Что такое funding rate
Что такое BINANCE FUNDING RATE?
Funding нужен, чтобы поддерживать здоровый баланс между открытыми короткими и длинными позициями на BINANCE и на других биржах. Это механизм поощрения игроков. И на нём можно зарабатывать(хотя это скорее дополнительный бонус).
Ставка Funding Rate может колебаться от 0,001% до 0,15% на BTC. Бывает и отрицательной (когда вы платите, а не вам).
Как рассчитывается Funding?
Получить фандинг могут только те пользователи Бинанс, у которых есть открытые позиции. Если сделка была закрыта перед точкой расчета, то фандинг не будет выплачен.
Фандинг выплачивают ежедневно: в 3, 11 и 19 часов (время Московское).
Funding = Стоимость вашей позиции x Ставка
Можно написать по другому:
Сумма финансирования = Номинальная стоимость позиций×Ставка финансирования
Ставка финансирования в основном используется для сближения цен между рынком бессрочных фьючерсов и фактическим базовым товаром: в нашем случае BTC, выраженный в USDT.
Все расчеты финансирования включают кредитное плечо. Другими словами, при максимальном кредитном плече 20-1 ваша сумма финансирования (положительная или отрицательная) может в 20 раз превышать сумму обеспечения. Когда ставка финансирования положительная, владельцы длинных позиций (лонгов) платят владельцам коротких позиций (шортов). Когда ставка отрицательная, шорты платят лонгам.
В отличие от казино или форекс-брокера, Bitmex или Binance не принимает вашу ставку на рост или падение биткоина. Задача биржи только в том, чтобы эффективно (в известном смысле) сводить встречные заявки людей и не рисковать самой.
Ставка финансирования состоит из двух основных компонентов: процентной ставки и премиум. Премиум, в частности, обеспечивает схождение цены бессрочного контракта с ценой базового инструмента.
Binance использует компонент с фиксированной процентной ставкой, исходя из предположения, что наличие денежного эквивалента позволяет получать более высокий процент, чем BTC-эквивалент. По умолчанию разница составляет 0,03% в день (0,01% на интервал финансирования) и может изменяться в зависимости от рыночных условий, таких как ставка по федеральным фондам. Любые изменения подобного плана будут объявлены заранее.
Скорее всего ты них*я не понял, по этому давай я быстро простыми словами попытаюсь объяснить суть:
Когда ставка финансирования положительная, владельцы длинных позиций (лонгов) платят владельцам коротких позиций (шортов). Когда ставка отрицательная, шорты платят лонгам.
Примеры:
Так как сейчас ставка финансирования положительная, то мне за шорт позиции выплачивают фандинг:
A Beginner’s Guide To Funding Rates
Understanding its impact on traders and why it matters
Traditional futures vs. Perpetual futures
A key feature of traditional futures contracts is the expiration date. When a contract expires, a process known as settlement begins.
Typically, traditional futures contracts settle on a monthly or quarterly basis. At settlement, the contract price converges with the spot price, and all open positions expire.
Perpetual contracts are widely offered by crypto-derivative exchanges, and it is designed similar to a traditional futures contract. Albeit, perpetual contracts offer a key difference.
Unlike conventional futures, traders can hold positions without an expiry date and do not need to keep track of various delivery months. For instance, a trader can keep a short position to perpetuity unless he gets liquidated. As a result, trading perpetual contracts are very similar to trading pairs on the spot market.
Since perpetual futures contracts never settle in the traditional sense, exchanges need a mechanism to ensure that futures prices and index prices converge on a regular basis. This mechanism is also known as Funding Rate.
What is Funding Rate?
Funding rates are periodic payments either to traders that are long or short based on the difference between perpetual contract markets and spot prices. Therefore, depending on open positions, traders will either pay or receive funding.
Source: Binance Futures
What determines the funding rate?
In periods of high volatility, the price between the perpetual contract and the mark price may diverge. In such instances, the premium increases or decreases accordingly.
A large spread equates to a high premium. Conversely, a low premium indicates a narrow spread between the two prices.
When the funding rate is positive, the price of the perpetual contract is higher than the mark price, thus, traders who are long pay for short positions. Conversely, a negative funding rate indicates that perpetual prices are below the mark price, which means that short positions pay for longs.
Funding rates are paid peer-to-peer. Therefore, Binance takes no fees from funding rates as they happen directly between users.
How does it impact traders?
