Funding rate (hourly)
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The funding rate is a periodic payment between long and short traders that keeps the perpetual price close to the spot price. On Bitnxs, funding is settled every hour, and the rate is set by how far the mark price is from the index (oracle) price. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs.
How is the funding rate calculated?
Section titled “How is the funding rate calculated?”The rate is determined dynamically by the deviation between the mark price and the index price.
Funding payment = Position notional (mark price × size) × Funding rate
How is hourly funding different from 8-hour funding?
Section titled “How is hourly funding different from 8-hour funding?”Many exchanges settle funding every 8 hours (three times a day). Bitnxs settles 24 times a day. A rate quoted per hour is therefore much smaller than an 8-hour rate for the same daily cost.
| Hourly (Bitnxs) | 8-hour (common elsewhere) | |
|---|---|---|
| Settlements per day | 24 | 3 |
| Equivalent rate for the same daily cost | 0.00125% per hour | 0.01% per 8 hours |
| Daily cost | 0.03% | 0.03% |
Benefits of hourly funding: smaller, smoother payments; less incentive to open or close positions right before a settlement; and you pay only for the hours you hold.
Worked example
Section titled “Worked example”You are long 1 BTC, mark price 80,000 USDC, so notional = 80,000 USDC. The hourly funding rate is +0.00125%.
- Payment per hour = 80,000 × 0.0000125 = 1.00 USDC (you pay, because the rate is positive and you are long).
- Held for 24 hours at the same rate: 24 × 1.00 = 24.00 USDC, i.e. 0.03% of notional per day.
- On an 8-hour exchange at 0.01% per period: 80,000 × 0.0001 = 8.00 USDC per period × 3 = 24.00 USDC per day. Same cost.
- Hold for only 3 hours on Bitnxs: 3 × 1.00 = 3.00 USDC. On an 8-hour schedule you would pay either 0 or the full 8.00 USDC, depending on whether you held through a settlement time.
Who pays funding? Positive rate: longs pay shorts. Negative rate: shorts pay longs.
Does Bitnxs keep funding payments? No. Funding is exchanged between traders. Funding is a peer-to-peer transfer; Bitnxs is not a party to it and does not receive funding payments (Terms of Service §7).
Where can I see the current rate? On the trading screen as “Estimated funding”, and through the API.