1.Trading Fees (Execution Fees)
Whenever you open or close a position in the futures market, BitTap charges a trading fee. The fees are divided into a Maker Fee of 0.02% and a Taker Fee of 0.06%:
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Maker Fee (0.02%): When your order is placed on the order book and waits to be matched (e.g., a limit order), you provide liquidity to the market and are charged a lower fee.
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Taker Fee (0.06%): When your order is immediately matched with an existing order in the market (e.g., a market order), you take liquidity from the market and are charged a higher fee.
Fee Calculation Formula:
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USDT-Margined futures:
- Fee = Notional Value × Fee Rate
- Notional Value = futures Quantity × Trade Price
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Coin-Margined Contracts:
- Fee = Notional Value × Fee Rate
- Notional Value = (futures Quantity × futures Size) / Trade Price
Example: If the notional value is 10,000 USDT and the fee rate is 0.05%:
- Fee = 10,000 × 0.0005 = 5 USDT
2. Funding Rate
Funding rates are periodic payments exchanged between long and short positions to keep the perpetual futures price in line with the spot market price. The funding rate varies based on market conditions.
- Funding Settlement Time: Typically settles every 8 hours. Only traders with open positions at settlement time pay or receive funding fees.
Funding Rate Calculation Formula:
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USDT-Margined Futures:
- Funding Fee = Notional Value × Funding Rate
- Notional Value = Futures Quantity × Trade Price
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Coin-Margined Futures:
- Funding Fee = Notional Value × Funding Rate
- Notional Value = (Futures Quantity × (Futures Size) / Trade Price
Example: If you hold 100 BTC short Future at a trade price of 30,000 USDT and the funding rate is 0.01%:
- Funding Fee = 100 × 30,000 × 0.0001 = 300 USDT
3. Liquidation Fee
When your account margin falls below the maintenance margin requirement, BitTap automatically liquidates the position and charges a liquidation fee, which is deposited into the platform's insurance fund.
Liquidation Fee Calculation Formula:
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USDT-Margined Contracts:
- Liquidation Fee = Notional Value × Liquidation Fee Rate
- Notional Value = Futures Quantity × Trade Price
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Coin-Margined Futures:
- Liquidation Fee = Notional Value × Liquidation Fee Rate
- Notional Value = (Futures Quantity × Futures Size) / Trade Price
Example: If the notional value is 50,000 USDT and the liquidation fee rate is 0.5%:
- Liquidation Fee = 50,000 × 0.005 = 250 USDT