OKX to change funding fee collection mechanism for some contracts
To provide you with better services, OKX will change the funding fee collection mechanism for some perpetual contracts from cross-period collection to current-period collection.
Before the change:
Formerly, funding fee calculations were based on the funding rate of the previous funding period (cross-period collection).
For example, when the funding fee is collected every 8 hours, funding fee calculations at 8:00 am UTC+8 today use the funding rate determined by the premium index from 4:00 pm UTC+8 yesterday to 12:00 am UTC+8 today, resulting in a fixed value from 12:00 am UTC+8 to 8:00 am UTC+8.
After the change:
Funding fee calculations will be based on the funding rate of the current funding period (current-period collection).
For example, funding fee calculations at 8:00 am UTC+8 every day will use the funding rate determined by the premium index from 12:00 am UTC+8 to 8:00 am UTC+8. Note that the funding rate may fluctuate before the funding fee is collected, so you need to dynamically manage your positions according to current conditions.
Affected contracts:
Date and time: January 4, 2024, 12:00 am UTC+8
USDT-margined perpetual contracts: FLOWUSDT
Date and time: January 10, 2024, 12:00 am UTC+8
USDT-margined perpetual contracts: SOLUSDT, TRBUSDT, XRPUSDT, BCHUSDT, and WLDUSDT
Other perpetual contracts will change based on market conditions, with separately issued announcements.
Funding fee collection before and after the first change:
| Funding fee collection | Premium index period used for funding rate calculations |
|---|---|
| January 3, 2024, 4:00 pm UTC+8 | January 3, 2024, 12:00 am UTC+8 - January 3, 2024, 8:00 am UTC+8 (cross-period collection) |
| January 4, 2024, 12:00 am UTC+8 | January 3, 2024, 4:00 pm UTC+8 - January 4, 2024, 12:00 am UTC+8 (current-period collection) |
| January 4, 2024, 8:00 am UTC+8 | January 4, 2024, 12:00 am UTC+8 - January 4, 2024, 8:00 am UTC+8 (current-period collection) |
| January 4, 2024, 4:00 pm UTC+8 |
January 4, 2024, 8:00 am UTC+8 - January 4, 2024, 4:00 pm UTC+8 (current-period collection) The same collection mechanism will be applied moving forward. |
API changes:
The main changes include additional methods for determining the difference between current-period collection and cross-period collection in the APIs for funding rates and funding rate history. Furthermore, nextFundingRate will return a null value for contracts using current-period collection. The following link provides more details: https://www.okx.com/docs-v5/log_en/#2023-12-20
In addition, OKX will closely monitor market changes for altcoins with a significantly fluctuating premium index. When necessary, funding fee collection may change from every 8 hours to every 6 hours, 4 hours, 2 hours, or 1 hour. Details will be announced separately.
Friendly reminders:
These changes may affect your trading strategies. Therefore, based on market trends, you can close your USDT perpetual positions before each collection time to avoid funding fee charges.
The lighting icon will be displayed next to the funding rate of contracts that have changed to current-period collection.
Thank you for your continued support. We appreciate your trust in us and assure you of our best services at all times.
OKX team
December 5, 2023