Binance’s clock

Binance and OKX both divide a clamped 8-hour bracket by 8 ÷ N. What does that tell you about a Binance 4-hour print?

• It is an 8-hour rate; divide it by 2 to get the 4-hour payment
• It is already the rate for the 4-hour interval; apply it as printed at each settlement
• It is an hourly rate; multiply by 4 for each settlement

Which price does Binance use to value a position for the funding payment?

• The price index, because the premium uses it
• The mark price
• The last traded price