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 12 hours, after the daily settlement at 10:00 and 22:00. If you close your position prior to the funding exchange then you will not pay or receive funding.
1. Funding Rate
Funding = position value * funding rate
When the funding rate is positive, longs pay shorts. When it is negative shorts pay longs.
Funding rate = Clamp(MA(((Best Bid + Best Offer)/2 - Spot Index Price) / Spot Index Price - interest), -0.125%, 0.125%)
The funding rate is updated every minute. The funding rate at 09:59 and 21:59 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.