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What is a funding rate?
The funding rate is a periodic payment exchanged between the two sides of a perpetual market. When it is positive, longs pay shorts; when negative, shorts pay longs — which pulls the contract's price back toward the underlying index price. On SilkDEX funding is settled every 8 hours on 80 markets and every 4 hours on 57 markets, and each market caps the rate per interval.
When funding is paid
| Interval | Settlement times (UTC) | Markets |
|---|---|---|
| 8 hours | 00:00, 08:00, 16:00 | 80 |
| 4 hours | 00:00, 04:00, 08:00, 12:00, 16:00, 20:00 | 57 |
How the rate is calculated (Orderly's rule)
- Every 15 seconds Orderly measures the premium: how far the price you could buy or sell a standard size at (impact bid / ask) sits from the index price.
- The premiums are averaged over the interval and passed through a function that amplifies large deviations: 1x below 0.5%, 2x from 0.5% to 1.5%, 4x beyond.
- An interest-rate term (0.01% on most markets) is added and the result is clamped to the market's cap: ±0.3% on BTC, ±2% on 102 markets, as low as ±0.05% on NAS100 and SPX500.
funding rate = clamp[ f(average premium) + clamp(interest − average premium, floor, cap) / (8/N), market floor, market cap ]
How much you pay
Funding payment = position size × mark price × funding rate. Example: a 10,000 USDC long with a +0.01% rate pays 1 USDC at the settlement; a short of the same size receives 1 USDC.
Pre-TGE markets (FASTX-USDC) calculate funding but don't collect it until the token launches.
FAQ
Who pays funding on SilkDEX?
Traders pay each other: with a positive rate longs pay shorts, with a negative rate shorts pay longs. SilkDEX doesn't collect funding; it is separate from the trading fee (0.1% maker / 0.1% taker).
What is the maximum funding rate?
It is capped per market and per interval: ±0.3% on BTC, ±2% on most markets, ±0.05% on NAS100 and SPX500. Every market page lists its cap.
Where can I see the current funding rate?
In the trading terminal next to the market name: the estimated rate for the next settlement and a countdown.
Related: What are perpetual futures? · What is the mark price? · How do margin and leverage work on SilkDEX? · All terms
Source: Orderly: Funding rate. SilkDEX figures from Orderly's public API as of 2026-10-13.