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Linear Multi-Collateral Perpetual Contract Specifications
Perpetual Futures are a type of Futures contract that have no expiration date and have an auto-rolling feature every hour. These contracts feature a funding rate, which is a user-to-user payment designed to keep the price of the perpetual futures contract aligned to its underlying asset’s index price (i.e. the spot price of the underlying asset). If the premium is above zero, then the long positions payout to short positions, and if the premium is below zero, then the short positions pay out to the long positions. Traders will either pay or receive funding depending on the market movements. The price divergence is calculated every hour and funding credits/debits accumulate as unrealised profit/loss settling at the end of each hour or when the net position changes. 
Below you can find three sections: a detailed table with the specifications of each contract, funding rate and other important information followed by multiple examples to demonstrate the mechanics of a perpetual contract. All multi-collateral futures use the multi-collateral wallet for margining.
Click below to expand each section:
Contract Specifications Table
Please note:
All multi-collateral contracts have a lot size of 1 unit of the base currency. For example, 1 contract of ETH is equal to 1 ETH.
The quote currency for all contracts is the U.S. Dollar (USD).
Some linear contracts can be in post-only mode, meaning no trades can be executed but orders can be placed. When sufficient liquidity has been established, post-only will be removed on a contract by contract basis.
Index constituents can be found here.
Delisted and settled contracts are archived here
SymbolBase CurrencyMin orderTick SizeMax Position (Base units)Impact MidMargin ClassFirst Trading
PF_ETHUSDEthereum (ETH)0.0010.116,0000.09 ETHClass A23-Mar-2022
PF_XBTUSD*Bitcoin (BTC*)0.000111,2000.006 BTCClass A23-Mar-2022
PF_AAVEUSDAave (AAVE)0.010.0160,0001.85 AAVEClass C27-Jun-2022
PF_ACHUSDAlchemy Pay (ACH)10.000001100,000,0006000 ACHClass D26-Jul-2023
PF_ADAUSDCardano (ADA)10.0000150,000,000350 ADAClass B23-Mar-2022
PF_AEVOUSDAevo (AEVO)10.00015,000,000125 AEVOClass D22-May-2024
PF_AGLDUSDAdventure Gold (AGLD)10.00013,000,000160 AGLDClass D23-Aug-2023
PF_ALICEUSDMy Neighbor Alice (ALICE)10.00011,600,000130 ALICEClass D21-Sep-2022
PF_ALGOUSDAlgorand (ALGO)10.0000117,500,000900 ALGOClass D6-Jul-2022
PF_ALPHAUSDStella (ALPHA)10.0000120,000,0001000 ALPHAClass D19-Jul-2023
PF_ALTUSDAltlayer (ALT)10.0000112,000,000300 ALTClass D29-May-2024
PF_ANKRUSDAnkr (ANKR)10.00000150,000,0005,250 ANKRClass D14-Sep-2022
