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Bar chart of Bitcoin option open interest at every listed Deribit strike on 2026-10-11 at 08:39 UTC, 90 bars spanning strikes from $20,000 to $250,000 against an index price of $82,997, with the four heaviest strikes labelled: $95,000 holding 29.7 thousand BTC or 8.0 percent, $90,000 holding 26.6 thousand or 7.1 percent, $100,000 holding 23.7 thousand or 6.3 percent and $80,000 holding 23.0 thousand or 6.2 percent, a dashed line marking the max pain strike of $79,000 at 0.84 percent of board open interest, and a note that 12 of the 90 strikes hold half of the 373,216 BTC total
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Bitcoin Option Open Interest by Strike: 12 of 90 Strikes Hold Half the Board

On 2026-10-11 at 08:39 UTC the whole Deribit Bitcoin option board held 373,216 BTC of open interest across 930 contracts and 90 strikes. Twelve strikes hold half of it, the heaviest holds 8.0 percent, and the max pain strike holds 0.84 percent.

Athenum AnalyticsAthenum Analytics19 min read
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Horizontal bars showing the median round trip cost on a Deribit Bitcoin option quote as a percentage of the option's own mid premium, by time to expiry, at 2026-10-10 04:12 UTC: 12.67 percent for 38 contracts expiring within a day, 11.99 percent for 184 expiring in one to seven days, 5.10 percent for 150 expiring in seven to thirty days, 3.77 percent for 213 expiring in thirty to ninety days and 3.14 percent for 296 expiring beyond ninety days, each bar carrying a gold interquartile whisker and the count of contracts in the bucket, against a dashed board median of 5.06 percent over all 881 two sided quotes

Bitcoin Options Spread: the Median Round Trip Costs 5.06 Percent of the Premium

Measured on the whole 950 contract Deribit BTC board at 2026-10-10 04:12 UTC, the 881 two sided quotes carry a median round trip cost of 5.06 percent of the option's own premium. The other 69 had no bid at any price, and 63 of those carry open positions.

Athenum AnalyticsAthenum Analytics
19 min
Horizontal bars showing how many hours a long must hold a Bitcoin perpetual before cumulative funding exceeds the round trip taker fee, measured over the 30 closed days ending 2026-10-08 00:00 UTC: Hyperliquid 88 hours, Bitget 153, OKX 164, Binance 178 and Bybit 214, each with a gold whisker for the range across the window's three 10 day blocks and a diamond for the hour the realized path actually crossed

Cost of Holding a Bitcoin Perp: Funding Passes the Round Trip Fee at the 18th Settlement

The cost of holding a bitcoin perp is usually compared venue by venue on the taker fee, and that is the smaller of the two numbers as soon as the position lives longer than a few days. Over the 30 closed days to 2026-10-07 a Binance long paid 40.33 basis points of funding against a 10 basis point round trip, so the funding bill passed the fee at the 18th of 90 settlements.

Athenum AnalyticsAthenum Analytics
14 min
Every live perpetual on Binance, Bybit, OKX, Bitget and Hyperliquid plotted by its tick size in basis points of its own price on a logarithmic axis, with the contracts where half a tick exceeds that venue's standard taker fee marked in gold: 3 of 568 on Binance, 14 of 850 on Bybit, 0 of 500 on OKX, 1 of 813 on Bitget and 6 of 178 on Hyperliquid

Tick Size vs Taker Fee: On 24 Perps Half a Tick Costs More Than the Fee

On a Bitcoin perpetual the taker fee dwarfs the price grid, and that is the comparison almost everyone generalizes from. Read across every live perpetual on five venues at 08:40 UTC on 2026-10-06, 2,909 contracts in all, it inverts on the long tail. The tick is a fixed number of decimal places.

