 §8.2. The financing rate is inferred from a traded spread, not quoted by a lender. |
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| Term structure | open_endedsourceBinance BTCUSDT perpetual — no expiry. This is the defining property of a perpetual and is why it maps to the open-ended side of the credit surface rather than the tenor axis (v2 §4.2). |
| Rate certainty | variablesourceBinance BTCUSDT perpetual — the funding rate is recomputed each 8-hour interval from the premium index and an interest-rate component, and is clamped to a cap. Nothing is fixed in advance. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | multiplesourceBinance USDⓈ-M futures index price — a composite of BTC spot prices across several external venues, used for the mark price and the premium index that funding is computed from. |
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| Default & liquidation | not_applicablesourceNot applicable: no loan and no borrower exists. Funding is a periodic payment between long and short holders of the swap. Positions are margin-called and auto-deleveraged, which is a different object from the liquidation of a collateralised loan and is not comparable in this column. |
| Custody & backing | third_party_custodialsourceBinance holds all margin. Positions and collateral are exchange-internal balances, not on-chain, and are not independently verifiable by this project — which is also why the quantity and composition axes are declared unobtainable for this venue. |
| Recourse | not_applicablesourceNot applicable: no loan exists. A negative account balance is absorbed by Binance's insurance fund and, failing that, auto-deleveraging — a counterparty arrangement between exchange users, not recourse against a borrower. |
Composition
Who and what makes up this market?
| Collateral accepted | not_applicablesourceNot applicable: no collateral is posted against a loan. Margin backing a swap position is USDT, and treating it as loan collateral would put a margin balance in a column about what secures borrowing. |
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| Observability | price: full quantity: none — Derivative-implied rows carry a rate only. Open interest is not a credit quantity and is not published on this axis. composition: none — No borrower-level composition exists for a derivative-implied rate. |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.