Fundings are periodic payments exchanged between the buyer and seller that occur every 8 hours. If the rate is positive, then longs will pay and shorts will receive the rate, and vice versa if the rate is negative. This brings the price of the perpetual contract back to the spot.
When the Funding Rate is positive (perpetual contract trades at a premium to spot), longs pay shorts. When it is negative (perpetual contract trades at discount to spot), shorts pay longs.
Note: You will only pay or receive funding if you hold a position at the Funding Timestamp.
Funding Timestamps: 09:30 IST, 17:30 IST and 1:30 IST.
Your position value is irrespective of leverage. For example, if you hold 100 BTC-USD contracts, funding is charged/received on the notional value of those contracts and is not based on how much margin you have assigned to the position.