The interest rate charged on each position is determined by you through the Funding page or via Bitfinex’s finance matching system which automatically chooses the best interest rate currently available to fulfil your order.
The rate shown is a daily rate and you will be charged as soon as you have reserved the funding, used and unused. Please note that when FRR is applied, the funding rate is updated hourly.
Example: If you borrow 2 BTC at 0.04% for a full day, you will pay 2*0.0004 = 0.0008 BTC a day.
If you return the funding after 3 hours, then you will pay 2*0.0004 x 3/24 = 0.0001 BTC.
Please note that we calculate the funding owed precise to the second