Futures Trading Fees

  • HashKey Global Team

    HashKey Global Adjusts Funding Rate Cap for BTCUSD Perpetual Futures

    Dear HashKey Global Clients, HashKey Global has updated the Capped Funding Rate for BTCUSD perpetual futures. The details are as follows:

    • BTCUSD Perpetual Futures

    USD Perpetual Futures BTCUSD
    Underlying Asset BTC/USD Index
    Capped Funding Rate +-0.375%
    Funding Fee Settlement Frequency Every Eight Hours


     

    Click to view the perpetual contract trading guide, For perpetual futures trading rules and trading pair parameters, please refer to "HashKey Global Perpetual Futures Trading Rules" for more information.
     
     
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    Disclaimer: In compliance with local regulations, HashKey Global does not offer services to individuals in the United States, mainland China, Hong Kong, and certain restricted countries or regions. This material is for informational purposes only and is not intended to be distributed or relied upon by individuals in Hong Kong. This material does not constitute an offer to buy or sell any financial products, nor should it be considered as investment advice. Investing in digital assets involves risks. Investors should not make investment decisions based solely on this press release, but should carefully evaluate their suitability to participate in any investment products based on their own investment experience, investment objectives, financial situation, and other relevant conditions.
     

    Risk warning and disclosure: Buying, selling, and holding cryptocurrencies are activities that are subject to high market risk. The volatile and unpredictable nature of the price of cryptocurrencies may result in a significant loss. HashKey Global is not responsible for any loss that you may incur from price fluctuations when you buy, sell, or hold cryptocurrencies. Please refer to our Risk Disclosure Statement for more information.

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  • HashKey Global Team

    Fee calculation method

    Perpetual Futures only support trading using USDT, so fees can only be deducted in USDT.
    For example: A user places a market order to sell 0.5 BTC for 25,000 USDT in the BTC/USDT perpetual Futures and then sets a limit order to buy 0.4 BTC for 22,000 USDT. The user's fee calculation is as follows:
    For instance:
    Maker fee rate: 0.06%
    Taker fee rate: 0.06%
    Fee for selling short: 25,000 * 0.5 * 0.06% = 7.5 USDT
    Fee for buying long: 22,000 * 0.4 * 0.06% = 5.28 USDT

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  • HashKey Global Team

    Funding Rate Overview

    What is the Funding Rate?

    The funding rate is a periodic fee exchanged between traders in perpetual Futures, designed to keep the futuret price in line with the spot price of the underlying asset. When the market is bullish, the funding rate is positive, and long-position traders pay a fee to short-position traders. Conversely, when the market is bearish, the funding rate is negative, and short-position traders pay a fee to long-position traders.

    How is the Funding Rate Calculated?

    The funding rate is calculated using the following formula:
    Funding Amount=Nominal Position Value×Funding Rate
    Where:
    Nominal Position Value=Mark Price×Number of Contracts
    It is important to note that exchanges do not charge any fees from the funding rate itself; the funds are directly transferred between users. Funding payments occur every 8 hours at 00:00 UTC, 08:00 UTC, and 16:00 UTC. Traders are required to pay or receive the funding fee only if they have an open position at the scheduled funding times. If a trader closes their position before the funding time, they neither pay nor receive any funding fee. There is a 15-second margin of error for the actual funding payment time. For example, if a trader opens a position at 08:00:05 UTC, they will still be subject to the funding fee (either paying or receiving it).
     

    Factors Determining the Funding Rate

    The funding rate is determined by two factors: the interest rate and the premium. The premium helps align the perpetual future price with the underlying asset price.
    The formula for the funding rate (F) is:
    F=Average Premium Index(P)+Clamp(Interest Rate−Average Premium Index(P),0.05%,−0.05%)
    1. Interest Rate: Exchanges use a fixed interest rate, assuming that holding equivalent cash earns more interest than holding an equivalent amount of BTC. The default interest rate difference is set at 0.03% per day (0.01% per 8-hour funding interval). This rate can change according to market conditions, such as adjustments to the federal funds rate.
    2. Premium: Significant differences can arise between the perpetual future and mark prices. The premium index is used to force the two prices to converge. It is calculated for each contract separately using the formula:
    Premium Index(P)=[max⁡(0, Impact Bid Price−Price Index)−max⁡(0, Price Index−Impact Ask Price)]/Price Index
    Where:
    • Impact Bid Price: The average price of executing a buy order with the impact margin amount (IMN).
    • Impact Ask Price: The average price of executing a sell order with the impact margin amount (IMN).
    • Price Index: A weighted average price index derived from a basket of major spot exchanges, based on their trading volumes.
    For USD-based futures, the IMN is calculated with a margin amount of 200 USDT and is configured via the backend. For example, if the maximum leverage for a BTCUSDT perpetual future is 20x with an initial margin rate of 5%, the IMN is:
    IMN=200 USDT/5%=4,000 USDT
    The system measures the average impact bid/ask prices every minute using this IMN.

    Funding Rate Limits

    The funding rate has upper and lower limits, defined as follows:
    • Lower Limit: −0.75×Maintenance Margin Rate
    • Upper Limit: +0.75×Maintenance Margin Rate
    The final funding rate is clamped within these limits:
    Clamped Funding Rate=clamp(Funding Rate,Lower Limit,Upper Limit)
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