Deribit perpetual funding

This page extends the Deribit Insights tutorial (SQ-25, cryptarbitrage) from a single-instrument funding chart into a cross-exchange comparison: how much does a long-perp position pay on Deribit vs Binance for the same USD-quoted BTC perpetual? Both Deribit's BTC-PERPETUAL and Binance Coin-M's BTCUSD_PERP are inverse perps quoted in USD; api.funding_rate exposes them under the same Koinju universal symbol BTC-USD-PERP.

Without api.funding_rate you'd hit each exchange's REST endpoint directly — Deribit get_funding_rate_history (hourly, paged backward), Binance Coin-M /dapi/v1/fundingRate (8-hourly, paged forward) — match their bounds, dedup, align timezones, then merge. The SQL drops it all into one query.

Query

WITH
    '2025-06-01' AS start_date,
    '2026-05-01' AS end_date,
    monthly AS (
        SELECT
            formatDateTime(timestamp, '%Y-%m') AS month,
            exchange,
            sum(toFloat64(funding_rate)) * 100 AS funding_pct
        FROM api.funding_rate
        WHERE market = 'BTC-USD-PERP'
          AND exchange IN ('deribit', 'binance')
          AND timestamp >= toDateTime64(start_date, 9, 'UTC')
          AND timestamp < toDateTime64(end_date, 9, 'UTC')
        GROUP BY month, exchange
    )
SELECT
    month,
    sumIf(funding_pct, exchange = 'deribit') AS deribit_funding_pct,
    sumIf(funding_pct, exchange = 'binance') AS binance_funding_pct,
    sumIf(funding_pct, exchange = 'binance')
        - sumIf(funding_pct, exchange = 'deribit') AS spread_pct
FROM monthly
GROUP BY month
ORDER BY month

Functions used: formatDateTime, toFloat64, toDateTime64, sumIf (-If combinator)

Two SQL details worth flagging:

• Same universal name across venues. WHERE market = 'BTC-USD-PERP' matches both Deribit's hourly BTC-PERPETUAL events and Binance Coin-M's 8-hourly BTCUSD_PERP settlements via the dictGet lookup in api.funding_rate. The Python equivalent has to know each exchange's native symbol, which API path serves it, and the per-exchange settlement cadence.

• sumIf is the cheapest pivot. No subqueries, no self-joins — ClickHouse evaluates one filter pass per sumIf call and emits a wide row directly.

Output (2025-06 → 2026-04, BTC-USD-PERP)

11 rows — one per month for the full window:

month	deribit_pct	binance_pct	spread_pct
2025-06	+0.129	+0.302	+0.172
2025-07	+0.934	+0.759	−0.176
2025-08	+0.731	+0.587	−0.144
2025-09	+0.496	+0.324	−0.172
2025-10	+0.803	+0.472	−0.331
2025-11	+0.009	+0.384	+0.375
2025-12	+0.283	+0.382	+0.100
2026-01	+0.476	+0.498	+0.021
2026-02	−0.111	−0.086	+0.025
2026-03	+0.042	+0.106	+0.065
2026-04	−0.004	−0.027	−0.022

A long held over the full 11-month window paid +3.79 % on Deribit vs +3.70 % on Binance — within ~9 bps of each other on a cumulative basis, but the month-over-month spread swings by up to ±0.4 %. October 2025 was the largest one-month dislocation: Deribit funding ran ~33 bps richer than Binance, a window where shorting Deribit and going long Binance Coin-M would have collected the spread (before fees).

Extending it

• More exchanges — append to the IN (...) list and add another sumIf. Same shape works for bybit and okx once their BTC-USD-PERP mappings are wired in (reference_data.future_markets).

• 8-hour rolling rate — Deribit's UI reports interest_8h (rolling sum of the last 8 hourly values). Replace the monthly CTE with sum(funding_rate) OVER (PARTITION BY exchange, market ORDER BY timestamp ROWS BETWEEN 7 PRECEDING AND CURRENT ROW) AS rate_8h.

• Realised funding cost on a position — multiply each *_funding_pct by your average position notional in the same SELECT. The article's GUI does this client-side; SQL does it inline.