It makes the trading price near the spot index price. If the funding rate is positive, long positions will receive the funding; if the funding rate is negative, shorts will receive it. The funding will be paid/received every 8 hours, and it only takes place in the following timestamps: 24:00, 08:00 and 16:00 (UTC).

**Notes:**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 rule, the funding rate for the first settlement is set as 0.

**Funding Rate Calculation**Funding = Position Value * Funding Rate

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.

**For your reference, below is the older version of Perpetual Funding Rule.**Funding Rate (F) = Premium Index (P) + clamp (Interest Rate (I) - Premium Index (P), 0.05%, -0.05%)

1. If (I - P) is within +/- 0.05%, then F = P + (I-P) = I. In other words, the Funding Rate will be equal to the Interest Rate.

2. If (I - P) is less than -0.05%, then F = P -0.05%,

3. If (I - P) is greater than 0.05%, then F = P + 0.05%.

**Older Funding Rate Calculation**Interest = 0

Premium Index (P) = (Max (0, Impact Bid Price - Mark Price) - Max (0, Mark Price - Impact Mark Price)) / Spot Price + current Funding Rate

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

**Notes:** Funding ONLY available between users, and CoinEx will not be involved.

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