On a $10,000 perpetual position, a total carrying cost of 0.21% is $21. At 10x leverage, that is 2.1% of posted margin before price direction enters the conversation.
That is the real trap in perpetuals: traders think about entry, then P&L, and only later about costs. The exchange already thought about costs first.
The Full Cost Formula
Use this model:
Total cost = (Entry fee + Exit fee) + (Funding rate x holding periods) - Rebate
That is the minimum honest version.
Map the Cost Layers
Current official docs show the layers clearly:
- Bybit's current fee explainer lists non-VIP perpetual and futures trading at 0.06% taker / 0.01% maker.
- Bybit's funding fee calculation page states funding is exchanged every 8 hours, and the funding fee formula is Position Value x Funding Rate.
- Binance Academy's funding rates article explains the same 8-hour rhythm and notes Binance's default interest component of 0.03% daily, split into three 0.01% funding events.
So the trader pays, or receives, from several layers:
| Cost layer | When it hits | Formula |
|---|---|---|
| Entry fee | On execution | Notional x fee rate |
| Funding | Every 8 hours while open | Position value x funding rate |
| Exit fee | On close | Notional x fee rate |
| Liquidation fee, if applicable | On forced close | Venue-specific |
Across accounts on our platform, traders usually underestimate the third line, not the first. Funding feels small until it repeats nine times across a multi-day hold.
Worked Example: 3-Day Perpetual Hold Across Three Account Sizes
Assume:
- Position notional: $10,000
- Leverage: 10x
- Margin posted: about $1,000
- Entry fee: 0.06%
- Exit fee: 0.06%
- Funding rate: 0.01% every 8 hours
- Holding time: 3 days = 9 funding windows
Now calculate the base $10,000 case:
| Component | Rate | Dollar cost |
|---|---|---|
| Entry fee | 0.06% | $6.00 |
| Exit fee | 0.06% | $6.00 |
| Funding over 9 periods | 0.09% | $9.00 |
| Total cost before rebate | 0.21% | $21.00 |
If Sliceback returns 40% of paid trading fees, the rebate applies to the fee portion, not the funding portion:
Fee portion = $6 + $6 = $12
Rebate = $12 x 40% = $4.80
Net total cost = $21 - $4.80 = $16.20
The useful way to read this is by scale:
| Position notional | Entry + exit fees | Funding over 3 days | Total cost before rebate | Rebate at 40% of fees | Net total cost |
|---|---|---|---|---|---|
| $10,000 | $12 | $9 | $21 | $4.80 | $16.20 |
| $100,000 | $120 | $90 | $210 | $48.00 | $162.00 |
| $500,000 | $600 | $450 | $1,050 | $240.00 | $810.00 |
Why Leverage Makes the Cost Feel Worse
Fees and funding are charged on notional, not on your posted margin.
That means the same 0.21% notional cost becomes very different depending on how thin the posted margin is:
| Leverage | Margin posted on $10,000 notional | Total 3-day cost | Effective cost on margin |
|---|---|---|---|
| 5x | $2,000 | $21 | 1.05% |
| 10x | $1,000 | $21 | 2.10% |
| 20x | $500 | $21 | 4.20% |
If the market chops sideways for three days, the position can lose meaningful performance without being "wrong" on direction yet.
Pro Insight: Traders usually call funding the "small" cost and fees the "obvious" cost. On leveraged swing holds, the better framing is this: fees are fixed at entry and exit, but funding is a timer that keeps charging rent on indecision.
A Small But Important Venue Detail
The phrase "liquidation fee" should always be checked against the venue, not assumed.
Bybit's current fee overview explicitly states that it does not charge a liquidation fee for perpetual and futures trading. That does not mean all venues or products behave the same way. It means you should model the actual contract you trade, not a generic futures template.
Where the Rebate Fits
A rebate does not change:
- the funding rate,
- the holding period,
- or the direction of the trade.
It does reduce the most controllable layer: execution fees.
That is why Hidden Trading Costs: How Fees Eat 30% of Profit and What Is a Trading Rebate? Full 2026 Guide are the two most relevant adjacent reads here. One frames the drag; the other explains the recovery mechanism.
Bottom Line
Perpetuals are not just "entry plus exit."
They are a stack of costs that compounds with time, leverage, and execution style. On a $100,000 position, the same plain-vanilla 3-day hold returns $48 in rebate. On $500,000, it returns $240. That is no longer a rounding error.
Once you model the full stack, the rebate stops looking like a bonus and starts looking like basic cost recovery. Sliceback returns up to 40% of paid fees on eligible referral-linked accounts: create your account.