Funding rate and Predicted rate
At the "Contract Details" section, traders may check on the funding rate which has been fixed for next funding timestamp. When you move your cursor to the Funding rate, the Predicted rate will be shown and it indicates the predicted funding rate for the subsequent funding timestamp. It is not fixed and is updated every minute according to Interest Rate and Premium Index that will affect the calculation of funding rate until the end of the current funding interval.
Using an 8 hour funding time interval as example. Funding rate calculated between 00:00 UTC-08:00 UTC will be exchanged at 16:00 UTC; Funding rate calculated between 08:00 UTC-16:00 UTC will be exchanged at 00:00 UTC; Funding rate calculated between 16:00 UTC- 00:00 UTC will be exchanged at 08:00 UTC.
Exception: For CELOUSDT, RVNUSDT, KLAYUSDT, SCUSDT and XEMUSDT Perpetual Contracts, the displayed funding rate will be used to calculate the funding fee immediately should you hold the position beyond the funding timestamp.
Taking the above as an example, funding rate calculated between 00:00 UTC - 08:00 UTC will be used to derive the funding fee at 08:00 UTC instead of 16:00 UTC.
Funding rate consists of two parts: Interest Rate and Premium Index.
Funding Rate Calculation
Bybit calculates the Premium Index (P) and Interest Rate (I) every minute and then performs an N*-Hour Time-Weighted-Average-Price (TWAP) over the series of minute rates.
The Funding Rate is next calculated with the N*-Hour Interest Rate Component and the N*-Hour Premium / Discount Component. A +/-0.05% dampener is added.
$$\text{Premium Index (P)} = {\text{Max(0, Impact Bid Price - Mark Price) - Max(0, Mark Price - Impact Ask Price)}\over\text{Index Price}}+{\text{Funding Rate of Current Interval}*{\text{Time Until Next Funding}\over\text{Funding Interval}}}$$
Funding Rate (F) = Premium Index (P) + clamp(Interest Rate (I) - Premium Index (P), 0.05%, -0.05%)
Hence, if (I - P) is within +/-0.05% then F = P + (I - P) = I. In other words, the Funding Rate will equal the Interest Rate.
This calculated Funding Rate is then applied to a trader’s Position Value to determine the Funding Fee to be paid or received at the Funding Timestamp.
*N= Funding Time interval, If funding occurs once every 8 hours, N=8. And if funding occurs once every 1 hour N=1
Interest Rate (I)
Every contract traded on Bybit comprises of a Base currency, such as BTC, and a Quote currency, such as USD. The Interest Rate is a function of the interest rates between these two currencies. For BTCUSD, it is the difference between the borrowing costs of BTC and USD. On Bybit’s website, (.BTCBON) BTC lending rate can be found in the Index section under the 'Contracts' tab.
$$\text{Interest Rate(I)} = {\text{Price Interest Rate Index - Base Rate Index}\over\text{Fund Rate Interval}}$$
- Interest Quote Index = The Interest Rate for borrowing the Quote currency
- Interest Base Index = The Interest Rate for borrowing the Base currency
- Funding Interval = 24/Funding Time interval = 24/8=3 ( Assuming that funding occurs once every 8 hours)
Interest Quote Index = 0.06%, Interest Base Index = 0.03%
Formula: The Interest Rate = (0.06%-0.03%)/funding interval=(0.06%-0.03%)/3 = 0.01%. ( Assuming that funding occurs once every 8 hours)
Premium Index (P)
Perpetual contracts may trade at a premium or discount from the Mark Price. In this situation, a Premium Index will be used to raise or lower the next Funding Rate to be level consistent with where the contract is trading. On Bybit’s website, history records of Premium Indexes (.BTCUSDPI; Premium Index) can be found at the Index section under the 'Contracts' tab.
$$\text{Premium Index (P)} = {\text{Max(0, Impact Bid Price - Mark Price) - Max(0, Mark Price - Impact Ask Price)}\over\text{Index Price}}+{\text{Funding Rate of Current Interval}*{\text{Time Until Next Funding}\over\text{Funding Interval}}}$$
$$\text{Funding Rate (F)}= \text{Premium index (P) + clamp (Interest rate (I) - Premium index (P), 0.05%, -0.05%)}$$
Impact Bid Price = The average fill price to execute the Impact Margin Notional on the Bid side
Impact Ask Price = The average fill price to execute the Impact Margin Notional on the Ask side
Impact Margin Notional is the notion available to trade with certain amount of margin and is used to determine how deep in the order book to measure either the Impact Bid or Ask Price.
