What is Financial Account ?
Financial account is a product that increases the value of coins, and 70% of the interest income from borrowed coins of margin trading on CoinEx will be allocated to users against the ratio of the holdings in their financial accounts. After transferring idle assets to users’ financial accounts, they will receive revenues yielded by their financial accounts that feature daily compound interest and no limit on the minimum deposit.
About Assets Transferring
Currently CoinEx only supports assets transferring from Spot account to Financial account, or vice versa.
- When assets are transferred from the spot account to the financial account, the interest will be calculated on the SECOND day of transfer instead of the first day, and on the third day the financial account will receive the yield that calculated at a compound rate.
- The day when assets are transferred from the spot account to the financial account, no interest is generated.
- UTC is adopted for the interest calculation.
- Usually the transfers of assets are processed in real time, but if the idle assets of all the financial accounts are insufficient, the applications of transfer will be processed in time order after users return their borrowed coins, and then the part of assets can continue to receive the financial income.
Related Concepts of Financial Account
Yesterday Income (YI): The interest income of the corresponding coin that is generated on the last day. YI = 70% of last-day interest income from borrowed coins of margin trading * (the last-day interest-bearing coins of the user’s financial account / the total last-day interest-bearing coins of all the financial accounts)
Accumulated Income: The accumulated income of the corresponding coin.
Latest Daily Interest Rate (LDIR): LDIR = 70% of the interest income of the day from borrowed coins of margin trading / the total interest-bearing coins of all the financial accounts * 100%. LDIR is updated every ten minutes.
7-Day‘s APY (Annual Percentage Yield): The total interest rate of the last 7 days combined / 7 * 365
Rules of Interest Distribution
The interest income from borrowed coins in margin trading will be used for interest distribution. 30% of the daily distributable interest is reserved for CoinEx and this portion of income will be spent on margin insurance funds and the proportion of bankrupt positions. CoinEx reserves the rights for future use of the funds. The remaining 70% of the daily distributable interest will be allocated to the users against the ratio of the holdings in their financial accounts.
Supported Coins in Financial Account
Currently, only BTC, USDT and ETH are supported. In the future, adjustments will be made to the supported coins in the financial account based on the market environment and the risk level.