The max funding rates on GMX have been updated to be automatically adjusted based on the funding rates on other exchanges
The logic for the max funding rate is:
- Based on the median of reference exchanges, calculate the target max funding rate
- Adjust the max funding rate towards this target max funding rate
- The rate of change of the max funding rate is capped to the higher of [10%, 10% of current max rate] per hour
For example, if the current max funding rate is 10% and target max funding rate is 30%, then the max funding rate will be increased by higher of [10%, 1%] = 10% to 20% after an hour
If the current max funding rate is 130% and target max funding rate is 150%, then the max funding rate will be increased by higher of [10%, 13%] = 13% to 143% after an hour
Note that this is the logic for the "Max Funding Rate", the actual funding rate would still be based on the adaptive funding logic:
https://docs.gmx.io/docs/trading/v2/#adaptive-funding.