PF_ANTUSDAragon (ANT)10.00011,600,00050 ANTClass D28-Sep-2022
PF_APEUSDApeCoin (APE)10.00014,000,00075 APEClass D13-Jun-2022
PF_API3USDAPI3 (API3)10.00012,000,00040 API3Class C31-January-2024
PF_APTUSDAptos (APT)0.10.0001500,00020 APTClass D19-Oct-2022
PF_ARUSDArweave (AR)0.0010.001100,0003 ARClass D9-May-2024
PF_ARBUSDArbitrum (ARB)10.000110,000,000110 ARBClass B23-Mar-2023
PF_ARKMUSDArkham (ARKM)10.00011,500,00040 ARKMClass D15-May-2024
PF_ARPAUSDARPA (ARPA)10.0000140,000,0002,000 ARPAClass D19-Jul-2023
PF_ASTRUSDAstar (ASTR)10.0000120,000,0001,200 ASTRClass D1-May-2024
PF_ATOMUSDCosmos (ATOM)0.10.0013,000,00015 ATOMClass B23-Mar-2022
PF_AUDIOUSDAudius (AUDIO)10.0000112,000,000700 AUDIOClass D28-Sep-2022
PF_AVAXUSDAvalanche (AVAX)0.010.01500,0005 AVAXClass B23-Mar-2022
PF_AXSUSDAxie Infinity (AXS)0.10.001700,00025 AXSClass C3-Aug-2022
PF_BADGERUSDBadger DAO (BADGER)0.10.001700,00030 BADGERClass D27-March-2024
PF_BALUSDBalancer (BAL)0.10.001500,00030 BALClass D21-Sep-2022
PF_BANDUSDBand Protocol (BAND)0.10.00012,400,00075 BANDClass D21-Sep-2022
PF_BATUSDBasic Attention Token (BAT)10.0000110,000,000450 BATClass D20-Jul-2022
PF_BBUSDBounce Bit (BB)1 0.0000110,000,000250 BBClass D 20-Jun-2024
PF_BCHUSDBitcoin Cash (BCH)00.0130,0001 BCHClass C23-Mar-2022
PF_BEAMUSDBeam (BEAM)10.00000160,000,0005,000 BEAMClass D17-Apr-2024
PF_BICOUSDBiconomy (BICO)10.000015,000,000250 BICOClass D01-May-2024
PF_BLURUSDBlur (BLUR)10.00017,000,000550 BLURClass D16-Feb-2023
PF_BLZUSDBluzelle (BLZ)10.00017,000,000400 BLZClass D10-Apr-2024
PF_BOMEUSDBook of Meme (BOME)10.000001200,000,00010,000 BOMEClass D24-Apr-2024
PF_BONKUSD**Bonk (BONK)1,0000.000000001100,000,000,00010,000,000 BONKClass D21-Dec-2023
PF_BNBUSDBNB (BNB)0.010.0140,0000.5 BNBClass B22-Nov-2023
PF_BNTUSDBancor Network (BNT)10.00017,000,000200 BNTClass D18-Jun-2024
PF_BRETTUSDBrett (BRETT)10.0000130,000,0001000 BRETTClass D18-Jun-2024
PF_C98USDCoin98 (C98)10.0000115,000,000400 C98Class D22-May-2024
PF_CFXUSDConflux (CFX)10.0000110,000,000600 CFXClass D9-Aug-2023
PF_CHRUSDChromia (CHR)10.0000110,000,000400 CHRClass D8-May-2024
PF_CHZUSDChiliz (CHZ)10.0000145,000,0001700 CHZClass D20-Jul-2022
PF_COMPUSDCompound (COMP)0.10.001100,0002.75 COMPClass D13-Jun-2022
PF_COTIUSDCOTI (COTI)10.0000115,000,0001000 COTIClass D30-Apr-2024
PF_CRVUSDCurve (CRV)10.000112,000,000225 CRVClass C27-Jun-2022
PF_CTSIUSDCartesi (CSTI)10.0000115,000,000500 CTSIClass D29-May-2024
PF_CVXUSDConvex Finance (CVX)10.0001500,00033 CVXClass D30-Mar-2023
PF_DASHUSDDASH (DASH)0.10.00150,0004 DASHClass D24-Aug-2022
PF_DOGEUSDDogecoin (DOGE)10.000001200,000,0002000 DOGEClass B20-Jun-2022