For Inverse Perpetual Contract, it is 2 BTC/30 ETH/20,000 EOS/100,000 XRP/ 3,000 DOT/ 8,000 BIT/12,000 ADA/150 SOL/3,000 MANA/100 LTC.
**For USDT Contract, please refer to table below.
Symbol | Amount of margin |
DOTUSDT | 1000 DOT |
BNBUSDT | 40 BNB |
ETHUSDT | 240 ETH |
LTCUSDT | 260 LTC |
XTZUSDT | 3000 XTZ |
MATICUSDT | 2000 MATIC |
XRPUSDT | 14000 XRP |
FILUSDT | 60 FIL |
BCHUSDT | 26 BCH |
ADAUSDT | 8000 ADA |
SUSHIUSDT | 300 SUSHI |
AAVEUSDT | 20 AAVE |
SOLUSDT | 80 SOL |
EOSUSDT | 5000 EOS |
BTCUSDT | 20 BTC |
LINKUSDT | 600 LINK |
UNIUSDT | 50000 UNI |
XEMUSDT | 5000 XEM |
DOGEUSDT | 2000 DOGE |
XLMUSDT | 14000 XLM |
ETCUSDT | 30 ETC |
TRXUSDT | 80000 TRX |
THETAUSDT | 1200 THETA |
COMPUSDT | 1 COMP |
AXSUSDT | 400 AXS |
ICPUSDT | 160 ICP |
AVAXUSDT | 300 AVAX |
FTMUSDT | 6000 FTM |
ALGOUSDT | 2000 ALGO |
ATOMUSDT | 800 ATOM |
DYDXUSDT | 200 DYDX |
NEARUSDT | 2000 NEAR |
SRMUSDT | 60 SRM |
BITUSDT | 10000 BIT |
OMGUSDT | 500 OMG |
KSMUSDT | 1 KSM |
FTTUSDT | 100 FTT |
CHZUSDT | 8800 CHZ |
IOSTUSDT | 480000 IOST |
DASHUSDT | 25 DASH |
SHIB1000USDT | 60000 SHIB1000 |
VETUSDT | 280000 VET |
CRVUSDT | 12000 CRV |
CELRUSDT | 60000 CELR |
HBARUSDT | 2500 HBAR |
ONEUSDT | 32000 ONE |
C98USDT | 40 C98 |
ALICEUSDT | 250 ALICE |
ENJUSDT | 4000 ENJ |
SANDUSDT | 8000 SAND |
MANAUSDT | 1200 MANA |
GALAUSDT | 2000 GALA |
WOOUSDT | 500 WOO |
LRCUSDT | 6000 LRC |
ENSUSDT | 20 ENS |
IOTXUSDT | 30000 IOTX |
KEEPUSDT | 2500 KEEP |
CHRUSDT | 1200 CHR |
SLPUSDT | 15000 |
TLMUSDT | 40000 TLM |
STORJUSDT | 2000 STOR |
CROUSDT | 2200 CRO |
YGGUSDT | 100 YGG |
EGLDUSDT | 10 EGLD |
BATUSDT | 8000 BAT |
ANKRUSDT | 30000 ANKR |
IMXUSDT | 30 IMX |
ZECUSDT | 22 ZEC |
SFPUSDT | 2000 SFP |
AUDIOUSDT | 500 AUDIO |
ZENUSDT | 50 ZEN |
FLOWUSDT | 300 FLOW |
ILVUSDT | 1 ILV |
RUNEUSDT | 50 RUNE |
GTCUSDT | 50 GTC |
LITUSDT | 20 LIT |
CVCUSDT | 15000 CVC |
RNDRUSDT | 150 RNDR |
SCUSDT | 7000 SCU |
RSRUSDT | 20000 RSR |
STXUSDT | 250 STXU |
MASKUSDT | 100 MASK |
CTKUSDT | 1200 CTKU |
COTIUSDT | 3000 COTI |
BICOUSDT | 35 BICO |
REQUSDT | 700 REQ |
GRTUSDT | 6000 GRT |
1INCHUSDT | 50 1INCH |
SXPUSDT | 1200 SXP |
BTTUSDT | 1000000 BTT |
BSVUSDT | 5 BSV |
KLAYUSDT | 800 KLAY |
YFIUSDT | 0.05 YFI |
QTUMUSDT | 400 QTUM |
SNXUSDT | 70 SNX |
SPELLUSDT | 100000 SPELL |
LPTUSDT | 60 LPT |
ANTUSDT | 900 ANT |
DUSKUSDT | 150 DUSK |
