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There are currently no FST incentives.
Trade fee incentives are distributed daily based on your volume of trade fees compared to the rest of the trade fee volume.
Open interest incentives are distributed continuously on your leveraged open position, as a ratio to the rest of the open interest at a given moment. Two positions that have the same collateral amount, but different leverages will earn rewards at different rates. A 10x leveraged trade would earn 5 times the amount of rewards as a 2x leveraged, for example.
Each exchange has an internal liquidity pool and a corresponding Uniswap pool. The internal liquidity pool enables leveraged trading on Uniswap, earns trade fees, and has low risk of impermanent loss. The corresponding Uniswap pool requires active management, but also earns more incentives for the effort.
All incentives can be claimed immediately. There is no lockup period.