Bybit’s clock

Why does Bybit's time-weighted average premium differ from a plain average?

• It drops the highest and lowest readings
• Later readings get larger weights, so the minutes near settlement count most
• It weights each reading by trading volume

A Bybit contract switches from 8-hour to hourly settlement after hitting its limit. What happens to its interest term?

• It stays at 0.01%, now charged every hour
• It becomes 0.03% ÷ 24 = 0.00125% per interval, because I scales with the interval
• It drops to zero until the contract switches back