Crypto Trading Journal: Record Fees, Funding, Leverage, and Timing

A crypto trading journal is a trade record that keeps each venue’s own terms attached to every decision: which venue and account held the position, whether it was spot or a perpetual contract, the margin mode and leverage setting, every fill, each trading fee in the currency it was actually charged, every funding payment made or received, the position liquidation price when provided or the relevant account-level liquidation-risk metric, a UTC timestamp for every event, and whether each entry, add, stop change, and exit followed the written plan.

A generic journal that stores “long BTC, −$100” loses most of that. It cannot tell you whether the loss came from price, from fees charged in a different coin, or from funding paid while the position was held; whether the stop and applicable liquidation trigger used comparable price references; or whether the trade happened inside the session you planned in a market that never closes.

This guide covers journal structure only. It does not recommend an exchange, instrument, leverage level, or position size, and the examples are record formats, not trade ideas. Crypto perpetuals are leveraged products; availability, fee schedules, and margin rules vary by venue and jurisdiction, so check your own venue’s current documentation before relying on any figure below.

What should a crypto trading journal track?

A useful crypto journal keeps six layers separate:

Layer	What to record	Question it answers
Venue and instrument	Venue, account or sub-account, spot or perpetual, symbol, quote currency, settlement currency (linear or inverse)	Where was the position held, and in what unit is its P&L paid?
Plan and risk	Setup condition, entry, stop, exit rule, planned price risk, maximum size, add rule, planned holding window	What was supposed to happen before the fill?
Fills and position	Every fill (time, side, quantity, price, maker or taker), adds, partial exits, open quantity after each fill	What exposure actually existed at each moment?
Costs and carry	Each trading fee with its currency, each funding payment with rate and sign, any margin borrowing or rollover fee	What did holding and trading the position cost, in which asset?
Margin context	Margin mode as the venue displays it, leverage setting, initial margin requirement, position liquidation price when provided (actual or estimated), or the relevant account maintenance-margin/liquidation-risk metric	How close was the position or account to a forced close?
Execution review	Planned versus actual entry, size, stop, holding window, and exit; rule status for each decision	Did execution follow the plan, whatever the outcome?

The costs-and-carry and margin layers are what make a crypto journal different from a stock or generic trade log. For how to choose software around these needs in general, see how to choose a trading journal app.

Name the venue and the instrument type

“BTC” names an asset. It does not name the position. Record the full identity:

• Venue and account. The same symbol on two exchanges is two positions with two fee schedules, two funding schedules, and two liquidation engines. Sub-accounts on one venue can have separate margin, too.
• Spot or perpetual. Spot buys the asset. A perpetual contract tracks it with no expiry, and a trader can hold it “indefinitely as long as the margin requirements are met.”¹ Dated crypto futures are a third type with their own settlement; for contract months and rolls, the futures trading journal structure applies.
• Linear or inverse. A USDT- or USDC-margined contract is quoted and settled in the stablecoin. An inverse (coin-margined) contract is quoted in USD but settled in the coin, so fees, funding, and P&L arrive in BTC or ETH, not dollars.¹² Record the settlement currency. Inverse P&L is settled in the coin; stating it in USD needs a documented conversion price and timestamp. After settlement, the USD value of that coin balance keeps moving with the coin’s price, but that later change is not part of the trade’s realized P&L.³
• Margin mode. Record the margin mode as the venue displays it (for example isolated, cross, or portfolio). Bybit’s unified account offers all three, applied to the whole account, and they differ in what backs a position and what triggers liquidation.⁴ The mode also changes where fees and funding are taken from and what a liquidation can reach.²⁵

Record fees in the currency they were charged

Crypto venues charge a percentage of order value, and the rate depends on whether the order added liquidity (maker) or removed it (taker). Bybit’s documented formula is simply trading fee = order value × fee rate, with separate maker and taker rates.¹ Kraken states that its spot fees range by 30-day volume, pair, and maker or taker status, and that a trader can set a preferred fee currency on the order form, but “it won’t necessarily give you your choice.”⁶

That last point matters for the journal. A fee taken in the coin you bought reduces the quantity you received; a fee taken in the quote currency reduces the cash side. On an inverse contract, the fee is charged in the coin.¹ For each fill, record:

• maker or taker;
• the fee amount and the asset it was charged in;
• the quantity actually received after any fee deducted from it; and
• for a report in one currency, the conversion rate, its source, and its timestamp.

