OKX to improve the funding fee mechanism for perpetual futures
Published on Jun 7, 20246 min read
To provide you with a better experience and improve the efficiency of funding fee settlement, OKX will change the order cancellation logic during settlement for all perpetual futures in four phases. The calculation logic for funding rates will remain unaffected.
| Before the change | After the change | |
|---|---|---|
| Collection of funding fees by platform | When collecting funding fees, OKX would only collect these up till the liquidation threshold (i.e. where margin level is 100%). Partial or full liquidation will be carried out thereafter if required. Isolated margin mode When the platform collects funding fees, it prioritizes deducting them from the transferable balance in the user's cross-margin account. In Multi-Currency and Portfolio margin mode, transferrable balance will include borrowed crypto if auto borrow is turned on. If the transferable balance is insufficient, orders to open positions in isolated margin mode for this instrument will be canceled. Funding fees will then be collected from the margin of your isolated positions. Spot and futures cross margin mode The platform will collect funding fees from the free margin of the cross account. If the free margin is insufficient, pending orders that will use more margin will be canceled, including spot orders and orders to open positions in isolated and cross margin modes. Multi-currency and Portfolio margin cross margin mode The platform will collect funding fees from the adjusted equity of the multi-currency or portfolio margin account. If equity is insufficient, pending orders that might reduce adjusted equity will be canceled, including spot orders and orders to open positions in isolated margin mode. |
When collecting funding fees, OKX will collect the full amount of outstanding funding fee, even if this goes beyond the liquidation threshold (i.e. where margin level falls below 100%) Partial or full liquidation will be carried out thereafter if required. Isolated margin mode Funding fee will be collected solely from the margin balance of your isolated positions, instead of the transferable balance in your cross-margin account. Orders will not be canceled during collection If the margin balance is insufficient, partial or full liquidation will be carried out thereafter if required. Cross margin mode (Spot and futures, Multi-currency, Portfolio margin) Funding fee is collected from the cross margin equity. Orders will not be canceled during collection. If the cross margin equity is insufficient, partial or full liquidation will be carried out thereafter if required. |
| Distribution of funding fees by platform | The actual amount of funding fees distributed by the platform is determined by the amount of funding fees the system can collect. If the amount of funding fees collected is less than expected (as shown on our platform), the amount distributed will be proportionate to the position value of users that are due to receive funding fees. All funding fees received by users will be added to their cross margin equity, regardless of whether it's an isolated or cross position. |
The platform will distribute the full amount to users during settlement. Isolated margin mode For isolated margin positions, the funding fee will be added into the margin balance of the position. Cross margin mode (Spot and futures, Multi-currency, Portfolio margin) For cross margin positions, the funding fee will be added to their cross margin equity. |
