Funding Rate Mechanism
Perpetual contracts use funding rates to anchor the market price of perpetual contracts to the spot price.
The funding fee is charged every 8 hours, at 00:00 (GMT+8), 08:00 (GMT+8), and 16:00 (GMT+8) after the daily contract settlement. Users are required to pay or receive the funding fee only if they hold a position at the designated time. If a position is closed before the funding fee is charged, no funding fee is incurred.
In the event of extreme market volatility, SuperEx reserves the right to adjust the upper and lower limits of the funding rate, as well as the funding interval of perpetual contracts to a duration different from the preset 8-hour cycle. Users can visit the Real-time Funding Rate and Funding Rate History pages to check the latest funding intervals and funding rate limits.
SuperEx adopts a current period funding rate mechanism. For example, the funding rate applied at 16:00 is based on the funding rate calculated during the 08:00–16:00 period, allowing users to make better-informed decisions in advance.
The funding rate calculation primarily considers the interest rate differential between the quote currency and the settlement currency and the basis between internal contract prices and external spot prices.
Funding Rate Calculation
The funding rate is calculated as follows:
Funding Rate = Premium Index + clamp(0.01% - Premium Index, 0.05%, -0.05%)
(0.01% represents the interest rate differential.)
Premium Index = (Max(0, Depth-Weighted Buy Price - Mark Price) - Max(0, Mark Price - Depth-Weighted Sell Price)) / Index Price
(The clamp function limits the value within a set range.)
The funding rate is calculated every minute, and the final funding rate for the period is:
clamp(8-hour average funding rate, fmax, -fmax),
where fmax = (Initial Margin - Maintenance Margin) × 75%.
The platform does not charge any funding fees; all funding fees are exchanged between users.
When funding fees are charged, the system will deduct the fee from the user's position margin first. If the position margin balance is insufficient, the system will deduct up to the amount where the user’s margin ratio equals the maintenance margin ratio. Any excess amount will be deducted from the user's available margin balance.
Funding Fee Calculation
Funding Fee = Position Value × Funding Rate
USDT-Margined Perpetual Contracts
Position Value = Contract Quantity × Contract Face Value
Example:
A user holds 10 long BTCUSDT perpetual contracts. The contract face value per unit is 100 USDT.
Position Value = 10 × 100 = 1,000 USDT.