Collateral
Loan denomination
Binance BTCUSDT perpetual funding
Binance · derivative-implied · observed from 2019-09-10
What we can see here. Rates are live, quantity is not available, and composition is not available. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.
1Structure
What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.
Oracle dependency what price the loan depends on, if any | multiple Binance USDⓈ-M futures index price — a composite of BTC spot prices across several external venues, used for the mark price and the premium index that funding is computed from. |
Liquidation what happens when collateral falls | not applicable Not applicable: no loan and no borrower exists. Funding is a periodic payment between long and short holders of the swap. Positions are margin-called and auto-deleveraged, which is a different object from the liquidation of a collateralised loan and is not comparable in this column. |
Term whether the loan has an end date | open-ended Binance BTCUSDT perpetual — no expiry. This is the defining property of a perpetual and is why it maps to the open-ended side of the credit surface rather than the tenor axis (v2 §4.2). |
Rate certainty whether the rate can move after origination | variable Binance BTCUSDT perpetual — the funding rate is recomputed each 8-hour interval from the premium index and an interest-rate component, and is clamped to a cap. Nothing is fixed in advance. |
Rate mechanism how the rate is set | derivative-implied Binance funding rate methodology — premium index plus interest component, clamped: derivative_implied per v1 §8.2. The financing rate is inferred from a traded spread, not quoted by a lender. |
Custody who holds the collateral | third-party custodial Binance holds all margin. Positions and collateral are exchange-internal balances, not on-chain, and are not independently verifiable by this project — which is also why the quantity and composition axes are declared unobtainable for this venue. |
Collateral what secures the borrowing | not applicable Not applicable: no collateral is posted against a loan. Margin backing a swap position is USDT, and treating it as loan collateral would put a margin balance in a column about what secures borrowing. |
Recourse whether liability stops at the collateral | not applicable Not applicable: no loan exists. A negative account balance is absorbed by Binance's insurance fund and, failing that, auto-deleveraging — a counterparty arrangement between exchange users, not recourse against a borrower. |
2Rates
What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.
live
This venue’s rate is published in the cross-venue comparison rather than duplicated here, so the figures on both surfaces cannot drift apart. See it beside every other venue.
3Quantity
Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.
not available
Derivative-implied rows carry a rate only. Open interest is not a credit quantity and is not published on this axis.
4Composition
Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.
not available
No borrower-level composition exists for a derivative-implied rate.
5Markets
The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).
No per-market breakdown is published for this venue. Either its markets are not individually resolved yet, or the venue does not partition into markets in a way that would tell a reader anything.
6Funding and basis
Specific to how this venue sets its rate — derivative-implied. Every venue of the same mechanism class gets the same panel.
Funding history, and futures basis by expiry.
This venue runs no contracts to resolve, so nothing on this page is read from a chain. Its structural attributes above are established from published terms, documentation or filings, and each cell carries the specific source establishing it — which is why the rows here are visibly thinner than an on-chain venue’s, and why an unpublished property is marked undisclosed rather than filled with the industry convention. Last resolved 2026-07-24. Funding history held from 2019-09-10 to date in perp_funding_rates. The observation count is stated live on the funding panel rather than written here, because a hand-maintained count goes stale: this sentence read "7,528 observations" against a series that had reached 7,550. This is the zero-duration point of the term structure and is already published as LCI. source_type is published_card because the figure comes from an exchange API rather than from chain events; none of the four source_type values fits an exchange feed exactly, and this is the closest honest label.