A perpetual is a bet on price with no expiry, and its price drifts from the real one. Here is that gap on five exchanges, from our 5-second capture, daily average for bitcoin. One line = the five exchanges averaged; pick an exchange or its fee below.
−4.2 bp gap, five exchanges averaged on Oct-25 2026, the last day in this build, measured and published by askthetape.com.
Every five seconds we record, on five exchanges, how far each perpetual's mark price sits from its own index (on OKX and Hyperliquid, the venue's own premium index) and the funding fee it quotes for its next payment. The gap can be compared across exchanges, and the first view is the plain mean of the five; the fee is shown per exchange because each settles on its own clock (Hyperliquid hourly; for bitcoin the others every eight hours — several of the 21 coins pay every four hours on Binance, OKX and Bybit). Historical archive fetched 2026-10-06 from the venue's public endpoint / the public CFTC endpoint; source units and gaps preserved; browser-only.
| leg | own tick capture, BTC daily mean of premium and funding per venue (~17,266 ticks a venue-day) · before our first day the funding legs carry each venue's own funding archive: Binance 2019-09-11 → 2026-04-11 (2,404 days), Bybit 2020-03-26 → 2026-04-11 (2,207 days), Hyperliquid 2023-05-12 → 2026-04-11 (1,062 days) |
|---|---|
| cadence | 5 s, daily mean · archive = every settlement the venue published, averaged over the same UTC day |
| since | 2019-09-11 (the funding legs) · our own capture 2026-04-11 (the premium legs, all five venues) |
| 🩸 the splice was measured on this build, not assumed | the archive is the same file the coin-by-coin funding page runs on, pulled 2026-09-14. On the 149 days where our own capture and the archive overlap, our tick is regressed on the settlement through zero: Binance slope 1.00, correlation +0.97, median gap 0.000610 pp · Bybit slope 0.96, correlation +0.91, median gap 0.000994 pp · Hyperliquid slope 0.99, correlation +1.00, median gap 0.000017 pp. Read it as it is — our number is the mean of the RUNNING rate the venue quoted all day, the archive is what it actually CHARGED at settlement, so they are close but never identical, and Bybit's settled fee runs a few percent under its quoted one. The archive is placed strictly BEFORE our own first day, so the two are never mixed on one day: on every overlapping day this page prints OUR number. |
| 🩸 records are judged inside the current billing regime | a rate is «percent per interval», so a number from an 8-hour era is not comparable with a number from an hourly one. The record high, the record low and the rank on this page are therefore computed only over the CURRENT regime of each leg (Binance since 2019-09-11 · Bybit since 2020-03-26 · Hyperliquid since 2023-06-08), while the whole history stays on the chart with the switch marked. |
| 🩸 the unit is percent per THAT venue's interval, and the interval moved | Binance: 3 payments a day through the archive · Bybit: 3 payments a day through the archive · Hyperliquid: 24 payments a day through the archive · Hyperliquid: 3 → 24 payments a day on 2023-06-08, marked on the chart and kept in the series · Hyperliquid: 3 days (2023-07-02 → 2024-08-15) NOT drawn (23 payments where the leg was paying 24 at the time — incomplete) |
| 🩸 OKX and Bitget start where we did | checked on the same pull that built the archive (2026-09-14): OKX's funding-rate-history answers for about three months and Bitget's history-fund-rate for about 500 records. There is no free archive to splice, so those two funding lines begin on our own first day and say so here. |
| 🩸 what the chart draws before our first day | every number on this page — the 30-day average, the records, the ranks — is computed on the FULL daily series. What travels to your browser is thinned, and each bucket keeps its highest and its lowest day, so the envelope is real. In the 3-year view and shorter our own capture (from 2026-04-11) is drawn day by day; the all-time view is thinned END TO END to about 160 points, so there even the recent days are buckets, not single days. |
| archival source | Historical archive fetched 2026-10-06 from the venue's public endpoint / the public CFTC endpoint; source units and gaps preserved; browser-only. |
| historical views | Browser-only historical views retain the source dates and units. |
| this build | data to Oct-25 2026 |
| policy | no backfill · read it here · export: from 2026-04-11 (rows before that day are the exchange's own archive and stay here) |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-26 2026 08:25Z.
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