PERP_SPX500_USDC · 8h funding · pins inside the band
The premium is outside the clamp band, so funding moves with it one-for-one.
F = P + 0.020% = -0.0329% + 0.020% = -0.0129%Outside the band the interest clamp is saturated, so funding moves one-for-one with the premium.
Every parameter above is read from Orderly’s public market information for this symbol, not hardcoded.
Measured in your browser from Orderly’s depth-100 book against the index price, using this market’s impact notional of $20,000. While this market is pinned, this is the only way to see the premium at all — the settled rate carries none of it.
Connecting to the order book…
Funding accrues continuously but is paid for once, on entry and exit. At 3 bps taker, a round trip costs 6 bps — so a rate only becomes worth capturing once it has been held long enough to cover that.
| Execution | Round trip | Breakeven |
|---|---|---|
| Cross both legs | 6 bps | 1.6 days |
| Post entry, cross exit | 3 bps | 18.6 hours |
| Post both legs | 0 bps | immediate |
Perp round trip only. The figures above assume both legs cross the spread, which is the conservative case — a posted order is cheaper at this tier (0 bps maker) but is not a filled order, and an unfilled entry captures no funding at all. A delta-neutral basis trade adds a spot leg with its own swap fee, gas and slippage, so treat this as a floor on cost rather than the whole of it. Funding also moves while a position is open — these figures hold the current rate constant, which it will not be.
Funding is paid to the long side while the rate keeps its current sign. On $10,000.00 of notional, net of a 6 bps round trip:
| Hold | Net funding | Erased by a move of |
|---|---|---|
| 7 days | $21.05 (0.210%) | 0.210% |
| 30 days | $109.92 (1.099%) | 1.099% |
| 90 days | $341.76 (3.418%) | 3.418% |
This is a directional position, not a carry trade. Funding and price move the same notional, so the third column is simply the second one restated — and a 1.10% move against a long is an ordinary session on most of these markets. Holding spot on the other side removes that exposure and leaves the funding; it also adds the spot leg’s swap fee, gas and slippage, which this page does not price.
Holds the current rate constant, which it will not be — funding is re-set every 8 hours and can change sign. Below 1.6 days the round trip costs more than the funding earned. Leverage scales the yield and the price risk by the same factor, so it changes the size of both and the ratio of neither. Nothing here is a recommendation to trade.
Rates are Orderly’s own estimates for the period in progress and move until settlement. Orderly applies the clamp per 15-second sample and then averages, so any premium recovered from a settled rate is an approximation — the live reading above is measured, not inferred. Nothing here is a recommendation to trade.