If you hold an index position at the end of the trading day (5pm ET), the position is considered to be held overnight and subject to either a financing charge or credit to reflect the cost of funding your position (in relation to the margin utilised).
On an index, this is calculated as:
Daily financing charge or credit = value of position* x applicable funding rate/365**
The applicable funding rate in this example will change from an Interbank Offer Rate (IBOR) to Alternative Reference Rate (ARR). For example, on the US Wall St 30, your applicable funding rate would change from USD LIBOR - 3 month to SOFR (Secured Overnight Financing Rate).
The financing charges for cryptocurrencies CFDs are as below:
Daily financing charge = (position size x funding rate) x 1/360
where starting from 29th November 2021
funding rate for long positions = - 25% - SOFR
funding rate for short positions = - 25% + SOFR