OKEx Perpetual Swap adopts a funding mechanism to keep the Perpetual Swap market price in line with the Spot Index Price.
Funding rate is exchanged every 8 hours, after the daily settlement at 22:00, 06:00 and 14:00 (CEST, UTC +2). If you close your position prior to the funding exchange then you will not pay or receive funding.
Funding = position value * 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 BTC, ETH, EOS, XRP, BCH, BSV, ETC, LTC, TRX swaps: a=-0.3%, b=0.3%
The funding rate is updated every minute. The funding rate at 21:59, 5:59 and 13:59 (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 balance. However, the maximum funding fee is capped when the margin ratio = maintenance margin ratio.
Fixed margin mode: during funding, the fee will first be charged from the balance, followed by the fixed margin of the position. However, the maximum funding fee is capped when the margin ratio = maintenance margin ratio.
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.