See what holding a perpetual through funding costs or pays. It uses the rule Bitfinex actually charges by: only the part of the accrued rate beyond a 0.05% band, capped at 0.25% a settlement. Pick a pair to load its live rate.
| [ ACCRUED ] | [ CHARGED ] | [ PER 8H ] | [ IGNORING BAND ] |
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The same position at other accrued rates. Per 8h is what this side pays (negative) or receives (positive) at one settlement. The last column is what a calculator that charges the full accrued rate would show.
Bitfinex publishes a funding rate that accrues through each 8-hour period. What it actually charges at the settlement is smaller, and often nothing.
Only the part of the accrued rate beyond the 0.05% band is charged. An accrued 0.04% charges nothing at all, and an accrued 0.08% charges 0.03%, not 0.08%. A calculator that skips this overstates most settlements.
A positive rate means longs pay shorts; a negative one means shorts pay longs. The cap holds any single settlement to 0.25% of the position's value, in either direction.
Vectixs paper futures settles funding on open positions at each 8-hour boundary with this same rule, then corrects it to the rate Bitfinex publishes, with paper money at stake instead of yours.
A periodic payment between the longs and the shorts of a perpetual futures contract. It keeps the perpetual's price close to the spot price, since a perpetual never expires. When the rate is positive, longs pay shorts; when it is negative, shorts pay longs. Bitfinex settles it every 8 hours.
At each settlement, the position's value at the mark price is multiplied by the rate charged for that period. A 10,000 USDT long at a charged rate of 0.03% pays 3 USDT, and a 10,000 USDT short at the same rate receives 3 USDT. Over a day that happens three times.
Bitfinex charges only the part of the accrued rate beyond a dead band, 0.05% by default, and caps a single settlement at 0.25%. It publishes the band and cap for each perpetual in its status feed. Vectixs checked this against the rates Bitfinex applied: BTC accrued 0.0526% and was charged 0.0026%, while ETH accrued 0.0447% and was charged nothing.
No. Funding is paid or received only by positions that are open at the settlement time. A position opened and closed between two settlements never touches funding.
For an isolated position, yes. Funding is paid from, or added to, the position's own margin, so paying it moves the liquidation price toward the mark and receiving it moves it away. The liquidation price calculator shows the price at the moment a position opens, before any funding.
No. Funding is recalculated every period and can change sign from one settlement to the next. The total is what the period would cost or pay if the rate you entered held for every settlement, which it rarely does.
The band and cap here are Bitfinex's rule. Other exchanges calculate funding their own way and settle on their own schedules. To use another exchange's published rate, set the dead band to 0 and the cap high, and enter the rate that exchange says it will charge.
Funding is one cost of holding a leveraged position. The liquidation price calculator shows where it would close, the position size calculator sizes it from your stop, and isolated vs cross margin explains where funding comes out of. Futures paper trading on Vectixs settles it on paper positions.