Real-world asset (RWA) markets (tokenized equities, ETFs, commodities, and indices) use the same core funding mechanism as crypto perpetuals, with two adjustments.
First, the interest rate component is set to 0%, whereas crypto perpetuals apply a fixed hourly interest rate.
Second, the funding formula is scaled to the interval length:
Funding Rate (F) = Average Premium Index (P) + clamp(interest rate − P, −0.0005, 0.0005) / (8 / N)
where N is the funding interval in hours. All other mechanics - premium sampling, the mark-to-index anchoring, and the direction of payment - behave as they do for crypto markets.
For more information on this, see RWA Perpetuals.
Pre-IPO markets
Pre-IPO markets are a special case. Because the underlying is not yet broadly traded on public exchanges, no reliable premium index exists.
Funding for these markets is therefore fixed at 0.005% per 8-hour interval, equivalent to 0.015% per day.
On the IPO date, the market converts to a standard perpetual future, with the regular Mark Price, Index Price, and funding rate formulas, as soon as oracle pricing is confirmed available.