PF_DOTUSDPolkadot (DOT)0.10.0013,000,00020 DOTClass B23-Mar-2022
PF_DYDXUSDdYdX (DYDX)10.00012,500,00050 DYDXClass C7-Sep-2022
PF_DYMUSDDymension (DYM)0.10.00011,000,00030 DYMClass D8-Feb-2024
PF_EGLDUSDMultiversX (EGLD)0.010.0160,0004 EGLDClass D7-Sep-2022
PF_ENAUSDEthena (ENA)10.00012,000,000100 ENAClass D24-Apr-2024
PF_ENJUSDEnjin (ENJ)0.10.00018,500,000350 ENJClass D13-Jun-2022
PF_ENSUSDEthereum Name Service (ENS)0.10.001400,0007.5 ENSClass C28-Sep-2022
PF_ETCUSDEthereum Classic (ETC)0.10.001200,0005.5 ETCClass C3-Aug-2022 (ETHFI)0.10.00011,000,00030 ETHFIClass D9-May-2024
PF_ETHWUSDEthereum PoW (ETHW)0.10.00120,00030 ETHWClass E15-Sep-2022
PF_EOSUSDEOS (EOS)10.000115,000,000170 EOSClass B23-March-2022
PF_FILUSDFilecoin (FIL)0.10.0013,000,00025 FILClass B23-Mar-2022
PF_FLRUSDFlare (FLR)10.0000015,000,0007,000 FLRClass E10-Jan-2023
PF_FLOKIUSD**FLOKI (FLOKI)1,0000.0000000120,000,000,000500,000 FLOKIClass D15-May-2024
PF_FLOWUSDFlow (FLOW)10.00011,300,000230 FLOWClass D17-Aug-2022
PF_FTMUSDFantom (FTM)10.0000125,000,000600 FTMClass C20-Jun-2022
PF_FXSUSDFrax Share0.10.001300,00020 FXSClass D30-Aug-2023
PF_GALUSDGalxe (GAL)10.00011,000,00050 GALClass D12-Apr-2023
PF_GALAUSDGala (GALA)10.00001120,000,0006000 GALAClass D3-Aug-2022
PF_GLMRUSDMoonbeam (GLMR)10.000014,000,000450 GLMRClass D5-Oct-2022
PF_GMTUSDSTEPN (GMT)10.000120,000,000650 GMTClass C30-May-2022
PF_GMXUSDGMX (GMX)0.010.0145,0003 GMXClass D08-Mar-2023
PF_GRTUSDThe Graph (GRT)10.0000130,000,0001,700 GRTClass C17-Aug-2022
PF_GTCUSDGitcoin (GTC)10.00015,000,000120 GTCClass D18-Jun-2024
PF_HFTUSDHashflow (HFT)10.00015,000,000300 HFTClass D26-Jul-2023
PF_HNTUSDHelium (HNT)10.001500,00030 HNTClass D14-Mar-2024
PF_ICPUSDInternet Computer (ICP)0.10.001500,00015 ICPClass C14-Sep-2022
PF_ICXUSDICON (ICX)10.0000110,000,000650 ICXClass D28-Sep-2022
PF_IMXUSDImmutable X (IMX)10.00014,000,000150 IMXClass C12-Oct-2022
PF_INJUSDInjective (INJ)0.10.0011,000,00010 INJClass B5-Apr-2023
PF_JASMYUSDJasmyCoin (JASMY)10.000001400,000,00020,000 JASMYClass D5-Apr-2023
PF_JTOUSDJito (JTO)10.00011,000,00070 JTOClass D21-Dec-2023
PF_JUPUSDJupiter (JUP)10.00012,500,000200 JUPClass D1-Feb-2024
PF_KASUSDKaspa (KAS)10.0000140,000,0001000 KASClass C9-Jan-2024
PF_KAVAUSDKava (KAVA)10.00017,000,000160 KAVAClass C10-Aug-2022
PF_KNCUSDKyber Network Crystal (KNC)10.00012,000,000175 KNCClass D31-Aug-2022
PF_KSMUSDKusama (KSM)0.010.01100,0004 KSMClass D17-Aug-2022
PF_LDOUSDLido DAO (LDO)10.00012,500,00050 LDOClass C8-Mar-2023
PF_LINAUSDLinear Finance (LINA)10.000001300,000,00015,000 LINAClass D9-Aug-2023
PF_LINKUSDChainlink (LINK)0.10.0012,000,00015 LINKClass B23-Mar-2022
PF_LPTUSDLivepeer (LPT)0.10.001500,00015 LPTClass D20-Jul-2022
