The mark-to-underlying spread on equity perps is not necessarily a trading cost.

A common critique of equity perps is the gap between the perp mark

price and the stock's spot price.

However, if a trader enters long at a 20 bps premium and exits while that premium is still 20 bps, the spread cancels on the round trip and no cost is incurred.

This is similar to how ETHE traded at a premium to NAV for an extended

period. Buying at a premium and selling at a premium meant the

premium itself was not a cost.

The spread becomes a realized cost if it moves between entry and exit, or if a trader is comparing the perp directly to buying the underlying stock.

The mark-to-underlying spread is something to be aware of, but it is not the cost people think it is.

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