ARUSDT | 18 AR |
RENUSDT | 2000 REN |
PEOPLEUSDT | 5000 PEOPLE |
IOTAUSDT | 5000 IOTA |
CELOUSDT | 500 CELO |
WAVESUSDT | 60 WAVES |
RVNUSDT | 4000 RVN |
KNCUSDT | 1000 KNC |
KAVAUSDT | 60 KAVA |
DENTUSDT | 900000 DENT |
ROSEUSDT | 2000 ROSE |
XMRUSDT | 8 XMR |
CREAMUSDT | 21 CREAM |
LOOKSUSDT | 600 LOOK |
HNTUSDT | 21 HNT |
10000NFTUSDT | 90000 10000NFT |
ZILUSDT | 15000 ZIL |
NEOUSDT | 52 NEO |
CKBUSDT | 100000 CKB |
RAYUSDT | 900 RAY |
REEFUSDT | 110000 REEF |
MKRUSDT | 1 MKR |
BANDUSDT | 300 BAND |
RSS3USDT | 1000 RSS3 |
OCEANUSDT | 1000 OCEAN |
SUNUSDT | 40000 SUN |
JSTUSDT | 15000 JST |
1000BTTUSDT | 3000000 1000BTT |
API3USDT | 260 API3 |
KDAUSDT | 100 KDA |
PAXGUSDT | 3 PAX |
APEUSDT | 1600 APE |
GMTUSDT | 3000 GMT |
OGNUSDT | 3700 OGN |
SKLUSDT | 1500 SKL |
BSWUSDT | 1200 BSW |
CTSIUSDT | 5000 CTSI |
HOTUSDT | 280000 HOT |
STMXUSDT | 300000 STMX |
DGBUSDT | 100000 DGB |
ZRXUSDT | 2300 ZRX |
ALPHAUSDT | 8000 ALPHA |
GLMRUSDT | 400 GLMR |
SCRTUSDT | 500 SCRT |
BAKEUSDT | 1200 BAKE |
ASTRUSDT | 8000 ASTR |
FXSUSDT | 35 FXS |
MINAUSDT | 750 MINA |
BNXUSDT | 1800 BNX |
BOBAUSDT | 1000 BOBA |
ACHUSDT | 72000 ACH |
BALUSDT | 75 BAL |
1000XECUSDT | 12000 1000XEC |
ICXUSDT | 1500 ICX |
MTLUSDT | 800 MTL |
LINAUSDT | 240000 LINA |
ARPAUSDT | 15000 ARPA |
CVXUSDT | 120 CVX |
DODOUSDT | 40000 DODO |
AGLDUSDT | 200 AGLD |
Funding Rate Limit
Inverse Contracts | ||
Symbol | Upper Limit | Lower limit |
MANAUSD | 0.75% | -0.75% |
Other Inverse Trading Pairs | 0.375% | -0.375% |
USDT Contracts | ||
Symbol | Upper Limit | Lower Limit |
EGLDUSDT、ENJUSDT、FLOWUSDT、SLPUSDT、XEMUSDT, GSTUSDT |
0.188% |
- 0.188% |
STXUSDT |
0.376% |
- 0.376% |
EOSUSDT, XRPUSDT, BCHUSDT, LTCUSDT, BNBUSDT |
0.75% |
-0.75% |
DOTUSDT, AAVEUSDT, DOGEUSDT, ETCUSDT, FILUSDT, XLMUSDT, TRXUSDT, VETUSDT, THETAUSDT, COMPUSDT, KSMUSDT, CHZUSDT, CRVUSDT, ICPUSDT, ALGOUSDT, DYDXUSDT, SRMUSDT, OMGUSDT, IOSTUSDT, DASHUSDT, FTTUSDT, BITUSDT, CELRUSDT, HBARUSDT, C98USDT, ALICEUSDT, KEEPUSDT, TLMUSDT, WOOUSDT, LRCUSDT, ENSUSDT, IOTXUSDT, CHRUSDT, STORJUSDT |
1.5% |
-1.5% |
Other USDT trading pairs |
*Limit = ± 0.75 x (IM% Base rate - MM% Base rate) |
*The IM% Base rate and MM% Base rate are according to the base Risk Limit Tier of the respective trading pair. For more information, please refer to Risk Limit (USDT Contract).