CoinEx has introuced Funding system to ensure the market price near the spot index price for perpetual trading. If the funding rate is positive, long positions will pay the funding to short poistion holders with the exact amount; if the funding rate is negative, long position holder will receive it. The funding will be paid/received every 8 hours, and it only takes place in the following timestamps: 16:00, 08:00 and 00:00 (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 08:00 (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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