The USDⓈ-M Perpetual Futures has no expiration or delivery date, and the market price of the Perpetual Futures is anchored to the spot price through the funding fee mechanism. The funding fee is settled every 8 hours at 0:00 (UTC+8), 8:00 (UTC+8) and 16:00 (UTC+8).
Users who hold positions at settlement will pay or receive funding fees. So, if positions are closed before the settlement, no funding fee will be generated.
At the time of settlement, whether the user should pay or receive the funding fee is determined by the positive or negative funding rate of the current period and the user's position direction (Long or Short). If the funding rate is positive, longs pay shorts. If negative, shorts pay longs. The funding fee is completely settled between users and is not charged by the platform.
1. Calculation Formula
Funding Fee = Position Value * Funding Rate
Funding Rate=Clamp(MA(((Best Bid Price + Best Ask Price)/2-Spot Index Price)/Spot Index Price-Interest)*100%,a,b)
*Interest is 0 currently
*The specific parameters of a and b are as follows:
Symbol | a | b |
BTC | -0.175% | 0.175% |
HT, WOO, ID, SUSHI, MATIC, OP, DOGE, SXP, HOT, SOL, FLOW, TRX, LTC, LINK, BCH, ETC, DOT, BNB, UNI, ADA, ETH, GALA, ALGO, DASH, WLD, 1000SHIB, 1000XEC | -0.75% | 0.75% |
XTZ, XLM, OMG, BAL | -1.50% | 1.50% |
The above data and indicators may be adjusted in real time according to market conditions without further notice.
The funding rate is calculated every minute, and the funding fee is settled at 00:00 (UTC+8), 08:00 (UTC+8) and 16:00 (UTC+8) based on the funding rate at that time.
2. Actual Funding Fee
2.1 Funding Fee Deduction Rules:
2.1.1 In the cross margin mode, the funding fee will be directly deducted from the account balance; in the isolated margin mode, the funding fee will be deducted from the isolated margin;
2.1.2 If the funding fee is deducted but the margin balance is less than or equal to the maintenance margin, the system will perform forced deleveraging or liquidation.
2.2 The actual funding fee charged by the user depends on the total amount of funding fee deducted by the system from the counterparty's account.