Contango is structurally different from every other venue here: rather than running its own perp, it loops spot and lending positions across Aave, Morpho and similar to synthesise leveraged exposure, so the funding cost is the borrow rate.
Exposure inherits the risk of every underlying money market in the loop, including their liquidation mechanics. Rates move with lending markets, not with a funding formula.
Deepest first.
Its public API is unreachable from our servers right now, so we're showing the profile without live figures. The rest of the page is still accurate.