Funding on the PrimeBit platform takes place three times every day and night in 8-hour intervals - at 00:00 UTC, 8:00 UTC and 16:00 UTC.
Funding is a mechanism employed to tether Spot Price. Each time you hold an open position at the time of funding you will receive or pay according to the Funding Rate.
The funding you get or pay is calculated as:
Funding = Position Notional Value x Funding Rate
Please notice that Funding is charged/received based on the notional value of your open position, not the amount of margin that is assigned to it.
When the Funding Rate is positive, traders with long positions transfer some funds to the traders with short positions. If FR is negative, it’s the other way around.