Dear BitDa Users,
Q: Where can I check the fee history?
A: You can view the funding fee history by going to "Assets" → "Records" → "Contract". Funding fees are charged every 8 hours at the following times (Singapore time): 08:00, 16:00, and 00:00. If your position remains open across these times, the platform will deduct the funding fee from your margin.
Q: Any doubts about the funding fee charges?
A: BitDa does not profit from funding fees. These fees are exchanged directly between users who hold positions.
BitDa uses the same funding fee calculation method as major exchanges. The funding rate typically fluctuates within a range of +/- 0.03%. If a large number of BitDa users are positioned on one side of the market, the funding rate may fluctuate more frequently.
On the other hand, if you're on the side that receives the funding fee, you may earn a larger amount. It's a two-way mechanism.
Example: If, at a given time, long positions (buyers) significantly outweigh short positions (sellers), then long positions will receive the funding fee, while short positions must pay interest to the long positions. In this scenario, the long positions would gain a greater benefit. You can consider the following strategies:
Monitor the funding rate and the time it is charged.
Close your position or apply a two-way hedge before the funding fee is charged (note: hedging involves higher risk and is not recommended for everyone).
A high funding fee indicates that most users are trading in the same direction. You may consider taking the opposite side as part of your trading strategy.
Thank you for supporting BitDa!
The BitDa Team