Athenum AnalyticsAthenum Analytics
13 min
The biggest single market order on a Bitcoin perpetual on 2026-10-05: Binance BTCUSDT 10.33 million dollars, Bybit BTCUSDT 12.91 million, OKX BTC-USDT-SWAP 30.12 million, each bar labelled with where that venue puts its limit order cap, 8.3 times higher on Binance, 10 times higher on Bybit and 1.5 times LOWER on OKX at 20.00 million, and a gold dashed line at 19.48 million marking the asks resting within 10 basis points of the mid on Binance

Maximum Market Order Size: Bitcoin Stops at $10.3M and a Typical Perp at $99,510

Binance, Bybit and OKX each publish a hard ceiling on how much one market order may take, and it is a different number from the limit order ceiling. On 2026-10-05 the Bitcoin perpetual stopped at $10.33M, $12.91M and $30.12M, while the median contract stopped at $99,510, $26,376 and $16,488.

Athenum AnalyticsAthenum Analytics
17 min
Reserve behind the Bitcoin perpetual at four venues on 2026-10-03: Binance $1,290M shared by 8 contracts and 856 basis points of cover, Bybit $386M shared by 161 contracts and 668 basis points, OKX $90M for the single BTC-USDT swap and 373 basis points, the whole Hyperliquid HLP vault $183M against all 178 live markets and 144 basis points, and the four HLP liquidator strategies alone $33M and 26 basis points

Crypto Insurance Funds Are Not One Pot: 123 at Binance, and Cover Varies a Hundredfold

The futures insurance fund is the reserve that pays the winner when a liquidation closes worse than its bankruptcy price, and when it runs out the venue reaches for auto deleveraging instead. Almost everything written about it, including two explainers on this blog, treats it as one number per excha

Athenum AnalyticsAthenum Analytics
17 min
Athenum chart of what decides whether a liquidation closes only part of a position at eight perpetual venues on 2026-09-24, with four gating it on the risk limit tier and three carrying no size condition in the rule at all

Who Gets a Partial Liquidation and Who Gets Closed All at Once

A liquidation does not always close your whole position. Reading eight venues' own liquidation documentation on 2026-09-24, all of them document closing some positions in part, and they disagree about whose. Bybit, OKX, Bitget and Gate gate the step on the risk limit tier, so a bottom tier position is closed in one action, and OKX stops a rung higher still, at tier 2. Hyperliquid gates on a flat 100,000 USDC of position size, and above it grants one slice before a 30 second cooldown in which orders go back to full size. Binance makes one Immediate or Cancel attempt for every position with no size term in its rule while documenting why smaller ones fare worse anyway. Kraken closes in fixed 10 per cent increments and Deribit repeats liquidation rounds until the requirement is met, neither with a size condition. Position size sits inside the rule itself on five of the eight venues we read and is absent from the rule on the other three.

Athenum AnalyticsAthenum Analytics
20 min
Athenum bar chart of every 24 hour change figure published for the Bitcoin USDT perpetual at one instant on 2026-09-22 08:39:25 UTC: Bybit +3.662 per cent, Gate.io +2.790, OKX +2.783, Bitget +2.761 and Binance +2.533 all measured from a trailing 24 hour window, against OKX sodUtc8 at -0.092 per cent measured from 00:00 UTC+8 and OKX sodUtc0 at -0.902 and Bitget changeUtc24h at -0.916 measured from 00:00 UTC, a total spread of 4.58 percentage points.

Bitcoin 24 Hour Change: Which Baseline, and Why It Flips the Sign 1 Hour in 4

A Bitcoin 24 hour change is a two point statement, and exchanges disagree about the first point. Some measure from a trailing 24 hour window, some from the price at 00:00 UTC, and OKX also publishes one from 00:00 UTC+8. Read at 2026-09-22 08:39:25 UTC in a 3.0 second capture, the BTC/USDT perpetual carried +3.662 per cent on Bybit and -0.916 per cent in Bitget's since-midnight field, a spread of 4.58 percentage points on the same asset at the same second, with Bitget returning both of its figures in one response object. This is not an edge case. Over the 8,760 hourly readings from 2025-09-22 09:00 UTC to 2026-09-22 08:00 UTC the two baselines differed by a median 0.663 percentage points, by more than 1 point at 37.1 per cent of readings and by more than 2 at 16.3 per cent, and they carried OPPOSITE SIGNS at 2,240 of 8,760, or 25.6 per cent. The disagreement is strongly patterned by the clock: at 01:00 UTC the two figures pointed opposite ways on 51.0 per cent of days, at 23:00 UTC on 4.9 per cent. The same split runs through metrics other than price. Athenum's own cross-venue Bitcoin perpetual open interest at 2026-09-22 07:00 UTC reads +6.96 per cent against 24 hours earlier and -0.81 per cent against 00:00 UTC, from one series at one stamp.

