Dear CoinEx users,
In order to let you to better evaluate the trading costs and risks, and to enhance the risk management of CoinEx perpetual market, we will implement the following adjustment to the funding rules:
1. Funding Timestamps
Current: 20:00, 04:00, and 12:00 (UTC).
After this adjustment: 0:00, 8:00, 16:00 (UTC).
a. The funding will be charged according to the funding rate calculated one minute before the last timestamp.
For example, when settling at 8:00 (UTC), the funding will be charged in accordance with the funding rate at 11:59 (UTC).
b. After the launch of the new rules, the funding rate for the first settlement is set as 0.
For instance, if the new rules are launched at 7:00 on February 28, 2020 (UTC), when it comes to the first settlement at 8:00 on February 28, 2020 (UTC), the funding rate is 0.
2.Funding Rate Calculation
Funding Rate (F) = Premium Index (P) + clamp (Interest Rate (I)-Premium Index (P), 0.05%, -0.05%)
For more details, please click HERE.
After this adjustment:
Funding Rate = Clamp (MA (((Impact Bid Price + Impact Mark Price) / 2-Spot Price) / Spot Price-Interest), a, b)
* At present, Interest is 0.
* BTCUSD, BCHUSD, ETHUSD, LTCUSD, BSVUSD, XRPUSD, EOSUSD perpetual contracts: a = -0.1%, b = 0.1%
*Impact Bid Price = the average price of "Impact Margin Amount" for bidders
*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.
The above rules are applicable to the calculation of the theoretical funding. The actual funding that a user can receive depends on the total amount deducted from the sender’s account by the system.
The above adjustment will take effect at 8:00 (UTC) on February 28, 2020, that is, the last settlement in terms of the current rules will be performed at 4:00 (UTC) and the first settlement after the new rules will be conducted at 8:00 (UTC).
We will get users updated if the actual effective time changed.