Dear CoinEx users,
To provide you with a better experience in evaluating trading costs and risks, and to enhance the risk management of CoinEx Futures markets, we will adjust the Futures funding rules of SOLUSDT and upgrade our system at 3:00 on Jul 6, 2023 (UTC), while Futures trading will be suspended for around 10 minutes. The details are as follows.
Futures Funding Rate Calculation
1. Current rules
Funding Rate = Clamp (MA (((Impact Bid Price + Impact Mark Price) / 2 - Spot Price) / Spot Price - Interest), a, b)
(1) The present Interest is 0
(2) For BTCUSD, ETHUSD, BTCUSDT and ETHUSDT futures contracts: a = -0.375%, b = 0.375%
(3) For SOLUSDT futures contract: a = -2.5%, b = 2.5%
(4) For the rest futures contracts: a = -0.75%, b = 0.75%
(5) Impact Bid Price = the average price of "Impact Margin Amount" for bidders
(6) Impact Mark Price = the average price of the "Impact Margin Amount" for sellers
(p.s. "Impact Margin Notional" refers to the total amount of the order book)
2. After the adjustment
(1) For SOLUSDT futures contract: a = -0.75%, b = 0.75%
(2) Other rules above remain unchanged.
3. Notes
(1) Funding is ONLY available between users, in which CoinEx will not be involved.
(2) Adjustments above will take effect at 16:00 on Jul 7, 2023 (UTC), that is, the last settlement under the old rules will be performed at 08:00 on Jul 6, 2023 (UTC), and the first settlement under the new rules will be conducted at 16:00 on Jul 7, 2023 (UTC).
(3) We will get users updated if the effective time is changed. For more details about the current rules, please click HERE.
Upgrade Details
1. Starts at: 3:00 on Jul 6, 2023 (UTC)
2. Estimated time to complete: 3:10 on Jul 6, 2023 (UTC)
Notes
1. Only Futures trading will be suspended during the upgrade. Other Services like Spot trading, Margin trading, Deposit & Withdrawal, etc., will NOT be affected.
2. Please evaluate the margin balance in your Futures account based on the current market fluctuations, and conduct risk control by canceling orders, repaying assets, etc., in advance.
3. The exact completion time may vary. We will keep you updated with the progress via various social media platforms, and let you know once the upgrade is completed.
4. CoinEx reserves the rights of final interpretation of this announcement.
CoinEx Team
Jul 5, 2023