What is Phemex funding fee?

Could you please elaborate on what exactly is the Phemex funding fee? Is it a type of fee that traders are charged for using the platform, or does it have a different purpose? How does it differ from other fees associated with cryptocurrency trading? Additionally, is there a specific formula or methodology used to calculate the funding fee, and if so, what are the key factors that influence its determination? Understanding the specifics of the Phemex funding fee would be highly beneficial for traders looking to navigate the platform effectively.