Athenum AnalyticsAthenum Analytics
18 min
Athenum box chart of the absolute gap between the USDC-quoted and the USDT-quoted Bitcoin perpetual funding rate at the same settlement stamp, measured on 2026-09-21 over 270 matched settlements per venue: the median gap is 0.00197 points per 8 hours on Binance BTCUSDT against BTCUSDC, 0.00215 on Bitget BTCUSDT against BTCPERP and 0.00243 on Bybit BTCUSDT against BTCPERP, with maxima of 0.0095, 0.0156 and 0.0115 and 18, 21 and 18 settlements identical.

USDC vs USDT Funding: One Exchange, Two Bitcoin Rates at the Same Settlement

USDC vs USDT funding is not a distinction most dashboards make, and it should be. A Bitcoin perpetual quoted in USDC and a Bitcoin perpetual quoted in USDT on the SAME exchange are two books with two premium indices and two quote-currency reference prices, so they charge two different rates at the s

Athenum AnalyticsAthenum Analytics
15 min
Athenum line chart of how a Binance perpetual's funding rate settles down with contract age, measured on 2026-09-20 across 514 live USDT-margined perpetuals older than 100 days: the median contract's mean absolute funding is 3.07 times its own days 31 to 90 on day 1 (n=485), 1.78 times on days 2 to 3 (n=511), 1.14 times on days 4 to 7 (n=512), 1.05 times on days 8 to 14 (n=513) and 1.02 times on days 15 to 30 (n=513), with a shaded interquartile band running from 0.87 to 7.71 on day 1 and a gold dashed line at 0.81 marking the day 1 placebo anchor run at day 200.

New Perpetual Listings: Day One Funding Is 3x the Contract's Own Later Life

New perpetual listings carry their most violent funding in the hours after they list, and the size of that is measurable rather than folkloric. We read all 528 live USDT-margined perpetuals on Binance's USD-M board on 2026-09-20, kept the 514 with enough history, and compared each contract against i

Athenum AnalyticsAthenum Analytics
22 min
Athenum box plot of every Bitcoin perpetual funding settlement on Binance, Bybit, OKX, Bitget and Hyperliquid from 2026-06-19 to 2026-09-17 and on Gate.io from 2026-08-18, absolute size in per cent of notional on a log axis: Binance 270 settlements with a median near 0.0059 and a maximum of 0.0100, Bybit 270 with a maximum of 0.0100, OKX 270 with a maximum of 0.0100, Bitget 270 with a maximum of 0.0127, Hyperliquid 2,160 hourly settlements with a maximum of 0.0038, and Gate.io 90 with a maximum of 0.0100, all of them sitting far below a gold dashed line drawn at the 0.10 per cent round trip taker fee.

When Is Funding Charged on a Bitcoin Perp? At the Stamp, and Dodging One Costs 8 Times More

Perpetual funding is not rent that accrues while you hold. It is a transfer taken from whoever is open at the settlement stamp, so a position opened and closed between two stamps pays nothing at all, and a position held for ten minutes across one pays the full interval rate. That makes the interval

Athenum AnalyticsAthenum Analytics
15 min
Athenum stacked bar chart of Bybit USDT-margined perpetual survival by listing cohort on 2026-09-14: contracts listed under 90 days ago survive at 100.0 per cent with 200 in the cohort and 0 gone, those listed 90 to 180 days ago at 98.7 per cent with 79 in the cohort and 1 gone, 180 days to a year at 90.4 per cent with 94 and 9 gone, one to two years at 60.3 per cent with 252 and 100 gone, and over two years at 55.5 per cent with 445 in the cohort and 198 gone, the delisted share drawn in red above each gold surviving share.

Perpetual Futures Survivorship Bias: 172 of Bybit's 571 One Year Contracts Are Already Gone

If you build a universe of perpetual contracts by calling a venue's live instrument endpoint, you are sampling survivors, and on 2026-09-14 the size of that is measurable rather than theoretical.

Athenum AnalyticsAthenum Analytics
20 min