Why Do Exchanges Charge an Interval Fee for the Funding Rate?

Exchanges do not actually charge the funding rate as a fee to themselves; it is a peer-to-peer payment between traders. The exchange facilitates the transfer of the payment, which occurs at set intervals, typically every eight hours.

This interval system ensures that the contract price is regularly re-anchored to the spot price. The exchange's revenue comes from trading fees, not the funding rate itself.