PerpFinder research reports
Each report reads stored PerpFinder measurements for a stated period. It shows its sample counts and its data file. A person reviews each report before it is published.
Published reports
Newest firstIn ISO week 38 of 2026, the stored daily snapshots hold $1,446.54 billion of centralized perpetual volume. The perp-DEX protocols hold $153.65 billion over the same days, a share of 9.60 percent. The open-interest-weighted BTC funding rate held a median of 0.000890 percent per hour, or 7.80 percent at a simple annual rate. A $1,000,000 BTC perpetual order cost a median of 6.348 basis points across 950 order-book observations.
In ISO week 37 of 2026, the stored daily snapshots hold $1,300.02 billion of centralized perpetual volume. The perp-DEX protocols hold $129.50 billion over the same days, a share of 9.06 percent. The open-interest-weighted BTC funding rate held a median of 0.000677 percent per hour, or 5.93 percent at a simple annual rate. A $1,000,000 BTC perpetual order cost a median of 6.423 basis points across 756 order-book observations.
In ISO week 36 of 2026, the stored daily snapshots hold $1,413.29 billion of centralized perpetual volume. The perp-DEX protocols hold $140.45 billion over the same days, a share of 9.04 percent. The open-interest-weighted BTC funding rate held a median of 0.000709 percent per hour, or 6.21 percent at a simple annual rate. A $1,000,000 BTC perpetual order cost a median of 6.330 basis points across 537 order-book observations.
From 2026-09-12 12:00 UTC to 2026-09-23 06:00 UTC, PerpFinder stored 44 volume-quality sweeps under methodology version 3. In the latest sweep, 20 centralized perpetual venues reported $243.3 billion of 24-hour volume. 99.8 percent of the stored venue rows reached the $1,000,000 top of the standardized ladder, so the reported-to-support ratio ranks venues mostly by reported turnover and not by depth. The daily snapshots from 2026-07-01 to 2026-09-21 hold 28 venue-days above the 3× spike rule. This issue covers part of the quarter.
The PerpFinder Cost Index for September 2026 covers a partial month. It uses 43 stored 6-hour sweeps from 2026-09-12 12:00 UTC to 2026-09-23 00:00 UTC. For a $10,000 BTC market buy, Lighter had the lowest median all-in cost, 0.394 bps. Lighter also had the lowest $10,000 median for ETH (0.474 bps) and SOL (0.766 bps).
In ISO week 35 of 2026, the stored daily snapshots hold $1,476.96 billion of centralized perpetual volume. The perp-DEX protocols hold $158.87 billion over the same days, a share of 9.71 percent. The open-interest-weighted BTC funding rate held a median of 0.000796 percent per hour, or 6.98 percent at a simple annual rate. A $1,000,000 BTC perpetual order cost a median of 6.464 basis points across 926 order-book observations.
In the 2026-09-04 18:00 UTC sweep, 20 centralized perpetual venues reported $258.6 billion of 24-hour volume, and the same venues absorbed $15.0 million in total at the top of the standardized order ladder. That ladder stops at $1,000,000 per venue, and every venue reached the top rung, so the reported-to-support ratio ranks venues by reported turnover rather than by depth. Order size separates the books: 16 of 20 venues filled a $10,000,000 BTC order, and 7 of 20 filled $50,000,000 in the live walk on 2026-09-04.
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