As funding calculations consider the amount of leverage used, funding rates may have a big impact on one’s profits and losses. With high leverage, a trader that pays for funding may suffer losses and get liquidated even in low volatility markets.
On the other hand, collecting funding can be very profitable, especially in range-bound markets.
Thus, traders can develop trading strategies to take advantage of funding rates and profit even in low-volatility markets.
Essentially, funding rates are designed to encourage traders to take positions that keep perpetual contract prices line in with spot markets.
Correlation with market sentiment
Historically, crypto funding rates tend to correlate with the general trend of the underlying asset. The correlation does not indicate that funding rates dictate spot markets, but rather the reverse is true. The chart below shows the correlation between funding rates and spot BTC prices in a 30-day period:
Source: Binance Futures, Data from December 20th, 2019 to January 20th, 2020.
As shown in Chart 1, funding rates doubled as BTC prices rallied since the start of the year. The increased funding rate encouraged traders to go long perpetual contracts, thereby keeping prices in line with spot markets.
Comparison of historical funding rates across crypto-derivatives platforms
Presently, seven major exchanges offer perpetual contracts. In general, traders prefer platforms that provide the lowest funding rate as it can have a significant impact on profits and losses. Here is a quick comparison of Bitcoin futures funding rates across major exchanges:
Source: Skew.com, Data as of December 21st, 2019, January 21st, 2020.
In general, funding rates averaged at 0.015% across major exchanges. As mentioned, these rates vary based on changes in the price of its underlying asset.
How does Binance Futures maintain a low funding rate?
One of the key reasons why Binance Futures has been able to maintain a low funding rate is due to the ease of arbitraging between spot and futures markets.
Crypto markets never sleep. Thus, arbitrage opportunities exist continually. Binance Futures allows traders to switch between the spot and futures markets easily and quickly, enabling them to capitalize upon these opportunities.
As such, inefficiencies between perpetual contracts and mark prices are arbitraged away, resulting in a narrow spread between the two prices. Although extreme volatility may cause occasional spikes in funding rates, arbitrageurs will seize these opportunities quickly. Thus, funding rates eventually reverts to its mean.
On other exchanges where arbitraging is more restrictive, funding rates tend to be higher. This is due to restrictive transitions between spot and futures markets. For example, some exchanges limit the number of transfers that can be done in a day.
Conclusion
Crypto funding rates serve an important role in the perpetual futures market. Most crypto-derivatives exchanges employ a funding rate mechanism to keep contract prices in line with the index at all times. These rates vary as asset prices turn bullish or bearish and are determined by market forces.
Краткое руководство по ставкам финансирования
Ставки финансирования — это новая концепция, которая существует только в бессрочных фьючерсных контрактах. Поскольку они имеют базовое значение в понимании механики управления бессрочными фьючерсными контрактами, мы подумали, что было бы полезно быстро освоить данный материал.
Kraken Futures предлагает много явных преимуществ по сравнению с другими криптовалютными платформами. Познакомьтесь и полюбите фьючерсы — попробуйте нашу платформу с демо-счетом или зарегистрируйтесь бесплатно!
Краткое резюме:
Расчеты по традиционным фьючерсным контрактам:
В традиционных срочных контрактах разница между фьючерсной и спотовой ценой сокращается по мере приближения даты экспирации и, соответственно, к моменту расчетов:
Бессрочные фьючерсы усложняют ситуацию.
Бессрочный фьючерсный контракт в принципе аналогичен традиционному срочному контракту, но срок действия контракта измеряется в часах. При исполнении, которое происходит на Krаken каждые четыре часа, биржа автоматически «роллирует» вашу позицию в следующий контракт. Поскольку бессрочные фьючерсные контракты никогда не исполняются в традиционном смысле, операторам рынка необходим механизм, обеспечивающий периодическое схождение фьючерсных и индексных цен. Ставки финансирования служат этой цели.
Ставка финансирования — это небольшая плата, выплачиваемая одной стороной контракта другой стороне (например, Лонги платят Шортам или наоборот). Ее целью является поддержание ситуации, когда цена бессрочного фьючерсного контракта остается вблизи цены лежащего в основе спотового индекса.
Примечание: бессрочный фьючерсный контракт и ставка финансирования были изобретены биржей Bitmex.
Историческая справка:
Ставки финансирования имеют тенденцию коррелировать с настроениями рынка. Когда рынок сильно бычий или медвежий, ставки финансирования будут, как правило, положительными или отрицательными, соответственно.