Do not convert fees at a later price and call the result “the fee.” The amount charged is a fact; its value in another currency is a calculation that needs a stated rate.

Log funding as its own line, not inside the fill

Funding is the mechanism that keeps a perpetual contract’s price near the underlying index. OKX describes the rule plainly: when the funding rate is positive, longs pay shorts; when it is negative, shorts pay longs; and a trader pays or receives only if a position is open at the fee assessment time.² Bybit describes the same peer-to-peer exchange between position holders.⁵

The schedule is not fixed across contracts or over time:

• OKX’s default is every 8 hours at 00:00, 08:00, and 16:00 UTC, “unless specified otherwise (i.e. every 1, 2 or 4 hours),” and it automatically raises the frequency when the rate reaches its cap or floor.²
• Bybit says its settlement switches to once per hour when a contract’s funding rate hits its limit, and that opening or closing within 5 seconds of the funding time does not guarantee whether a position is included.⁵⁷
• Both venues calculate the payment as position value × funding rate, using the mark price at the funding time, but position value depends on the contract type. On Bybit, a linear USDT or USDC contract’s position value is contract quantity × mark price, in the stablecoin; an inverse contract’s is contract quantity ÷ mark price, in the coin, so a BTCUSD funding payment is a BTC amount. OKX’s formulas also include contract size and multiplier, and its crypto-margined contracts divide by mark price and pay funding in coin.²⁵

So a journal that folds funding into “fees” cannot answer the question a perpetual trader needs answered: what did holding this position through funding times cost or earn? Record each funding event as its own line:

funding time (UTC) / contract / linear or inverse / side / contract quantity / mark price
position value: use the venue's formula for the contract type, e.g. on Bybit
  linear (USDT/USDC):  contract quantity × mark price  → stablecoin
  inverse (coin):      contract quantity ÷ mark price  → coin
funding amount = position value × funding rate  (in the position-value asset)
sign: paid (−) or received (+) / asset / venue's reported amount

Then use the venue-posted funding transaction as the booked record and reconcile differences against contract inputs, contract size or multiplier, mark price and timestamp, rounding, and settlement rules. Venue-side funding changes can also move your margin: OKX deducts funding from isolated margin or cross-margin equity, and Bybit says funding comes from available balance first and, if that is insufficient, from the position’s initial margin, which moves an isolated position’s liquidation price closer to the mark price.²⁵

Keep leverage and liquidation as context, not as risk

The leverage setting on a crypto venue decides how much margin a position ties up. It does not tell you how much the trade risks. Planned price risk still comes from the stop:

planned price risk = |entry − stop| × quantity (linear contract or spot)
estimated planned loss = planned price risk + estimated round-trip fees

Keep three figures apart in the record:

1. Planned price risk: entry to stop, fixed before the order.
2. Initial margin requirement: the margin the venue requires to support the position or account exposure; its calculation and whether it is position-level or account-level depend on the margin mode.
3. Liquidation threshold: the venue’s condition for a forced close. On Bybit, in isolated mode that is the mark price reaching the position’s liquidation price, an actual trigger. In cross mode, liquidation is account-level when the maintenance margin rate reaches 100%; any displayed position liquidation price is dynamic and reference-only. In portfolio mode, liquidation is also account-level when the maintenance margin rate reaches 100%, and there is no fixed position liquidation price that can be accurately calculated or displayed.⁴

