BitMart Futures is a futures trading market, specifically a market for perpetual swaps, offered per the Terms and Conditions for BitMart Futures Market. 
Below is the [Introduction] for BitMart Futures:

The Perpetual Swap refers to a kind of derivative that is similar to a traditional future and can provide high leverage. It differs from traditional futures in the following aspects:

• No delivery date: perpetual swap doesn’t have an expiration time, so it doesn’t any limit on position-holding duration.
• Anchored spot market: in order to guarantee to track the underlying price index, the perpetual swap ensures that its price follows the price of an underlying asset through the mechanism of funding cost.
• Reasonable price marking: perpetual swap adopts a reasonable price marking method to avoid forced liquidation due to a lack of liquidity or manipulation of the market.
• Auto deleveraging (ADL) mechanism: perpetual swap uses the ADL mechanism instead of the account sharing mechanism to deal with the losses caused by force liquidation of big positions.

Difference Between a Perpetual Swap and a Traditional Futures

Market Mechanism of Perpetual Swap

Traders need to understand several mechanisms of the perpetual market when trading a perpetual swap. They should pay attention to the following key parts:

• Position marking: perpetual swap adopts reasonable price marking Marked price determines unrealized profit/loss and force liquidation price.
• Initial margin: The initial margin decides the leverage that you can use to open a position.
• Maintenance margin: The maintenance margin is the margin level required to maintain the minimum level of your position.
• Funding cost: buyers and sellers pay funding costs regularly, i.e. every 8 hours. If the rate is positive, long positions pay funding costs to short positions. If the rate is negative, short positions pay funding cost to long positions.

*You only need to pay or collect funding costs if you hold a position at funding timestamp.

The timestamp of funding cost:

UTC 00:00, UTC 08:00, and UTC 16:00