{
  "title": "A Cross-Venue Data Dictionary for Perpetual Futures: Funding-Rate Mechanisms, Pre-Trade Rules, and Measurement Error Across 21 Exchanges",
  "shortTitle": "A Cross-Venue Data Dictionary for Perpetual Futures",
  "series": "humarb Research 03",
  "authors": [
    {
      "name": "Hang Liu",
      "orcid": "0009-0008-1059-3926",
      "affiliation": "humarb Research, London, United Kingdom"
    }
  ],
  "url": "https://humarb.ai/research/cross-venue-data-dictionary/",
  "publicationDate": "2026-11-03",
  "type": "Methodological preprint",
  "version": "v1",
  "peerReviewed": false,
  "abstract": "Cross-venue perpetual-futures analysis often treats a funding rate as a directly comparable scalar. We test that premise using official documentation and read-only public interfaces for 21 centralized and on-chain venues. We construct a dated data dictionary covering funding formulas, settlement schedules, caps, field semantics, clock and rate units, open-interest and turnover bases, fees, liquidation backstops, and pre-trade rules. Fifteen venues share a clamped interest-minus-premium core, but three use distinct formula structures and three require separate treatment. Instrument-level intervals invalidate an exchange-wide eight-hour assumption: Gate’s 1,070 rows on 3 November 2026 contain 420 four-hour contracts, while GRVT and Variational also return multiple intervals. A new sample of 1,840 public history rows shows median absolute timestamp offsets from the nearest hour of 36 ms at Hyperliquid, 937 ms at Extended, and 3,680 ms at Pacifica; all 100 edgeX records are exact. Deterministic examples show 100-fold unit errors, twofold annualization errors, and fee differences exceeding one typical funding payment. The results provide a reproducible normalization layer for funding-rate and execution-cost measurement, not evidence of trading profitability.",
  "keywords": [
    "perpetual futures",
    "funding rates",
    "data dictionary",
    "market microstructure",
    "measurement error",
    "crypto derivatives"
  ],
  "jel": [
    "G12",
    "G13",
    "G14",
    "C58"
  ],
  "license": "CC-BY-4.0",
  "licenseUrl": "https://creativecommons.org/licenses/by/4.0/",
  "doi": "10.5281/zenodo.23916662",
  "doiUrl": "",
  "doiStatus": "Pending publication; leave blank until assigned",
  "pdf": "humarb-cross-venue-data-dictionary.pdf",
  "editableSource": "humarb-cross-venue-data-dictionary.docx",
  "chineseAbstract": "humarb-research-03-中文摘要.pdf",
  "reproductionPackage": "humarb-research-03-reproduction.zip",
  "cites": [
    "10.5281/zenodo.23868361",
    "10.5281/zenodo.23897013"
  ],
  "evidenceDates": {
    "baseline": "2026-10-19/20",
    "refresh": "2026-11-03",
    "fundingHistoryCoverage": "2026-09-29 to 2026-11-03; varies by venue"
  },
  "versionDoi": "10.5281/zenodo.23916663",
  "zenodoRecord": "https://zenodo.org/records/23916663"
}