OKEx Perpetual Swap adopts a funding mechanism to keep the Perpetual Swap market price in line with the Spot Index Price.
Funding fee is exchanged every 8 hours, after the daily settlement at 02:00, 10:00 and 18:00 (CEST, UTC +2). If you close your position prior to the funding exchange then you will not pay or receive funding.
Funding fee = position value * current funding rate
When the funding rate is positive, longs pay shorts. When it is negative shorts pay longs.
1. Funding Rate
Funding Rate = Clamp(MA(((Best Bid + Best Offer)/2-Spot Index Price)/Spot Index Price-Interest),a,b)
*Interest is currently zero
*For all coin-margined perpetual swaps: a=-0.3%, b=0.3%
【The above data and indicators may be adjusted in real time according to market conditions, adjustments will not be notified in advance.】
The funding rate is updated every minute. The funding rate at 01:59, 09:59 and 17:59 (CEST, UTC+2) will be used for funding exchange.
2. Actual Funding Fee
Cross margin mode: during funding, the fee will be charged directly from the RPL. However, the maximum funding fee is capped when the margin ratio = maintenance margin ratio+ Forced-Liquidation Fee Rate.
Fixed margin mode: during funding, the fee will first be charged from the RPL, followed by the fixed margin of the position. However, the maximum funding fee is capped when the margin ratio = maintenance margin ratio+ Forced-Liquidation Fee Rate.
So, the actual funding fee to be received by a user depends on the amount taken by the system from the counter party.
OKEx does not charge any fees on funding; it is exchanged directly between traders.