Bybit’s direct liquidation trigger depends on margin mode: in Isolated Margin, liquidation is position-level when Mark Price reaches the position’s Liquidation Price; in Cross Margin, liquidation risk is account-level and the trigger is Account Maintenance Margin Rate reaching 100%, with any displayed position liquidation price dynamic and reference-only; in Portfolio Margin, liquidation risk is also account-level at 100% Account Maintenance Margin Rate, with no fixed position liquidation price.⁴ Mark Price can differ from Last Traded Price, so record both the applicable trigger and the price reference used.⁸ When the liquidation engine takes over a liquidated perpetual position at the bankruptcy price, execution better than that price contributes the surplus to the insurance fund; execution worse than it creates a deficit covered by the fund, subject to the platform’s liquidation and ADL rules.⁹

For the journal, record the position liquidation price when the venue provides one and state whether it is actual or estimated. Where liquidation is account-level, record the relevant account maintenance-margin or liquidation-risk metric instead. For cross margin, a displayed position liquidation price is dynamic and reference-only; for portfolio margin, there is no fixed position liquidation price that can be accurately calculated or displayed. Record the stop’s trigger reference as well (mark / last / index / venue-specific), because a stop and a liquidation need not use the same price: Bybit lets a trader base TP/SL triggers on the last, index, or mark price, while it triggers liquidation from the mark price or the account margin rate.¹⁰⁴ Then compare stop and liquidation thresholds only when their trigger references are stated and comparable. A stop whose effective trigger lies beyond the applicable threshold cannot serve as a reliable backstop against liquidation. A stop inside it is still not a guarantee: a triggered stop becomes an order that has to fill, and last and mark prices can temporarily diverge in fast markets.¹⁰⁸ A liquidation is an outcome to tag and review, not an exit rule. The broader governance of leverage settings belongs in a written leverage process, not in the trade record.

Timestamp in UTC and define your own session

Crypto spot markets do not close for evenings, weekends, or holidays; Kraken describes crypto as “always open.”¹¹ Venues also publish funding times in UTC.²⁵ Two journal rules follow:

• Store every event in UTC, and keep a separate local-time field only if it helps review. Mixing time zones silently reorders fills and funding events, and it breaks daylight-saving comparisons.
• Write down what “a trading day” means in your records, such as 00:00–24:00 UTC or your own session window. Daily P&L, daily trade counts, and daily loss limits are meaningless until that boundary is fixed.

Then add a field the market will not supply: inside my planned trading window, yes or no. With no closing bell, trades placed late at night or on a weekend are often the ones a plan never covered. How to set that boundary in the first place is covered in when to stop trading in a 24/7 market.

Treat transfers and conversions as events, not trades

Crypto accounts see money move for reasons other than trading: deposits, withdrawals, transfers between venues or wallets, stablecoin conversions, and moves between spot and derivatives wallets. Record them in a separate ledger with time, asset, amount, any withdrawal or network fee, and both endpoints. If they sit in the trade log, they inflate trade counts, distort win rates, and make a transfer fee look like a trading loss.

Related positions across venues or instruments need the same care, but they are not all the same kind of exposure. Two same-direction BTC positions on different venues are correlated exposure; a spot holding against a perpetual short is a hedge; a spot-versus-perpetual or cross-venue spread is a multi-leg or basis position. Link related legs with a shared thesis or exposure ID, and record whether review treats them jointly, with gross and net exposure where relevant, so they are neither merged into one trade by default nor counted as independent bets. The correlated exposure guide explains why positions that look separate can behave as one.

A trading journal is not a tax record. In the United States, the IRS requires records sufficient to support positions taken on a return, which may include receipts, sales, exchanges, dispositions or transfers of digital assets and their fair market value.¹² Keep tax records to that standard separately, and do not assume the journal’s matching convention is the one your tax treatment uses.