PF_LRCUSDLoopring (LRC)10.000018,000,000450 LRCClass D10-Aug-2022
PF_LSKUSDLisk (LSK)10.00011,000,00080 LSKClass D31-Jan-2024
PF_LTCUSDLitecoin (LTC)0.010.01300,0001.5 LTCClass B23-Mar-2022
PF_LUNA2USDTerra 2.0 (LUNA2)0.10.001150,000180 LUNA2Class E1-Jun-2022
PF_MANAUSDDecentraland (MANA)10.000112,000,000275 MANAClass C27-Jun-2022
PF_MASKUSDMask Network (MASK)10.00011,500,00030 MASKClass C8-Mar-2023
PF_MATICUSDPolygon (MATIC)10.000130,000,000180 MATICClass B23-Mar-2022
PF_MEWUSDcat in a dogs world (MEW)10.00000011,000,000,00025000 MEWClass D18-Jun-2024
PF_MINAUSDMina Protocol (MINA)10.00013,500,000270 MINAClass D5-Oct-2022
PF_MKRUSDMaker (MKR)0.0010.15,0000.15 MKRClass D20-Jul-2022
PF_MOVRUSDMoonriver (MOVR)00.001300,0008 MOVRClass D15-May-2024
PF_NEARUSDNear Protocol (NEAR)10.00011,250,00090 NEARClass C13-Jun-2022
PF_NEOUSDNeo (NEO)0.10.001100,00010 NEOClass D24-Apr-2024
PF_OGNUSDOrigin Protocol (OGN)10.0000116,000,0002,000 OGNClass D31-Aug-2022
PF_OMGUSDOMG Network (OMG)0.10.00012,500,000220 OMGClass D13-Jun-2022
PF_ONDOUSDOndo (ONDO)10.00012,000,000120 ONDOClass D11-Apr-2024
PF_ORDIUSDOrdi (ORDI)0.010.00150,0002 ORDIClass D24-Jan-2024
PF_1INCHUSD1INCH (1INCH)10.00016,000,000400 1INCHClass D24-Aug-2022
PF_OPUSDOptimism (OP)10.00014,000,00060 OPClass C3-Jun-2022
PF_PAXGUSDPAX Gold (PAXG)0.0010.11,0000.05 PAXGClass D16-Aug-2023
PF_PENDLEUSDPendle (PENDLE)0.10.001800,00020 PENDLEClass D29-May-2024
PF_PEOPLEConstitutionDAO (PEOPLE)10.0000140,000,0001000 PEOPLEClass D6-Jun-2024
PF_PEPEUSD**Pepe (PEPE)1,0000.0000000001100,420,690,000125,000,000 PEPEClass C25-May-2023
PF_PERPUSDPerpetual Protocol (PERP)10.00014,000,000100 PERPClass D22-May-2024
PF_PIXELUSDPixels (PIXEL)10.00017,500,000200 PIXELClass D6-Jun-2024
PF_POPCATUSDPopcat (POPCAT)10.0000120,000,000500 POPCATClass D18-Jun-2024
PF_POWRUSDPowerledger (POWR)10.0000115,000,000350 POWRClass D15-May-2024
PF_PYTHUSDPyth Network (PYTH)10.000015,000,000400 PYTHClass D29-Nov-2023
PF_QNTUSDQuant (QNT)0.010.0112,0001 QNTClass D12-Oct-2022
PF_QTUMUSDQTUM (QTUM)10.0001700,00050 QTUMClass D24-Aug-2022
PF_RENUSDRen (REN)10.0000120,000,0002,200 RENClass D14-Sep-2022
PF_RLCUSDiExec RLC (RLC)10.00011,000,00085 RLCClass E12-April-2023
PF_RNDRUSDRender (RNDR)10.00012,000,00090 RNDRClass C30-Mar-2023
PF_RUNEUSDTHORChain (RUNE)10.00011,500,00050 RUNEClass C7-Sep-2022
PF_SAGAUSDSaga (SAGA)0.10.001800,00040 SAGAClass D12-Apr-2024
PF_SANDUSDThe Sandbox (SAND)0.10.000110,000,000330 SANDClass C13-Jun-2022
PF_SATSUSD**SATS Ordinals (SATS)1015,000,000,000,000500,000,000 SATSClass D9-May-2024
PF_SCUSDSiacoin (SC)10.0000001600,000,00040,000 SCClass D5-Oct-2022
PF_SEIUSDSEI (SEI)10.000015,000,000200 SEIClass D13-Mar-2024
