What exchange you guys using for futures?

I’m usually one to praise kraken and generally enjoy their services but the funding fees when it comes to futures are ridiculous, which I found strange as kraken are usually competitive when it comes to fees. Interestingly enough I posted it on the kraken page but the mods didn’t approve it.

The funding fees (0.5% per hour) are insane. Especially when you put it in comparison to binance 0.01% every 8 hours.

I opened a small position to familiarise myself with the layout. €50 X7 long. The fees were \~€1.70 every hour. The same fee on binance would have been a few cents every 8’hours.

To put that into perspective:

If you open a €500 (X5) long position at the same time on both kraken and binance.

After 1 hour; €12.50 on kraken. Nothing on binance.

After 8 hours: €100 on kraken. €0.25 on binance.

After 1 day: €300 on kraken, €0.75 on binance.

And that’s without the market even moving against you. 60% of your original capital paid in funding fees in just 1 day? Obviously for the example I’m simplifying it as if the €500 balance remained for the entire 24hrs.

Am I missing something here? I attached a screenshot to show the funding fees deducted each hour on a small position (€50).