The formula and the one-eighth

In the formula F = P + clamp(interest − P, −0.05%, +0.05%), what does the clamp act on?

• The funding rate F
• The gap between the interest rate and the premium
• The premium P

Funding has printed exactly 0.01% per 8 hours for six hours in a row. What does that tell you about the premium?

• It was exactly zero all six hours
• It averaged somewhere between −0.04% and +0.06% each hour
• Nothing, because the premium doesn't affect funding