PF_SHIBUSD**Shiba Inu (SHIB)1,0000.0000000011,000,000,000,00012,500,000 SHIBClass C30-May-2023
PF_SNXUSDSynthetix (SNX)10.00012,200,00060 SNXClass D6-Jul-2022
PF_SOLUSDSolana (SOL)0.010.01200,0002 SOLClass B23-Mar-2022
PF_SPELLUSDSpell Token (SPELL)10.00000011,500,000,000100,000 SPELLClass D27-02-2024
PF_STEEMUSDSteem (STEEM)1 0.00001 25,000,000600 STEEMClass D20-Jun-2024
PF_STGUSDStargate Finance (STG)10.00013,000,000175 STGClass D26-Jul-2023
PF_STORJUSDStorj (STORJ)10.00015,000,000450 STORJClass D7-Sep-2022
PF_STRKUSDStarknet (STRK)10.00014,000,000100 STRKClass C21-Feb-2024
PF_STXUSDStacks (STX)10.00013,000,000110 STXClass C30-Mar-2023
PF_SUIUSDSui (SUI)10.00015,000,000160 SUIClass C3-May-2023
PF_SUPERUSDSuperVerse (SUPER)10.00011,500,000100 SUPERClass D25-Apr-2024
PF_SUSHIUSDSushiswap (SUSHI)10.00014,000,000180 SUSHIClass D31-Aug-2022
PF_SXPUSDSolar (SXP)10.000015,000,000300 SXPClass D19-Jul-2023
PF_TUSDThreshold (T)10.000001100,000,0003,000 TClass D8-May-2024
PF_THETAUSDTheta Network (THETA)10.00013,000,000160 THETAClass C12-Oct-2022
PF_TIAUSDCelestia (TIA)0.10.0001700,00020 TIAClass C29-Nov-2023
PF_TLMUSD**Alien Worlds (TLM)100.000001200,000,0005000 TLMClass D5-Jun-2024
PF_TNSRUSDTensor (TNSR)10.0013,500,00075 TNSRClass D5-Jun-2024
PF_TOKENUSDTokenFi (TOKEN)10.0000150,000,0001500 TOKENClass D18-Jun-2024
PF_TONUSDToncoin (TON)0.10.001500,00020 TONClass D30-Apr-2024
PF_TRBUSDTellor Tributes (TRB)0.01 0.01 50,0001.5 TRBClass D20-Jun-2024
PF_TRUUSDTrueFi (TRU)10.0000115,000,0001,000 TRUClass D17-Apr-2024
PF_TRXUSDTron (TRX)10.00000175,000,0002000 TRXClass D20-Jun-2022
PF_TURBOUSD**Turbo (TURBO)1000.0000001600,000,00015,000 TURBOClass D5-Jun-2024
PF_TUSDUSDTrueUSD (TUSD)10.00015,000,000100 TUSDClass D28-Jun-2023
PF_UMAUSDUMA (UMA)0.10.0011,000,00030 UMAClass D25-Jan-2024
PF_UNFIUSDUnifi Protocol DAO (UNFI)10.0001500,00025 UNFIClass D25-04-2024
PF_UNIUSDUniswap (UNI)0.10.0013,000,00020 UNIClass B23-Mar-2022
PF_USDCUSDUSDC (USDC)10.00015,000,000100 USDCClass C11-Mar-2023
PF_USDTUSDTether (USD)10.00015,000,000100 USDTClass C11-Mar-2023
PF_WUSDWormhole (W)10.00014,000,000150 WClass D8-Apr-2024
PF_WAVESUSDWaves (WAVES)10.00011,000,00050 WAVESClass D13-Jun-2022
PF_WENUSD**Wen (WEN)10000.0000000120,000,000,000500000 WENClass D6-Jun-2024
PF_WIFUSDdogwifhat (WIF)10.00018,000,000500 WIFClass C22-Jan-2024
PF_WLDUSDWorldcoin (WLD)10.00011,500,000100 WLDClass C2-Aug-2023
PF_WOOUSDWoo Network (WOO)10.0000110,000,000500 WOOClass E5-Apr-2023
PF_XLMUSDStellar Lumens (XLM)10.0000170,000,0001,200 XLMClass C6-Jul-2022
PF_XMRUSDMonero (XMR)0.010.01120,0000.75 XMRClass B23-March-2022
PF_XRPUSDRipple (XRP)10.0000150,000,000285 XRPClass B23-Mar-2022
