OKX perpetual swap applies a funding fee mechanism to keep the market price of the perpetual market anchoring the spot index price.
The funding fee is charged every 8 hours at the time of daily settlements, at 02:00, 10:00, and 18:00 (CEST, UTC +2). Users need to pay or receive the funding fee only when they have holdings. If you close your position prior to the charging of the funding fee, then you don’t need to pay the funding fee.
1.Theoretical funding fee
Funding fee = position value * current funding rate
If the funding rate is positive, the longs pay the funding fee to the shorts. If negative, the shorts pay to longs.
1. Funding rate
Funding Rate = Clamp(MA(((Best Bid + Best Offer)/2 - Spot Index Price)/Spot Index Price-Interest),a,b)
*The current interest is 0.
The values of a and b are as follows:
|ADA, AVAX, BCH, BSV, DOT, EOS, ETC, ETH, FIL, LINK, LTC, SOL, TRX, XRP||-0.75%||0.75%|
[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
Single currency cross margin mode: During funding, the fee will be charged directly from the available equity of the Single currency account. If the available equity is insufficient, all pending orders that increase the used margin will be canceled, including all spot orders, isolated and cross margin orders. However, the maximum funding fee is capped when the Margin = Maintenance margin + Liquidation fee.
Multi-currency cross margin mode: During funding, the fee will be charged directly from the adjusted equity of the multi-currency account. When the adjusted equity is insufficient, all pending orders that reduce the adjusted equity will be canceled, including spot orders and all isolated margin orders. However, the maximum funding fee is capped when the Margin = Maintenance margin + Liquidation fee.
Isolated margin mode: During funding, the fee will first be charged from the transferable balance of cross margin account. If the transferable balance is insufficient, all pending isolated margin orders of this contract will be canceled. However, the maximum funding fee is capped when the Margin = Maintenance margin + Liquidation fee.
So, the actual funding fee to be received by a user depends on the amount taken by the system from the counterparty.
3. Fee deduction order
If a user holds multiple perpetual positions charged for the funding fee in a USDT single-currency account or multi-currency cross margin account, the fee deduction will be executed in the order of the currency list, and will last until the user's margin becomes equal to the maintenance margin + liquidation fee. The excessive part will not be charged for the funding fee.