Perpetual futures have no expiry date. To keep the contract price close to the spot price, the platform regularly settles a "funding fee" between longs and shorts. The funding fee is not a fee charged by the platform; it is a payment between the long and short sides.
Who pays whom
- Positive funding rate: longs pay shorts. This usually means more traders are bullish and the contract price is above spot.
- Negative funding rate: shorts pay longs.
How often it settles
Most contracts settle every 8 hours; some contracts use a different interval, so go by the "Next settlement time" shown in the contract details. You only pay or receive funding if you still hold a position at the moment of settlement.
How it is calculated
Funding fee = position value × funding rate.
Example: you hold a long position worth 10,000 USDT and the funding rate is 0.01%. At settlement you pay 10,000 × 0.01% = 1 USDT; if you hold a short instead, you receive 1 USDT.
Where it is paid from
- Isolated margin: the funding fee is taken from or added to that position's margin, so it affects the position's liquidation price.
- Cross margin: the funding fee is settled directly against your futures account balance. For the difference between the two modes, see isolated vs cross margin.
Check before you open a position
On the Akunosai futures page you can see the current funding rate and a countdown to the next settlement. When the funding rate stays high, holding a position in that direction for a long time also costs more. For trading fees and other fees, see spot and futures trading fees.
If you are not sure, practice first with the 10,000 virtual USDT on the futures demo account and see how funding affects a position. Akunosai also runs demo trading contests from time to time.