Calculate P&L the way the contract settles

Spot. Gross P&L on a matched lot is (exit price − entry price) × matched quantity, in the quote currency. If the buy fee was taken in the coin, the quantity you can sell is the net quantity received, not the order quantity.

Linear perpetual (USDT- or USDC-settled). Long: (exit − entry) × quantity. Short: (entry − exit) × quantity. Here quantity is the position size in the base coin (on OKX, contracts × contract size × multiplier), prices are in the stablecoin, and the result is in the settlement stablecoin.²

Inverse perpetual (coin-settled). Use the venue’s contract specification. On Bybit’s inverse contracts such as BTCUSD, quantity is a USD-quoted contract quantity, not a BTC amount, and contract value in coin is contract quantity ÷ price.¹³ Bybit’s P&L formulas for those contracts are:³

long:  contract quantity × [(1 / entry price) − (1 / exit price)]
short: contract quantity × [(1 / exit price) − (1 / entry price)]

The result is denominated in the contract’s settlement coin (BTC for BTCUSD). Record it in coin, and convert it to USD only with a documented conversion price and timestamp. Other venues size inverse contracts differently (OKX, for example, uses a face value per contract), so do not carry one venue’s convention to another.²

Net. For every perpetual trade:

net P&L = gross P&L − trading fees ± funding (paid −, received +)

with each term in the same currency, converted at a recorded rate where it was not. Fill prices already contain whatever slippage the trade paid, so do not subtract slippage again. Unrealized P&L on a derivatives venue is usually calculated from the mark price, so an open position’s reported value can move even when the last traded price has not.⁸

Separate the result from execution quality

Use two review tracks for every crypto trade.

Result: gross P&L, fees, funding, and net P&L in the settlement currency, calculated the same way each time.

Execution quality: compare each material decision with the rule that applied at that time.

Decision	Planned	Actual	Status	Evidence
Venue and instrument	Venue, spot or perp, margin mode	As filled	Aligned / deviated / undefined	Order record
Entry	Condition and price	Fill price and time (UTC)	Aligned / deviated / undefined	Fill record
Size and leverage	Maximum quantity; leverage setting	Quantity filled; setting used	Aligned / deviated / undefined	Position record
Stop	Stop price and trigger reference; position relative to applicable liquidation threshold when price references are comparable	Every stop change, with time	Aligned / deviated / undefined	Order history
Holding window	Planned hold, including through funding or not	Actual hold; funding events crossed	Aligned / deviated / undefined	Funding history
Session	Planned trading window	Inside or outside	Aligned / deviated / undefined	Timestamps
Exit	Planned exit or invalidation	Actual exit or liquidation	Aligned / deviated / undefined	Fill record

Use “undefined” when the plan had no rule for the decision. A position held through a funding time with no written holding rule is undefined, not deviated. Status depends on the rule, not the result: a winning trade opened outside the planned window is still deviated.

A compact crypto journal template

THESIS ID (shared across venues/legs):
POSITION ID:
VENUE / ACCOUNT / MARGIN MODE:
INSTRUMENT: spot or perp / symbol / linear or inverse / settlement currency

PRE-TRADE PLAN (UTC)
- Setup condition / planned session window:
- Entry / stop / exit rule:
- Planned price risk / est. fees / est. planned loss (settlement currency):
- Maximum size / leverage setting / add rule:
- Holding rule: flat before funding? hold through funding?

FILLS AND EVENTS (UTC)
- Time / side / qty / price / maker-taker / fee amount + fee asset / reason
- After each fill: open qty / active stop + trigger reference (mark / last / index / venue-specific) / position liquidation price if provided (actual or estimated), or account maintenance-margin/liquidation-risk metric when liquidation is account-level
- Funding: time / rate / mark price / position value (venue formula for linear or inverse) / paid-received / asset

TRANSFERS (separate ledger)
- Time / asset / amount / from / to / withdrawal or network fee

REVIEW
- Gross / fees / funding / net (settlement currency; conversion rate + source)
- Planned price risk vs actual loss:
- Stop and liquidation trigger references / comparable price basis? (Y/N / N/A)
- Venue / entry / size / stop / holding / session / exit status:

Fill in the plan before entry. During the trade, record only fills, funding events, and the reason for each change. Leave interpretation for a scheduled review so journaling does not become a second live task.

