Whereas quarterly futures expire, perpetual futures have funding payments every hour. Specifically, every hour, we measure the 1 hour TWAP of the perpetual future and the 1 hour TWAP of the underlying index:
Every long position pays position size * TWAP of ((future - index) / index) / 24
Every short position receives position size * TWAP of ((future - index) / index) / 24
This is similar to the future expiring once per day. In particular, if you sell a BTC perpetual future which is trading 0.10% above the underlying index all day, then over the course of the next day you will receive a total funding payment of 0.10%.
You can find historical funding rates here.
Balances of the following coins also count towards collateral.
|Coin||Weight (total)||Weight (initial)|
|Tokenized Stocks (e.g. AAPL, TSLA, etc.)||0.85||0.8|
You can choose whether to use FTT as collateral on the settings page. By default your account will use FTT as collateral. Note that Weight (total) is used to determine collateral for the purpose of liquidations, and Weight (free) is for the purpose of opening new positions.
In the event that your USD balance falls too far below zero (see below for details), some of your balances in the above coins may be automatically traded into to USD by sending market orders into the corresponding FTX spot markets.
Any positive PnL will be paid out in USD regardless of which type of collateral you use.
See here for more details.
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