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Does BitMEX contract have overnight fees?
Overnight fees on BitMEX's perpetual contracts, calculated based on contract size, underlying index price, and funding rate, can significantly impact trading profitability and should be carefully considered.
Nov 08, 2024 at 07:43 pm
Does BitMEX Contract Have Overnight Fees?
BitMEX is a cryptocurrency derivatives exchange that offers perpetual contracts on various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Perpetual contracts are futures-like contracts that do not have an expiry date and can be held indefinitely.
Overnight Fees on BitMEX
Yes, BitMEX does have overnight fees on its perpetual contracts. Overnight fees are charged on positions that are held overnight, i.e., from 10 PM UTC to 8 AM UTC. The overnight fee rate varies depending on the contract and the current market conditions.
How Overnight Fees are Calculated
Overnight fees are calculated based on the following formula:
Overnight Fee = (Contract Size Underlying Index Price Funding Rate) / 365
- Contract Size is the size of the contract in USD.
- Underlying Index Price is the average price of the underlying cryptocurrency over the last hour.
- Funding Rate is a variable rate that is determined by the supply and demand for the perpetual contract.
Impact of Overnight Fees
Overnight fees can have a significant impact on the profitability of perpetual contract trading. If the funding rate is positive, then traders who are long the contract will pay overnight fees, while traders who are short the contract will receive overnight fees. Conversely, if the funding rate is negative, then traders who are short the contract will pay overnight fees, while traders who are long the contract will receive overnight fees.
Strategies to Mitigate Overnight Fees
There are several strategies that traders can use to mitigate the impact of overnight fees:
- Close Positions Before Overnight Fees: Traders can close their positions before the overnight fee period begins (10 PM UTC) to avoid paying or receiving overnight fees.
- Manage Risk: Traders can manage their risk by using stop-loss orders to limit their potential losses.
- Choose Contracts with Low Funding Rates: Traders can choose to trade perpetual contracts with low funding rates to minimize the impact of overnight fees.
Conclusion
BitMEX does have overnight fees on its perpetual contracts. Overnight fees are calculated based on the contract size, underlying index price, and funding rate. Traders should be aware of the impact of overnight fees and consider strategies to mitigate their impact when trading perpetual contracts on BitMEX.
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