Ниже приведен график исторических ставок финансирования на Kraken Futures по дням, построенный по отношению к цене Bitcoin. Ставка финансирования сильно варьируется в течение дня, поэтому, чтобы упростить просмотр тенденций, мы добавили синие столбцы, которые представляют собой скользящее среднее значение ставки финансирования за 7 дней.
Пример:
Ставка финансирования регулярно переключается между положительным и отрицательным значением в зависимости от настроения рынка. Например:
В заключение:
Kraken Futures предлагает много явных преимуществ по сравнению с другими криптовалютными платформами. Познакомьтесь и полюбите фьючерсы — попробуйте нашу платформу с демо-счетом или зарегистрируйтесь бесплатно!
What is the funding rate for perpetual swaps?
The funding rate is the secret sauce behind perpetual swap contracts, crypto’s most popular trading product. But what is it? How does it affect your trading strategy?
The funding rate is how the price of a perpetual swap is kept close to the price of the underlying asset. It works by sending periodic payments between long and short traders. This is critical: a poorly designed funding rate makes perpetual swaps riskier, more volatile, and costlier.
Want to get early access to DerivaDEX, the most open, secure, performant way to trade perpetual swaps? Complete our user research survey here and we’ll get in touch! https://derivadex.typeform.com/to/vxqfLt
The funding rate enables a perpetual swap to closely track its underlying by balancing supply and demand between the buy (long) and sell (short) sides of the market. The funding rate is similar to either a fee or a rebate, that traders pay or are paid to hold their positions, depending on which side of the market they are on. On BitMEX, for example, if the BTC/USD perpetual swap (XBTUSD) is trading above the spot price of Bitcoin, the funding rate would be positive. This means that long traders would pay short traders (discouraging long positions and incentivizing short positions). On the other hand, if the BTC/USD perpetual swap is trading below the spot price of Bitcoin, the funding rate would be negative. This means that short traders would pay long traders (discouraging short positions and encouraging long positions, thus raising the perpetual swap’s price up towards the underlying).
The funding rate is paid directly from long traders to short traders, or vice versa; the exchange itself doesn’t take a cut.
While in theory you could stand to gain from receiving funding rate payments, generally speaking, the funding rate mechanics work against popular trades. For example, if most people are long the BTC perpetual swap contract and you also want to be long BTC, you are most likely paying a funding rate fee to all the shorts who are keeping the perpetual swap price in line. Bitcoin historically has been a largely upward-trending/bullish market, so long traders have typically paid the funding fee to short traders.
Funding rates are defined by fixed intervals (e.g. BitMEX and Binance both use 8-hour intervals). At a high level, a funding rate is computed by assessing the average difference between a perpetual swap’s price and its underlying’s price during a specific interval of time. The amount you are entitled to pay or receive as a result is based on what this funding rate is, and the direction and size of your position. Specific implementation details vary from exchange to exchange and are explained in greater depth in a separate post, but generally, you will pay or receive: the funding_rate * position_notional depending on whether the funding rate is positive or negative, and whether you are long or short.
Cool, but show me an example!
Let’s do it! To give you a concrete example of how funding rates work, we’ll take a look at BitMEX’s approach and how funding rates impact a hypothetical trader Alice, who is holding a 5 BTC/USD long position.
BitMEX employs an 8-hour funding rate paid out periodically at 4 UTC, 12 UTC, and 20 UTC every day. The funding rate calculated during an 8-hour time frame is applied to the following interval. On June 7, 2020 between 4 UTC-12 UTC, the price of the BTC/USD perpetual swap was fairly consistently above the underlying spot price of Bitcoin. Consequently, the funding rate for the next time frame (12 UTC-20 UTC) was determined and set to be 0.01%. At the end of this interval (i.e. at 20 UTC) the funding rate payment will occur (keep in mind the BitMEX perpetual contract is inverse, so the payouts will be in BTC, not in USD):
It’s important to note that in this scenario, Alice (who is currently long) will be paying the 0.0005 BTC to short traders since the funding rate of 0.01% is positive, thus short positions need to be incentivized.
The bottom line
Perpetual swaps are far and away the most actively-traded product in the crypto space. These instruments fundamentally stay in line by balancing supply and demand via a funding rate mechanism. If the price of the perpetual swap is close to spot price it’s tracking, the funding rate transfer is small to bring it back into line. The farther off it gets, the higher these payments will be. Funding rate fees are a function of the notional position size (regardless of leverage), so can have a significant impact on traders, especially those who are highly-leveraged. Funding rate fees or rebates can materially affect the profit & loss (PNL) profile of a position, so it’s important to understand them fully!
