Using FLEX to pay fees – detailed mechanism

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.

Seychelles Restructuring Update

Dear CoinFLEX Community, It has  been a while since our last update on the Reorganization process. As you are aware, our priority has been to implement the Scheme of Arrangement, which was overwhelmingly approved by the creditors.  The implementation of the Scheme of Arrangement would allow us to: Distribute the…

New Permissionless Listing: Tokenize (TKX) Now on CoinFLEX

TKX /USD is now tradable on the CoinFLEX Permissionless Zone.   TKX is the native exchange token of Tokenize Xchange (Tokenize), a Singapore-headquartered digital exchange. Founded in 2017, Tokenize offers trading for over 80 cryptocurrencies in a safe and secure environment with competitive fees. As an early entrant into Singapore’s…

Introducing Permissionless Listing on CoinFLEX

There is no industry standard for listing your token on a centralized exchange. As a result, the process can be both time-consuming and costly. CoinFLEX is committed to providing token projects a more transparent and accessible listing process.  Permissionless Listing – What does it mean? Permissionless Listing means that any…