PF_XTZUSDTezos (XTZ)10.00015,000,000110 XTZClass D6-Jul-2022
PF_YFIUSDYearn Finance (YFI)0.000117500.020 YFIClass D13-Jul-2022
PF_YGGUSDYield Guild Games (YGG)10.00013,000,00080 YGGClass D10-Apr-2024
PF_ZETAUSDZetaChain10.00013,000,00070 ZETAClass D15-May-2024
PF_ZECUSDZCASH (ZEC)0.010.0150,0005 ZECClass D24-Aug-2022
PF_ZRXUSD0x (ZRX)10.0000110,000,000600 ZRXClass D12-Apr-2023
*BTC is used on the platform UI. XBT is used on the API and account logs. Both refer to Bitcoin (BTC).
**These contracts are not available on the legacy user interface and can only be accessed via Kraken Pro or API. 
Details on Margin Categories available on Margin schedule and maximum leverage
Contract specifications changes available on our Futures Platform Parameters Changelog
Funding Rate and Other Important Information
Funding Rate Change, September 2022
On September 29th, 2022 at 12:00 UTC, the funding rate settlement period changed from 4 hours to 1 hour, and the maximum permissible rate changed from 0.1% to 0.25%. The table below has been updated with details of the new funding rate methodology.
To view the old funding rate methodology please see this page.
Additional Information
Auto-Roll PeriodEvery 1 hour at the end of the hour
Rate-setting Calculation Window
Rate for next period is calculated over current 1-hour period (e.g., rate for 12-13 UTC period is calculated in window between 11-12 UTC)
Funding Rate
Between start and end of the Rate-setting Period the Funding Rate is computed as the time-weighted average premium, and standardised to a per-hour basis.
Permissible range per 1 hours: [-0.25%, +0.25%]*** (i.e., 600 basis point magnitude for 24-hour realisation period)
Payout Frequency
Continuously based on Funding Rate set at the end of the prior Funding Period.
Positions will immediately and continuously receive or send funding while open in the perpetual contracts.
The funding accumulates as unrealised profit/loss and settles every 1 hour at end of the Funding Period, or when user changes net open position (whichever occurs first).
Funding Rate Multiplier
n = 24
This is the coefficient used in the calculation of the funding rate.
A value of 1/n means that, ceteris paribus, it will take n hours to realise the Average Premium.
Example: if the Average Premium is 0.36% for the 1-hour period, then Funding Rate is equal to 0.015%, meaning that over the course of 24 hours, this 0.36% total will be realised.
Funding Rate Calculation
In a given 1-hour Funding Period, Premium values calculated from minutely perpetual contract prices (60 observations) using an Impact Mid are recorded versus the Real Time Platform Ticker.