Worked example: one BTC perpetual long, plan versus execution

A hypothetical long in a USDT-margined BTC perpetual. Every ID, time, price, and funding rate below is invented for illustration, not taken from a real transaction. The 0.055% taker rate is an assumption for the arithmetic, not a quote for your account.

THESIS / POSITION ID: EX-BREAKOUT / EX-101 (hypothetical)
VENUE / MARGIN MODE: example venue / isolated
INSTRUMENT: BTCUSDT perpetual, linear, settles in USDT

PRE-TRADE PLAN
- Session window: 06:00–10:00 UTC
- Entry 60,000 / stop 59,100 / size 0.10 BTC / leverage setting 5x
- Planned price risk: 900 × 0.10 = 90.00 USDT
- Est. fees: 2 taker fills at 0.055% ≈ 6.55 USDT
- Est. planned loss: 96.55 USDT
- Holding rule: none written for funding times

FILLS AND EVENTS (UTC)
- 07:41 buy 0.10 BTC at 60,000.00 (taker)
  fee: 6,000.00 × 0.055% = 3.30 USDT
  initial margin requirement at 5x: 1,200.00 USDT
  venue liquidation price shown: 48,400 (hypothetical; isolated mode,
  mark-price trigger)
  stop 59,100, trigger reference: last price (hypothetical)
- 08:00 funding: rate +0.01%, mark 59,800
  position value 0.10 BTC × 59,800 = 5,980.00 USDT
  funding 5,980.00 × 0.01% → paid 0.60 USDT (0.598)
- 08:26 stop 59,100 triggered (last price), sold 0.10 BTC at 59,050.00 (taker)
  fee: 5,905.00 × 0.055% = 3.25 USDT (3.24775)

RESULT
- Gross: (59,050 − 60,000) × 0.10 = −95.00 USDT
- Fees: 3.30 + 3.25 = 6.55 USDT / Funding: −0.60 USDT
- Net: −102.15 USDT
- Versus est. planned loss: 5.60 USDT worse
  = 5.00 stop-fill difference (50 USDT below the stop × 0.10 BTC)
  + 0.60 funding not in the plan
  (actual fees 6.55 matched the estimate to within 0.01)

REVIEW
- Venue / size / leverage: aligned
- Session: aligned (07:41 inside 06:00–10:00)
- Stop/liquidation context: stop 59,100 used last-price trigger; displayed isolated liquidation price 48,400 used mark-price trigger. Both trigger references recorded; they are not treated as identical price bases.
- Holding through 08:00 funding: undefined (no rule written)
- Exit: aligned (stop order left working)

The net loss exceeded the estimated planned loss by 5.60 USDT. Five of that came from the stop filling 50 below its trigger, an execution difference to measure, not a rule break. The other 0.60 was funding, and the record shows why it was not planned for: no holding rule covered funding times. That becomes a question for the next plan, not a deviation assigned after the fact. The 5x leverage setting never entered the risk figure, because the stop defined the risk; the journal also records the stop’s last-price trigger and the liquidation price’s mark-price trigger without treating them as identical price bases.

Common crypto-journal mistakes

Recording the asset instead of the position. “BTC” without venue, instrument type, and margin mode cannot be reconciled.

Converting fees at the wrong time. A fee charged in BTC is a BTC amount; its dollar value needs the rate at the time charged.

Hiding funding inside fees or P&L. Funding is a separate carry cost with its own schedule and sign.

Using leverage as risk. The leverage setting sets margin; the stop sets planned risk.

