ChainWhy announced on January 25 that OKX will adjust the calculation method for the Average Premium Index in funding rates starting February 1, 2024, at 4:00 PM (UTC+8). This update specifically modifies how premium indices are averaged while maintaining all other funding fee calculation logic unchanged.
Funding Rate Calculation Formula
The funding rate is determined by:
Funding Rate = Clamp[Average Premium Index, Funding Rate Cap, Funding Rate Floor]Where:
- Average Premium Index = MA (Premium Index – Interest Rate)
- Interest Rate = 0
- Premium Index = [(Contract Best Bid + Contract Best Ask) / 2 – Spot Index Price] / Spot Index Price
- MA = Moving Average (calculated per minute)
Before Adjustment: Average Premium Index Calculation
Previously, the average was calculated from the start of the current funding fee period to the present time. Examples for 24-hour cycles:
| Last Funding Fee Time | Current Time | Premium Index Calculation Window |
|---|---|---|
| 16:00 | 16:10 | 16:00 ~ 16:10 |
| 16:00 | 17:00 | 16:00 ~ 17:00 |
| 16:00 | 23:59 | 16:00 ~ 23:59 |
| 00:00 | 01:00 | 00:00 ~ 01:00 |
After Adjustment: Revised Calculation Window
Now, the average uses data from N hours before the current time (where N = funding fee collection interval). For 8-hour cycles:
| Last Funding Fee Time | Current Time | Premium Index Calculation Window |
|---|---|---|
| 16:00 | 16:10 | 08:11 ~ 16:10 |
| 16:00 | 17:00 | 09:01 ~ 17:00 |
| 16:00 | 23:59 | 16:00 ~ 23:59 (unchanged) |
| 00:00 | 01:00 | 17:01 ~ 01:00 |
Key Impacts of the Adjustment
- Same-Period Contracts: For fees collected at 00:00, the 23:59 funding rate remains the basis—no change in fee amounts.
- Cross-Period Contracts: Affects only predicted funding rates; actual rate calculations stay consistent.
- API/WebSocket Data: The
/api/v5/public/funding-rateendpoint andfunding-rateWebSocket channel reflect these rules.
| Field | Description |
|---|---|
next_period | nextFundingRate (predicted rate) |
current_period | fundingRate (current rate) |
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FAQs
Q1: Does this change affect how much I pay/receive in funding fees?
A: No. The adjustment only modifies the averaging window for premium indices—final fee amounts remain identical.
Q2: Why did OKX revise this calculation?
A: The update improves responsiveness to recent market conditions by focusing on nearer-term data.
Q3: Where can I check the latest funding rates?
A: Use OKX’s Public API or WebSocket streams for real-time data.
Q4: Will historical funding rate data be recalculated?
A: No. Past rates retain their original values based on the prior method.
Q5: How often are funding fees typically collected?
A: Most contracts settle every 8 hours, but check your instrument’s specifications for exact intervals.
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OKX advises traders to review strategies in light of these changes. We apologize for any inconvenience and remain committed to delivering exceptional service.
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