The Impact Mid is the median of the average entry price market-selling x value of contracts and market-buying x value of contracts. See table above for contract-specific values.
The Average Premium is calculated as the average of the mid 30 values recorded from the above 60 observations.
Finally, this value is weighted by the Funding Rate Multiplier.
If Average Premium is greater than 0 for the 1 hour period, those in Long positions will continuously pay out to Short positions, which pushes the price closer to Index.
If Average Premium is less than 0 for the 1 hour period, those in Short positions will continuously pay out to Long positions, which pushes the price closer to Index.
Trading Hours24 hours/day, 7 days/week, 365 days/year (excluding maintenance)
P&L Settlement Method
Cash settled in USD with optional payout in any of the collateral currencies
(profit only, losses are always realised in USD)
Fee Structure
Kraken Futures uses a maker-taker fee structure. Fees are calculated as a percentage of the notional order value for a matched trade.
No fees are charged on auto-roll or funding payouts -- these occur strictly between counter-parties.
Contract Expiration
The perpetual futures are non-expiring, which means that positions in the contract are never “expired” or “matured”, however there is a settlement process every hour that applies funding to anchor the spot value to the Index.
See Last Trading for more information.
Settlement time
Every 1 hour at the end of the hour:
The accumulated unrealised funding is settled and new rate set based on TWAP premium to index in prior rate period.
Last Trading
This contract remains trading perpetually and would only expire in an emergency situation if Kraken Futures deems necessary to settle/expire the contract.
Kraken Futures reserve the right to set any contract to post-only, suspended, or settle any contract at any time and without warning due to either adverse market conditions or regulatory risk. 
Initial MarginAs low as 2%
Maintenance MarginHalf of Initial Margin
Maximum Initial LeverageUp to 50x
Mark Price
Index Price plus the 30 seconds exponential moving average of the order book mid price minus the index price (future's basis). The premium for perpetual contracts is capped at 1%.
Calculation: Index Price + EMA_30seconds(Impact Mid Price - Index Price)
Note: in the extremely rare circumstance that the Index Price is unavailable for whatever reason, the above caps may not apply and the Mark Price will be equal to the Impact Mid Price.
Margin & Settlement CurrencyUSD, but with full collateral options of BTC, ETH, ADA, DOT, LTC, SOL, XRP, USDT, USDC, EUR, and GBP, adjusted for haircut (see Futures Collateral Currencies)
The funding rate for a given perpetual contract is represented in two different ways:
  • absolute rate: The amount of funding an account will receive by maintaining a 1 contract unit short position for 1 hour. This is more useful for account log purposes. 
    • absolute funding payout = # of contracts * absolute funding rate * time elapsed within funding period without position alteration
  • relative rate: The absolute funding rate relative to the spot price at the time of funding rate calculation. This is an intermediate value in the calculation of the absolute funding rate and is the number we display in the front end (as a %) as the 'funding rate'.
    • relative funding payout = # of contracts * (relative funding rate*spot price) * time elapsed within funding period without position alteration
Funding Rate Examples
In order to get a complete understanding of the funding rate dynamics of the Perpetual Contract, we present examples to demonstrate the key features.
Click the example titles to expand: 
Example Funding Rate 1
Assume time is 12 UTC and that the price of BTC is $37,000 (via bitcoin-dollar real-time index) and the Perpetual trades at $37,100 the whole time until 13 UTC. The average premium is computed as 0.27027% for the 1-hour period (100/37,000). This leads to a funding rate of 0.27027 / 24 = 0.01126125% per hour.
Now assume that you are in a short position of 2 BTC, with 1 BTC perpetual contract valued at $37,100. If you hold this position from 13 to 14 UTC, and the premium in the 13 to 14 UTC period remains as 0.27027%, then you will be paid funding of 8.333325 USD for the one-hour period [(2*37000)*0.0001126125]
Example Funding Rate 2
Assume time is 12 UTC and that price of BTC is $37,000 and the Perpetual trades at $39,700 until 13 UTC. The average premium is computed as 7.297297% for the 1-hour period. This leads to a funding rate of 7.297297 / 24 = 0.30405404% per hour.