Ignoring the liquidation threshold and the stop’s trigger basis. Compare a stop with the applicable threshold only when their price references are comparable; a stop whose effective trigger lies beyond that threshold cannot be relied on to close the position first.

Mixing time zones. Fills, funding, and daily limits need one clock, usually UTC.

Logging transfers as trades. Deposits, withdrawals, and conversions belong in a separate ledger.

Merging or ignoring related legs. Same-direction positions, hedges, and basis legs across venues need a shared exposure ID and a recorded gross and net view, not an automatic merge.

Where Costante fits

A crypto-specific journal or exchange export is the right tool when the job is importing fills, fees, and funding from each venue, reconciling balances, or computing P&L across coins automatically. Costante does not connect to exchanges or brokers, import fills, fees, funding, leverage, liquidation prices, or timestamps, execute or block orders, or decide whether a trade or venue is appropriate.

Costante covers a narrower behavioral layer for discretionary traders: a session plan, self-defined guardrails, pre-trade and in-session checks, low-friction logging of decisions and whether they followed the plan, and structured review of repeated drift. In a market that never closes, that can sit alongside a venue-level record when the problem is not “what did I trade?” but “why do I keep trading outside my window, raising leverage, or holding through funding when my plan says otherwise?”

Frequently asked questions

What is the minimum information for a crypto trade journal entry?

Record the venue, spot or perpetual, symbol, settlement currency, entry and exit fills with UTC times, quantity, stop, planned price risk, each fee with its currency, funding paid or received, and net result. To review decisions as well, add the margin mode, leverage setting, position liquidation price or threshold where applicable, or the account-level maintenance-margin/liquidation-risk metric when liquidation is account-level; also record the session window and a rule status for each entry, stop change, and exit.

How do I record funding fees in a trading journal?

Log each funding event as its own line: UTC time, contract, side, open quantity, mark price, funding rate, amount, sign, and asset. Venues calculate funding as position value times the funding rate, and you pay or receive it only if a position is open at the funding time. Compare your calculation with the venue’s reported amount.

Should leverage be recorded as risk in a crypto journal?

No. Record the leverage setting and initial margin requirement as context. Planned risk comes from the distance to your stop times quantity, plus estimated fees. Record the position liquidation price or threshold where applicable, or the account-level maintenance-margin/liquidation-risk metric when liquidation is account-level. Include the stop’s trigger reference and compare thresholds only when their price bases are comparable.

What time zone should a crypto trading journal use?

UTC for every event. Crypto markets trade around the clock and venues publish funding times in UTC. Then define in writing what one “trading day” or session means in your records, so daily totals and limits are consistent.

Should deposits and withdrawals go in the trading journal?

Keep them in a separate transfer ledger with time, asset, amount, fee, and both endpoints. Mixed into the trade log, they distort trade counts, win rates, and cost figures.

Can a crypto trading journal show whether my strategy works?

It can organize comparable evidence, but a short record of volatile trades cannot establish an edge. Strategy evaluation needs stable definitions, enough comparable trades, and fees and funding included. A journal is most reliable for showing whether execution followed the plan.

Sources

Costante provides educational workflow tools, not financial advice. Trading involves risk.

Footnotes

1. Bybit. Futures Contracts: Fees Explained. Maker and taker fees; trading fee = order value × trading fee rate; inverse contracts settled in the underlying asset with fees charged in coin; USDT and USDC contracts settled in the stablecoin; perpetual positions can be held indefinitely while margin requirements are met. Last updated August 5, 2026. Accessed September 23, 2026. ↩ ↩² ↩³ ↩⁴

2. OKX. Perpetual funding fee mechanism. Positive rate: longs pay shorts; negative: shorts pay longs; OKX retains no portion; pay or receive only if a position is open at assessment; default every 8 hours at 00:00, 08:00, 16:00 UTC unless specified (1, 2, or 4 hours); automatic frequency escalation when the rate reaches its cap or floor; funding fee = position value × funding rate, position value from mark price; crypto-margined contracts pay in coin; funding deducted from isolated margin or cross-margin equity. Updated August 27, 2026. Accessed September 23, 2026. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶ ↩⁷ ↩⁸ ↩⁹

