Binance adjusted a funding rate calculation for TradFi perpetual contracts based on U.S. stocks: premium index data from the affected period will be excluded. Note that the announcement concerns how the data used in the calculation is handled; it does not announce the cancellation of funding rates, nor does it disclose the specific rates for any contracts after the adjustment.

According to a Binance announcement, a major U.S. overnight alternative trading system (ATS) experienced intermittent network connectivity issues between 11:46 and 14:30 Beijing time on October 21. Binance therefore decided to exclude all premium index data from TradFi perpetual contracts based on U.S. stocks during that period from the funding rate calculation at 16:00 Beijing time on October 21. These two times refer respectively to the period when the network issues occurred and the time of the funding rate calculation; they should not be confused.

What makes this adjustment noteworthy is how it handles data boundaries: when market data used in the calculation is affected by external connectivity issues, the platform chooses to exclude the premium index for that period from the calculation. However, the announcement does not identify each affected contract, explain how much the original data would have changed the rates, or compare the rates before and after the adjustment. Therefore, the announcement alone is not enough to determine the actual fee change for any particular contract, let alone interpret it as indicating a broad move in the same direction across US stock-linked assets.

Binance also notes that the products and services mentioned in the announcement may not be available in all regions. For those following the relevant contracts, what can be confirmed for now is the scope and timing of the data handling in this calculation; the funding rate results for specific contracts should still be considered separately from the data actually published. One question worth discussing is: when external data connectivity fails, what information should a platform provide beyond specifying the excluded period to make its funding rate calculations easier to verify?