Trading Related Information
FUNDING RATE METHODOLOGY FOR APEX BITCOIN PERPETUAL FUTURES CONTRACT
Funding occurs at the end of each Trading Session (T Session & T+1 Session). Participants will only be liable for Funding Fees in either direction if they hold a position at the end of each trading session. If the participant closes the position prior to the end of each Trading Session, the participant will not need to pay or receive Funding Fees.
The Funding Fees paid or received is calculated as:
Open Position x Contract Multiplier x Compass Crypto Real Time Index (in milliBTC) x Funding Rate
If Funding Rate > 0, participants holding Long positions will pay out to Short positions.
If Funding Rate < 0, participants holding Short positions will pay out to Long positions.
Funding Fees will be consolidated and debited/credited after each end of day.
Funding Fee per lot will be rounded to nearest cent.
Funding Rate Calculation
In a given Trading Session, Funding Rate is calculated from minute-by-minute APEX Bitcoin Perpetual Futures contract prices using Impact Bid and Impact Ask prices (defined below) recorded versus the Compass Crypto Real Time Index – Bitcoin (CCRTBTC).
|Trading Session||Trading Hours||Total Duration||Minutely Observations (N)|
|T Session||7.00AM to 6.00PM (GMT+8)||11 Hours||660|
|T+1 Session||7.30PM to 5.30AM (GMT+8)||10 Hours||600|
Impact Bid Price = Average entry price market-buying Y lot(s) APEX Bitcoin Perpetual Futures Contact
Impact Ask Price = Average entry price market-selling Y lot(s) APEX Bitcoin Perpetual Futures Contracts
Y = parameter set for a meaningful average order size.
Funding Rate=[Max (0, Impact Bid Price – CCRTBTC) – Max (0, CCRTBTC – Impact Ask Price)] / CCRTBTC
N denotes the number of minute observations
For any observation, if there is insufficient Y lot(s) of bid/ask quantity to compute Impact Bid/Ask Price, Max (0, Impact Bid Price – CCRTBTC) or Max (0, CCRTBTC – Impact Ask Price) will be zero.
The Funding Rates applicable at the end of each Trading Session will be calculated based on observations recorded in the prior Trading Session. Any open positions at the Funding Snapshot time specified below will be subject to Funding Fees.
|Funding Rate||Observation Period used to calculate Funding Rate||Funding Snapshot*|
|T Session||Previous Trading Session (T+1): 7.30PM to next day 5.30AM||End of T session: 6.00PM (GMT+8)|
|T+1 Session||Previous Trading Session (T): 7.00AM to 6.00PM||End of T+1 session: 5.30AM (GMT+8)|
*Please kindly note that the Funding Snapshots taken at 6.00PM and/or 5.30AM might experience a slight delay of up to 5 seconds.