Bitbase 2.0 perps walkthrough: what 8-hour funding, hedge mode and mark price do to an ETH position held for a week

The trading rules underneath did not change, so this is a good moment to walk through the three mechanics that decide what a perp position really costs on Bitbase: funding, hedge mode and mark price. One safety note first: a rebrand is a classic moment for fake support accounts. Nobody needs your password or a fund transfer because a logo changed, so update the app only from the official site or the official app stores.

The contract in one paragraph

Bitbase perps are USDT-margined contracts with no expiry. The public contract list shows a 20x default leverage setting on $BTC.USDT, $ETH.USDT, $SOL.USDT, $1000PEPE.USDT and $1000BONK.USDT, with a 5 USDT minimum order value. The default is just where the slider starts. The real ceiling depends on each contract's risk tiers, so check the pair before you size.

Funding: the cost that keeps running

Funding is a payment between longs and shorts, not a fee the exchange keeps. On the contracts checked at 1:24 PM ET today it settles every 8 hours, with a cap of plus or minus 2% per interval. When the rate is positive, longs pay shorts. Two details matter more than the rate itself:

1. It is charged on notional, not on your margin.
2. You pay or receive based on the position you actually hold at the settlement moment. A close order that has not filled yet does not get you out of it.

Live rates at that check: $BTC.USDT 0.0200% and $ETH.USDT 0.0123% per 8 hours. Both move every interval.

Worked example: an ETH long held for a week

Step 1. Open an 8,000 USDT notional long on ETH at 10x. Margin is 800 USDT. Step 2. Fees at VIP 0 are 0.0200% maker and 0.0600% taker. A market order in and a market order out costs 0.06% x 8,000 x 2 = 9.60 USDT. Step 3. Funding at 0.0123% is 8,000 x 0.000123 = 0.98 USDT per settlement, about 2.95 USDT a day over three settlements. Step 4. Seven days at that same rate is about 20.66 USDT, more than twice the taker round trip. Step 5. Realized PnL on Bitbase is closing PnL plus funding received minus trading fees, so that 20.66 comes straight off the result.

Same trade on BTC at today's 0.0200%: 8,000 x 0.0002 = 1.60 USDT per settlement, 4.80 a day, 33.60 for the week. On a multi-day hold the funding line can matter more than the fee tier.

Hedge mode: a pause button that is not free

Bitbase supports hedge mode, so a long and a short on the same contract can stay open side by side. Traders often use it to "pause" a position instead of closing it. Run the numbers on the ETH example. Opening an 8,000 USDT short with a market order costs 4.80 USDT, and closing it later costs another 4.80. While both legs are open, the long pays funding and the short receives the same amount, so funding nets to roughly zero. You have paid 9.60 USDT to stand still, and both legs still pay fees when you finally exit.

There is one useful side effect. If an account in hedge mode heads toward liquidation, Bitbase first cancels open orders, then nets the long and short on the same contract against each other, and only then moves to partial liquidation, the insurance fund and auto-deleveraging.

Mark price: why your liquidation can arrive "early"

Liquidation is checked against mark price, not the last trade. Mark price is the index price plus a moving average of the basis, the gap between the contract price and the index, sampled every second over the last 30 seconds. Major pairs weight recent samples more heavily than long-tail pairs do. A position can be liquidated even when the chart's last price never touched your estimated liquidation price, because the trigger is mark price hitting your maintenance requirement.

Where the fee ladder fits

VIP 1 cuts futures fees to 0.0180% maker and 0.0550% taker. It needs 5,000,000 USDT of 30-day futures volume, or a 30,000 USDT current or 30-day average balance, and levels refresh daily at 00:00 UTC. VIP 7 reaches 0.0050% maker and 0.0250% taker. No VIP level changes funding.

Reserves

Bitbase publishes a reserve ratio and a Merkle root for each asset every month, from a snapshot taken at 00:00 UTC+8 on the 1st. Logged-in users can run a one-click check in their asset report to confirm their balance was included. It shows coverage at that one moment, not in real time.

Before your first Bitbase 2.0 perp

• Pick cross or isolated on purpose.
• Know whether hedge mode is on before you open a short.
• Use Limit or Post Only when you are not in a hurry. Market, Conditional and Trailing Stop orders are there too.
• Note the next funding time and the side that pays.
• Size from notional, not margin.