The maximum funding rate per hour in any given period is 0.25%. The minimum is -0.25%.
As a result, this 0.30405404% hourly rate is floored to 0.25% per hour, so that the maximum 24 hour realisation will not exceed 6%.
Note that there is no "dampening" of rates done in this model: if a 1 hour computed rate is near 0, then it will pay out non-0 value even if it is de minimis.
Example Funding Rate 3
Assume time is 13 UTC and that the index spot price of BTCUSD is $37,000, and the relative rate set for the 1 hour period is 0.05% per hour.
Now assume the time is 13:30 UTC and the perpetual trades at $38,000 and you enter a Short position of 4 BTC at this price.
You will immediately begin receiving funding at an absolute rate of 0.05%*$37,000 = 18.5 USD per hour per unit.
In your available balance you will then see this rate applying in your unrealised PnL through continuous funding payout equal to:
  • 18.5 * 4 BTC = $74 per hour
  • $1.233 per minute
This will pay out continuously until 14 UTC where the relative funding rate will change based on the market activity between 13-14 UTC.
In your 4 BTC short position at the end of the half hour period you will have $36.99 applied in your account log at 14 UTC.
Assume this new relative funding rate is now 0.03% and the real-time spot index is $37,900 for BTCUSD at 14 UTC. 
From 14 UTC to 15 UTC a new absolute funding rate will begin applying of 0.03%*$37,900=$11.37 per hour per unit.
Example Funding Rate 4
Assume time is 14 UTC and you enter a position long 2 BTC on BTCUSD at 37,000. Assume that the funding rate for the one-hour period (13-14 UTC) is set as -0.04% per hour.
At 15 UTC, after you have held this position for one full hour, you will have earned $29.6 [(0.0004*2 BTC)*37,000], which credits continuously throughout the hour period you hold it.
However, during this period, the price was at a premium and so the new one-hour rate set for 14 - 15 UTC is 0.04% per hour. After one hour of holding the position, you have paid $29.6 and you close at 16 UTC.
Your funding for the two hour period you held the position is thus + $29.6  for the first period and then - $29.6 for the first second and your net flows are 0 for this.
Example Funding Rate 5
Assume it's 12 UTC you are in a 5 BTC long position on BTCUSD with spot index at $37,000 and the rate in the funding period is -0.08%. This earns you funding of:
  • 0.0008 * 5 * 37,000 = $148 for the period
  • $2.4666667 per minute
  • $0.04111111 per second
  • $0.00004111111 per millisecond
This credits and debits every millisecond to every user with an open position. It credits first as unrealised profit and loss, but you have the funds available right away to use in further positions or transfer into your Cash account.
The funding is booked into your account log and realised when one of the following events occur:
  1. 1
    You adjust your open position up or down by any amount
  2. 2
    You hold until the end of the Funding Period, at which point it is booked (occurs at the end of every hour)
Example Funding Rate 6
Assume it's 12 UTC you are in a 3 BTC long position on PF_BTCUSD with spot index at $37,000 and the rate in the funding period is -0.05%. Assume that you have set your profit currency as ETH and you hold this position until the end of the funding period at 13 UTC.
0.0015*37,000*3 = $55.5 per hour
At the end of the period at 13 UTC, assume that the price of ETH is 2,500 (from the ether-dollar real-time index)
The conversion can be calculated using the following:
= Amount in USD to be converted / (Target currency index * (1 - 0.25%))
= 55.5 USD / (2,500 ETHUSD * .9975) 
= 0.022 ETH
An example of what this would look like in the account logs:
Funding Rate Change
The decimal and thousands separators shown in this article may differ from the formats displayed on our trading platforms. Review our article on how we use points and commas for more information.
Last updated: 20 June, 2024