To get an idea of how just how important funding rate fees and rebates are your PNL, here’s an example of how a positive funding rate can impact long BTC/USD traders with varying degrees of leverage:
I want to learn more!
How do funding rates vary from one exchange to another?
As shown in this chart, funding rates can vary quite a bit between exchanges.
What is the funding rate basis trade?
Funding rates can increase or decrease the PNL profile of long or short perpetual swap trading strategies. It’s possible, however, to employ a trading strategy whose PNL is solely based on the funding rate and will not gain or lose value as a result of the underlying asset moving in price.
The idea is to take a long or short position on the perpetual swap market and take an offsetting position on the underlying spot market. This will make your position fairly insensitive to price fluctuations on the underlying, but will allow you to collect (or in the downside scenario, pay) the funding rate fee.
As mentioned earlier, funding rates tend to be positive (long traders pay short traders), so let’s take the scenario where a trader, Alice, would like to remain market neutral with respect to Bitcoin’s price, but wants to collect the funding rate fee. Alice can take the following steps:
Her trade’s PNL would have looked like this during the month of May 14, 2020 to June 15, 2020:
Additionally, it’s worth noting that the funding rate pays traders who have the basis trade on in the right way. For example, let’s take another scenario where the BTC/USD perpetual swap is trading substantially lower than the spot price of Bitcoin. A basis trader, Alice, might bet that these prices will converge by buying the perpetual swap and selling the spot asset. If/when these two instruments converge, Alice can close her position profitably, while also collecting the negative funding rate-related fees, further increasing her profits.
Did you know funding rates can indicate how much people are willing to pay for leverage?
One of the advantages of perpetual swaps is the high leverage they allow traders to take when entering positions. For example, traders wishing to bet on Bitcoin rising in price can purchase Bitcoin on a spot exchange with some capital. An exchange offering perpetual swaps, such as BitMEX, lets these same traders get up to 100x the Bitcoin upside exposure with this same amount of capital. The amount that the perpetual swap is trading above the spot price of Bitcoin comes with a funding fee cost that these long traders have to pay. You can think of this as the cost traders are willing to pay in order to lever up their trades via buying perpetual swaps.
Thanks to Ainsley Sutherland for her review!
Thanks to Cody White (CMS), Jason Lu (Grapefruit), and Haseeb Qureshi (Dragonfly), and Sherwin Dowlat (Polychain) for their review!
funding rate
Смотреть что такое «funding rate» в других словарях:
funding risk — funding liquidity risk or funding risk The potential that an institution will be unable to meet its obligations as they come due because of an inability to liquidate a sufficient quantity of assets or to obtain a sufficient quantity of new… … Financial and business terms
Funding Currency — The currency being exchanged in a currency carry trade. A funding currency typically has a low interest rate. Investors borrow the funding currency and take short positions in currencies with higher interest rates. The Japanese yen has… … Investment dictionary
Funding of science — Through history, the systems of economic support for scientists and their work have been important determinants of the character and pace of scientific research. The ancient foundations of the sciences were driven by practical and religious… … Wikipedia
Funding Operations — The process a government uses to swap out floating stock or short term bonds for long term bonds. Because floating stock does not guarantee payout or a fixed rate of interest, swapping it for funded debt (long term bonds that carry a fixed rate… … Investment dictionary
Rate risk — In banking, the risk that profits may decline or losses occur because a rise in interest rates forces up the cost of funding fixed rate loans or other fixed rate assets. The New York Times Financial Glossary … Financial and business terms
rate risk — The risk that the entity s earnings and/or its capital may be reduced by an adverse change in prevailing interest rates. American Banker Glossary In banking, the risk that profits may drop or losses occur because a rise in interest rates forces… … Financial and business terms
Funding risk — Related: interest rate risk … Financial and business terms
E-Rate — is the commonly used name for the Schools and Libraries Program of the Universal Service Fund, which is administered by the Universal Service Administrative Company (USAC) under the direction of the Federal Communications Commission (FCC).… … Wikipedia
Burn rate — is a synonymous term for negative cash flow. It is a measure for how fast a company will use up its shareholder capital. If the shareholder capital is exhausted, the company will either have to start making a profit, find additional funding, or… … Wikipedia
Adjustable-rate mortgage — A variable rate mortgage, adjustable rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit… … Wikipedia