Adjustment of Perpetual Swap Funding Rules
Dear valued customers,
In order to let you to better evaluate the trading costs and risks, and to enhance the risk management of OKX perpetual swap market, we will implement the following adjustment to the funding rules:
1.The Current funding rate will be settled at the next funding time
Currently:
When settlement occurs, you will receive/pay the funding amount based on the funding rate recorded 1 minute before the current settlement timestamp.
E.g. at the settlement timestamp 06:00 (CEST), the funding amount will be calculated based on the funding rate at 05:59 (CEST).
After adjustment:
When settlement occurs, you will receive/pay the funding amount based on the funding rate recorded 1 minute before the previous settlement timestamp.
E.g. at the settlement timestamp 06:00 (CEST), the funding amount will be calculated based on the funding rate at 21:59 (CEST).
2.Current funding rate and the estimated funding rate will be available at the same time
You will be provided the current funding rate and the estimated funding rate on OKX.com, OKX App, and OKX Open API.
Current funding rate: the funding rate for the upcoming settlement, calculated based on the data of the previous settlement period.
Estimated funding rate: the funding rate for the settlement after the next, calculated based on the data of the current settlement period.
E.g. The current time is 05:30 (CEST):
The funding rate at 21:59 (CEST) of the previous day will be used as the funding rate for the settlement at 06:00.
The estimated funding rate to be used for the settlement at 14:00 (CEST) will keep updating during the settlement period until the very last minute at 05:59.
3.API adjustments:
1) Restful: Public - next perpetual swap funding time capture endpoint
(GET/api/swap/v3/instruments/
Added parameters:
estimated_rate (next estimated funding rate, String)
funding_rate (current funding rate, String)
2) WebSocket: Public - Funding rate channel (swap/funding rate)
Added parameters:
estimated_rate (next estimated funding rate, String)
3) Current v3 parameter:
The value of funding_rate will be changed from "funding rate" to "current funding rate")
4.Calculation of funding rate of the minute:
Funding Rate = Clamp ( MA ((( Best Buy Price + Best Sell Price) / 2 - Spot Index Price) / Spot Index Price - Interest) a, b)
*Currently, Interest = 0
*BTC, ETH, EOS, XRP, BCH, BSV, ETC, LTC, TRX perpetual swap: a=-0.3%, b=0.3%
The funding rate formula and other funding amount rules remain unchanged. For details, please refer to Funding Rate Calculations
5.All the above adjustments will be effective after the settlement at 06:00 July 18 (CEST, UTC+2). Shall the time be changed because of extreme market volatility, we will make a further announcement.
If you have any opinions and suggestions for the above adjustments, you are welcome to email to futures@OKX.com and let us know your thoughts.
Thank you very much for your continued support and we assure you of our best service at all times.
Regards,
OKX
Jul 10, 2019