Spot to Perp Hedge Calculator
Size a BTC, ETH or SOL short against owned spot, compare partial hedge price shocks, and estimate signed funding carry.
Your owned spot and short hedge
Short size and remaining exposure
Spot entry: 82075.21 USDT / BTC — Binance BTCUSDT, price source 2026-10-19 21:28:00 UTC.
Perp entry: 82034.6 USDT / BTC — Binance BTCUSDT, price source 2026-10-19 21:28:00 UTC.
- Required short quantity
- 1.00000000 BTC
- Short notional at perp entry
- 82034.60 USDT
- Unhedged coin delta
- 1.00000000 BTC
- Illustrative initial margin
- 16406.92 USDT
Initial margin = short notional ÷ leverage. This excludes fees, maintenance margin and exchange risk tiers. Leverage changes illustrative margin, not price PnL. Coin delta is quantity exposure; differing spot/perp entries can leave USD sensitivity even at 100%.
Current-quote short funding over 7 days
172.27 USDT signed cashflow (172.27 USDT received).
Binance BTCUSDT — snapshot 2026-10-19 21:29:41 UTC funding quote: 0.00010000 fraction per 8h. Positive cashflow means received; negative means paid. Positive funding pays shorts; negative funding costs shorts.
Funding uses the selected perp's current quote at a constant entry notional and rate, independently of the price shocks below. Future rates, settlement timing and notional can change. No compounding or forecast.
Same proportional price shocks
Apply the same −20%, −10%, 0%, +10% or +20% move to each leg's own entry price. This assumes constant proportional basis and excludes fees, slippage and liquidation. Scroll the scenario table sideways on a phone.
| Shock | Spot value change (USDT) | Short PnL (USDT) | Combined change before costs (USDT) |
|---|---|---|---|
| -20% | -32830.08 | 16406.92 | -16423.16 |
| -10% | -16415.04 | 8203.46 | -8211.58 |
| 0% | 0.00 | 0.00 | 0.00 |
| +10% | 16415.04 | -8203.46 | 8211.58 |
| +20% | 32830.08 | -16406.92 | 16423.16 |
Hedge Bitcoin without selling: worked example
For 2 BTC spot at 100,000 USDT and a perp entry of 100,000 USDT, a 50% hedge shorts 1 BTC. Short notional is 100,000 USDT, initial margin at 5× is 20,000 USDT and unhedged delta is 1 BTC.
At a −10% shock, spot loses 20,000 USDT, the short gains 10,000 USDT, and combined price change is −10,000 USDT before costs. At 0% hedge, all spot exposure remains. At 100%, combined price change is zero only under equal entries and this scenario assumption; funding can still be a debit.
Short coins = owned coins × hedge percent / 100. Spot change = owned coins × spot entry × shock. Short PnL = −short coins × perp entry × shock. Combined change adds both legs, before funding or trading costs.
USDT is treated as a USD equivalent; stablecoin depegging is excluded. Real spot/perp basis can change, and a short can liquidate during a rally despite owned spot elsewhere. This is a sensitivity illustration, not portfolio margin, liquidation forecasting or an execution recommendation. No portfolios are stored and no exchange keys are requested.