Affected futures:
Date and time: June 12, 2024, 6:00 am UTC
First phase: 5 perpetual futures
| LINK-USD |
| LINK-USDT |
| LUNA-USDT |
| LUNC-USDT |
| SHIB-USDT |
Date and time: June 17, 2024, 6:00 am UTC
Second phase: 32 perpetual futures
| ALPHA-USDT | SUI-USDT | SWEAT-USDT | FIL-USD |
| API3-USDT | ICX-USDT | T-USDT | FIL-USDT |
| BADGER-USDT | IMX-USDT | THETA-USD | |
| CRV-USD | METIS-USDT | THETA-USDT | |
| CRV-USDT | NEO-USD | UMA-USDT | |
| DOGE-USDT | NEO-USDT | WIF-USDT | |
| DOGE-USD | NFT-USDT | DYDX-USDT | |
| DOT-USD | PEOPLE-USDT | ETHFI-USDT | |
| DOT-USDT | PEPE-USDT | CVC-USDT | |
| SSV-USDT | RVN-USDT | STRK-USDT |
Date and time: June 24, 2024, 6:00 am UTC
Third phase: 103 perpetual futures
| AAVE-USDT | CETUS-USDT | GAL-USDT | MAGIC-USDT | RSR-USDT | VRA-USDT |
| ACH-USDT | CHZ-USDT | GAS-USDT | MASK-USDT | SAND-USDT | WOO-USDT |
| AGIX-USDT | CORE-USDT | GMT-USDT | MATIC-USDT | SAND-USD | XLM-USD |
| AGLD-USDT | CRO-USDT | GMX-USDT | MERL-USDT | SLP-USDT | XLM-USDT |
| AIDOGE-USDT | CSPR-USDT | GODS-USDT | MKR-USDT | SPELL-USDT | XRP-USD |
| APE-USDT | CTC-USDT | GPT-USDT | MSN-USDT | STORJ-USDT | XRP-USDT |
| AR-USDT | EGLD-USDT | ICP-USDT | NMR-USDT | STX-USDT | XTZ-USDT |
| ATOM-USD | ENS-USDT | INJ-USDT | NOT-USDT | SUSHI-USD | YFI-USD |
| ATOM-USDT | EOS-USD | IOST-USDT | OM-USDT | SUSHI-USDT | YFI-USDT |
| AXS-USDT | EOS-USDT | IOTA-USDT | OMG-USDT | TIA-USDT | ZERO-USDT |
| BAT-USDT | ETHW-USDT | JTO-USDT | ONT-USDT | TRB-USDT | ZETA-USDT |
| BCH-USD | FITFI-USDT | JUP-USDT | ORBS-USDT | TRX-USD | ZK-USDT |
| BCH-USDT | FLOW-USDT | KISHU-USDT | ORDI-USDT | TRX-USDT | ZRX-USDT |
| BNB-USDT | FLR-USDT | KLAY-USDT | PERP-USDT | TURBO-USDT | |
| BNT-USDT | FOXY-USDT | KNC-USDT | QTUM-USDT | UNI-USD | |
| BONE-USDT | FRONT-USDT | LOOKS-USDT | RACA-USDT | UNI-USDT | |
| BONK-USDT | FTM-USDT | LPT-USDT | RDNT-USDT | USDC-USDT | |
| CELO-USDT | FXS-USDT | LQTY-USDT | RNDR-USDT | USTC-USDT |
Date and time: July 1, 2024, 6:00 am UTC
Fourth phase: 87 perpetual futures
| 1INCH-USDT | BLOCK-USDT | FET-USDT | LTC-USDT | SOL-USDT |
| 1INCH-USD | BLUR-USDT | FLM-USDT | MANA-USDT | SOL-USD |
| ACE-USDT | BSV-USD | FLOKI-USDT | MANA-USD | STARL-USDT |
| ADA-USD | BSV-USDT | GALA-USDT | MEME-USDT | TNSR-USDT |
| ADA-USDT | BTC-USD | GFT-USDT | MEW-USDT | TON-USDT |
| AEVO-USDT | BTC-USDT | GLM-USDT | MINA-USDT | VELO-USDT |
| ALGO-USD | BTC-USDC | GRT-USDT | MOVR-USDT | VENOM-USDT |
| ALGO-USDT | CEL-USDT | GRT-USD | NEAR-USDT | W-USDT |
| ANT-USDT | CFX-USDT | HBAR-USDT | ONE-USDT | WAXP-USDT |
| APT-USDT | COMP-USDT | ID-USDT | OP-USDT | WLD-USDT |
| ARB-USDT | DGB-USDT | JOE-USDT | OP-USD | XCH-USDT |
| AUCTION-USDT | DMAIL-USDT | JST-USDT | PRCL-USDT | YGG-USDT |
| AVAX-USDT | ENJ-USDT | KSM-USDT | PYTH-USDT | ZENT-USDT |
| AVAX-USD | ETC-USD | KSM-USD | RAY-USDT | ZEUS-USDT |
| BAL-USDT | ETC-USDT | LDO-USDT | REN-USDT | ZIL-USDT |
| BAND-USDT | ETH-USD | LRC-USDT | RON-USDT | |
| BICO-USDT | ETH-USDT | LSK-USDT | SATS-USDT | |
| BIGTIME-USDT | ETH-USDC | LTC-USD | SNX-USDT |
After the fourth phase on July 1st, all perpetual futures (including any not listed above or newly listed ones) will follow the new funding rate mechanism.
Thank you for your continued support. We appreciate your trust in us and assure you of our best services at all times.
OKX team
June 7, 2024