Bitbase USDT-M perps explained

On Bitbase the headline is only one of three numbers that decide what a trade really costs, so this walkthrough goes through the contract, the fee ladder, funding, and the account settings, then runs one worked trade from open to close.

What you are actually trading

Bitbase perpetuals are USDT-settled contracts with no expiry date. You can go long or short, and a funding payment between the two sides keeps the contract close to the spot index. The public symbol list showed 734 USDT-M perps open for trading this afternoon, from $BTC.USDT and $ETH.USDT down to meme pairs such as $1000PEPE.USDT and $1000BONK.USDT. Smallest order value is 5 USDT on the majors.

Mark price is the index price plus a short moving average of the basis, the gap between the futures order book midpoint and the index, sampled every second over the last 30 seconds. It is not the last trade on one book. That matters because liquidation is checked against mark, so a single sharp wick on Bitbase alone should not by itself trigger it.

The fee ladder

At the base level, VIP 0, futures cost 0.0200% for maker orders and 0.0600% for taker orders. The ladder runs to VIP 7 at 0.0050% maker and 0.0250% taker. You qualify for a level through 30-day futures volume, your current balance, or your 30-day average balance, and the highest qualifying measure wins. VIP 1 needs 5,000,000 USDT of 30-day futures volume, or a 30,000 USDT balance on either balance test. Levels refresh daily at 00:00 UTC.

The balance route is far cheaper than the volume route for most traders, which is easy to miss.

Funding

Funding settles every 8 hours and only positions open at the settlement moment pay or receive. When the contract trades above the index, longs pay shorts; below it, shorts pay longs. On $BTC.USDT the live rate this afternoon was 0.02% per interval, with a cap of plus or minus 2%.

Account settings that change outcomes

1. Margin mode: cross shares your whole futures balance across positions, isolated limits the loss to the margin you assign one position.
2. Position mode: Bitbase supports bidirectional (hedge) positions, so a long and a short on the same pair can sit side by side.
3. Leverage: adjustable per pair, with the ceiling set by each asset's risk parameters. The default shown for BTC, ETH and $SOL.USDT is 20x.
4. Orders: Limit and Market, plus conditional tools such as Reverse Position and One-click Close.

Worked trade: 10,000 USDT notional on BTC

Step 1. You open a 10,000 USDT long on BTC at 20x, so margin is 500 USDT. Step 2. Opening with a market order costs 0.06% of 10,000 = 6 USDT. Step 3. You hold through one funding settlement at 0.02%. As a long in positive funding you pay 0.02% of 10,000 = 2 USDT. Step 4. You close with another market order: 6 USDT more. Step 5. Total cost before price movement: 6 + 2 + 6 = 14 USDT, which is 2.8% of your 500 USDT margin.

Run the same trade with limit orders on both legs and the fees drop to 2 + 2 = 4 USDT, so the total with funding is 6 USDT. Same position, same hold, less than half the cost, decided only by order type.

Reserves

Bitbase publishes a monthly proof of reserves for BTC, ETH, USDT and USDC. For August 2026 it reported BTC at 100.78%, ETH at 109.03%, USDT at 101.96% and USDC at 109.06%. A ratio at or above 100% means holdings cover user balances at that snapshot, and you can check your own account was included. It is not an audit.

Common mistakes

• Reading fees against margin instead of notional. Fees and funding are both charged on the full 10,000, not the 500 you posted.
• Ignoring funding on multi-day holds. Three settlements a day add up, and your VIP level does not reduce them.
• Leaving cross margin on for a speculative pair. One bad meme trade can draw on the balance backing your BTC position.
• Forgetting hedge mode is on. Opening a short does not close your long; you end up paying fees on both.
• Chasing the volume route to VIP 1 when the balance test is reachable.

Short FAQ

Q: Is funding a fee Bitbase keeps? A: No. It is a transfer between long and short holders.

Q: Does a higher VIP level lower funding? A: No. VIP levels only change maker and taker rates.

Q: What price is used for liquidation? A: Mark price, which is the index plus a 30 second moving average basis, checked against your maintenance margin rate.

Q: Is maximum leverage the same on every pair? A: No. Each asset has its own ceiling from its risk parameters, so check the pair before you size.

Checklist before your first Bitbase perp

Pick isolated or cross on purpose, confirm one-way or hedge mode, decide maker or taker for each leg, note the next funding time, and size from notional rather than margin.