3. Bybit. P&L Calculations (Inverse Perpetual and Expiry Contracts). Long: contract qty × [(1 / avg entry price) − (1 / price)]; short: contract qty × [(1 / price) − (1 / avg entry price)]; the same formula applies to P&L realized on partial closes at the exit price; P&L is settled in coin, with USD serving as a price-quote mechanism; closed P&L deducts trading and funding fees. Last updated June 20, 2026. Accessed September 23, 2026. ↩ ↩²

4. Bybit. Differences Between the Margin Modes Under the Unified Trading Account. Isolated, cross, and portfolio margin, applied account-wide; isolated: liquidation when mark price reaches the liquidation price, which is the actual trigger; cross and portfolio: liquidation when account maintenance margin rate reaches 100%, with the cross-mode liquidation price an estimate only. Last updated August 4, 2026. Accessed September 23, 2026. ↩ ↩² ↩³ ↩⁴

5. Bybit. Funding Fee Calculation. Funding exchanged directly between long and short holders at each funding time; paid or received only if a position is held then; example 8-hour times 12 a.m., 8 a.m., 4 p.m. UTC; switches to hourly when the rate hits its limit; deducted from available balance, then from the position’s initial margin, moving an isolated position’s liquidation price closer to the mark price; positions opened or closed within 5 seconds of funding time may or may not be included; funding fee = position value × funding rate; USDT and USDC perpetuals: position value = contract quantity × mark price; inverse perpetuals: position value = contract quantity ÷ mark price, funding paid in coin. Last updated May 12, 2026. Accessed September 23, 2026. ↩ ↩² ↩³ ↩⁴ ↩⁵ ↩⁶

6. Kraken. How trading fees work on Kraken. Fees depend on 30-day volume, pair, and maker or taker status; fee currency preference can be set on the order form but is not guaranteed; separate margin opening and rollover fees. Last updated September 5, 2026. Accessed September 23, 2026. ↩

7. Bybit. Introduction to Funding Rate. Funding rate from interest rate and average premium index, recalculated every minute; upper and lower limits; automatic switch to hourly settlement when a limit is reached. Last updated May 22, 2026. Accessed September 23, 2026. ↩

8. Bybit. Mark Price (Perpetual and Expiry Contracts). Mark price used as the liquidation trigger and to measure unrealized P&L; last traded price may temporarily deviate from mark price. Last updated September 4, 2026. Accessed September 23, 2026. ↩ ↩² ↩³

9. Bybit. Insurance Fund. Liquidated positions settle at the bankruptcy price, where no initial margin remains; execution better than bankruptcy price adds the remaining margin to the insurance fund; worse execution is covered by it. Last updated March 24, 2026. Accessed September 23, 2026. ↩

10. Bybit. How to Set Up and Modify TP/SL (Perpetual and Futures Contracts). TP/SL trigger prices can be based on last, index, or mark price; a triggered TP/SL closes via market or limit order. Accessed September 23, 2026. ↩ ↩²

11. Kraken. What makes crypto 24/7/365? Describes crypto markets as always open, including weekends and public holidays. Accessed September 23, 2026. ↩

12. Internal Revenue Service. Frequently asked questions on digital asset transactions. Taxpayers must maintain records sufficient to establish positions taken on federal income tax returns, which may include records of receipts, sales, exchanges, dispositions or transfers of digital assets and their fair market value. Accessed September 23, 2026. ↩

13. Bybit. Average Entry Price (Perpetual and Expiry Contracts). Inverse contracts quoted in USD and settled in cryptocurrency; contract value in coin = quantity ÷ price. Last updated August 19, 2026. Accessed September 23, 2026. ↩