Overbit is rolling out Funding Rates for open positions within the next 24 hours.
Funding Fees (also known as interest fees or rollover fees) are fees paid by the traders on the notional value of any current open position. Overbit funding intervals will occur 3 times per day, every 8 hours at 01:00 UTC, 09:00 UTC and 17:00 UTC. You will only pay or receive funding if you hold a position during one of these times.
The first Funding Interval will be on:
Tuesday 25th June 2019 at 09:00 UTC.
If you close your position prior to the funding period, then you will not pay or receive funding.
Overbit does not profit from funding fees but operates a unique funding rate calculation methodology in order to balance demand on buy-side and sell-side liquidity. This means that Long Funding and Short Funding rates are not always inverse of each other.
The funding you will pay or receive is calculated as:
Long Funding = Notional Position Value * Long Funding Rate
Short Funding = Notional Position Value * Short Funding Rate
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