Cryptocurrency exchange OKX announced this week that it will change its funding fee collection mechanism for the remaining group of perpetual futures contracts on its platform.
The change will gradually transition OKX from using a cross-period funding fee model to a current-period model. Previously, funding fees were calculated based on the rate from the previous funding period. Now, they will be based on the rate from the current period.
Perpetual futures contracts allow traders to speculate on an asset’s future price without expiry dates. They are widely used for cryptocurrency trading on platforms like OKX. The shift to current-period funding fee collection aims to improve services for OKX users engaging in perpetual futures trading.
This update comes as OKX focuses on expanding its global user base. The exchange recently received regulatory approval to provide crypto services to retail customers in Dubai.
It has also inked high-profile sponsorship deals with sports teams and organizations like the Australian Olympic Team, McLaren, and Manchester City. However, OKX remains unable to accept US-based users due to regulatory restrictions.
The funding fee policy change demonstrates OKX’s efforts to upgrade features and stay competitive in the crowded crypto derivatives market.
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