Spot: measure the acquired asset and the purchase cost
An unleveraged spot purchase exchanges the quote asset for the base asset. For BTC/USDT, the result is a BTC balance and a reduction in USDT, subject to fees. Buying through an exchange does not itself move the Bitcoin to a wallet you control; custody and withdrawal are separate steps.
A simple spot profit calculation needs the acquired quantity, buying cost and selling proceeds. If borrowing is introduced, interest and margin obligations also become relevant, so the fully funded spot model is no longer the complete description. A denomination converter changes displayed units but does not change the product being held.
Perpetuals: account for exposure and recurring funding
A conventional perpetual has no scheduled expiry date. Holding it represents contract exposure rather than an ordinary spot purchase of the underlying BTC. Funding periodically transfers value between the long and short sides under the venue's rate and settlement rules.
Bybit documents positive funding as a payment from longs to shorts and negative funding as the reverse. The interval can vary by contract, so compare rates on the same time basis. A funding projection describes one cash-flow component; contract price movement, fees and margin constraints still affect the complete position.
Dated futures: specify the expiry and settlement reference
A dated future has a defined end point, but settlement need not deliver Bitcoin. CME's BTC futures are cash-settled against the CME CF Bitcoin Reference Rate. Other products require their own specification check rather than an assumption that every Bitcoin future settles the same way.
For cash-and-carry, compare the opening dated-futures price with spot over the actual time to expiry, then include financing and trading costs. For a spot-perpetual hedge, model basis movement and funding separately. Neither a futures premium nor a favorable funding rate is a complete return on capital without the amounts and obligations required to support both legs.
Questions about this tool
Does buying a Bitcoin future put BTC in my wallet?
Not necessarily. A future is a contract with specified settlement terms; CME's BTC future is cash-settled. Check the particular product rather than assuming that exposure to the Bitcoin price means delivery of Bitcoin.
Can I compare a funding APR directly with an annualized futures basis?
Both can be expressed on an annual scale, but they describe different mechanisms. Funding is a rate scenario that can change; dated-futures basis refers to an opening price difference for a specified expiry. Costs and capital requirements also differ.