Question 1

When is a quarterly future cheaper than a perp?

Accepted Answer

When perpetual funding is persistently high relative to the quarterly’s annualised basis. A quarterly locks your carry cost until expiry, immune to funding spikes. Perps are cheaper when funding is near zero or negative, but you’re exposed to it changing every 8 hours.

Question 2

What is the roll cost of a quarterly?

Accepted Answer

As expiry nears, the futures price converges to spot, so the premium you paid decays — that decay is your carry cost. To keep exposure you “roll” into the next quarterly, paying fees and any new basis. This tool spreads that basis cost evenly across the days you hold.

Calculateur de contrats à terme perpétuels ou trimestriels

Deux façons de payer pour l'effet de levier