Using FLEX to pay fees – detailed mechanism

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In short:

  • Fees are taken as previously, in USDT (spot and future settlement USDT) during trade
  • Every 24 hours, the USDT fees are refunded back, and FLEX taken from user’s spot accounts, equivalent to half the USDT amount refunded
  • If there is insufficient FLEX, the swap doesn’t take place. So please make sure you have enough FLEX in your accounts.

Detailed:

  • Calculation period is from 1200 UTC to 1200 UTC the next day.
  • Day is split into 24 x 1 hour sessions
  • For each 1 hour session the following is calculated
    • Trading fees per user
    • VWAP (Volume Weighted Average Price) price of FLEX/USDT during the hour
  • For each hour the FLEX required is calculated:
    • FLEX required = 0.5 * [Trading fees for the hour in USDT] / VWAP[FLEX]
  • Shortly after 1200 UTC, the 24 period sum of the FLEX will be subtracted for your account, and fees (in USDT) are refunded
  • Refunds are in USDT(spot) or USDT(future), depending on whether the fees were from trading a spot contract or a futures contract. This is similar to how rebates were given previously for the 100 FLEX burn.
  • If the required total amount of FLEX is not available in the account, this swap does NOT take place.

FAQ:

Does the FLEX for USDT swap happen after the FLEX mining payments, or before?

  • FLEX paid for fees happens after the FLEX mining payments are allocated. However please make sure you have enough FLEX balances in your spot account, as if the FLEX amount is insufficient, the 50% discount won’t be processed for the day.

Will FLEX be deducted from the balances I have staked?

  • No, the staked FLEX will not be deducted.

Is the FLEXVIP table still valid? Will the 50% discounts be applied against the lower fees in the table?

  • Yes, effective fees will be 50% of the lowered fee amounts from the table.