The hidden cost of holding a perpetual position: funding rates explained for traders in Turkey

Perpetual futures contracts have no expiry date, which makes them convenient for holding a position over days or weeks. To keep their price close to the underlying market, exchanges use a funding mechanism: at regular intervals, traders on one side of the market pay traders on the other side. When funding is positive, long positions usually pay shorts; when it is negative, shorts usually pay longs. The amounts can be small per interval but add up over time, especially with leverage, since funding is typically calculated on the full position size. This guide explains how funding works on exchanges such as Binance, OKX, Bybit and Bitget, how traders in Turkey can estimate its cost for a planned holding period and why it belongs in every decision about holding a leveraged position.

How funding payments work

At each funding interval, the exchange calculates a rate based on the difference between the perpetual price and a reference index, among other factors. If you hold a position at that moment, you either pay or receive the rate multiplied by your position value. The interval length and the calculation method are described on each exchange's official futures help pages. Note that they may differ between exchanges and between contracts on the same exchange.

Estimate the cost of your holding period

Look up the current funding rate and the interval for your contract, then multiply by your position value and the number of intervals you expect to hold. The result is only an estimate, because rates change at each interval, but it shows the order of magnitude. Compare this figure with the profit you expect from the trade. A position that is right on direction can still lose money if funding costs over several weeks exceed the move.

Understand why leverage magnifies funding

Funding is usually charged on the full position value, not on your margin. With high leverage, a small funding rate can represent a large percentage of the margin you actually put up. This is one of several reasons leverage increases risk: besides faster liquidation, ongoing costs eat into a smaller margin more quickly. Using lower leverage or a smaller position keeps both risks more manageable.

Track funding in your records

Most exchanges show funding payments in your transaction or futures history. Record them alongside trading fees so that your profit and loss reflects the full cost of holding. Reviewing these records after a few positions shows how much funding contributed to your results. Futures trading carries a high risk of loss, and funding is one more reason to plan the holding period before opening a position.

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Scenario checkpoint

• Check the funding interval and calculation method on the exchange's futures help pages.
• Estimate funding cost by multiplying rate, position value and expected intervals.
• Compare estimated funding cost with the expected gain before holding for weeks.
• Remember funding applies to full position value, which leverage magnifies relative to margin.
• Record funding payments together with trading fees in your profit and loss.