Certain markets, such as equities and ETFs, distribute dividends to holders.
Since a perpetual future has no shares to distribute against, Omni accounts for the economic effect through a special dividend funding payment applied around the ex-dividend date. In practice, short holders pay long holders, expressed as a negative funding rate.
The adjustment runs from the last traditional market business day before the ex-dividend date (ex_date − 1) through the morning of the ex-dividend date (ex_date). Because the perpetual trades 24/7 while equity markets do not, ex_date − 1 refers specifically to that final business day before ex-dividend.
Date | Time (ET) | System action |
ex_date − 1 | 15:30 | Funding interval is shortened to 1 hour (effective 16:00). |
ex_date − 1 | 18:00 | Contract enters |
ex_date − 1 | 20:00 | Special dividend funding executes immediately after standard funding. |
ex_date − 1 | Post-funding |
|
ex_date | 00:00 | Funding interval reverts to its standard duration (effective 00:01). |
While a contract is in reduce_only mode, you can close or reduce existing positions but cannot open new ones or increase size.