Bitmex unjust liquidation : Bitcoin
On friday March 12 I positioned a three btc x10 brief order at $4412, sadly with out realising there was an enormous unfold of the markprice to the final traded worth on the change. My margin which was purported to be three btc immediately turned lower than zero.5 btc upon order execution. This shouldn’t be how monetary derrivatives are meant to work, Bitmex states, on their web site, the next:
” BitMEX employs a novel system known as Fair Price Marking to keep away from pointless liquidations in its extremely leveraged merchandise. Without this technique, pointless liquidations might happen if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price. The system is ready to obtain this by setting the Mark Price of the contract to the Fair Price as a substitute of the Last Price*. “*
The markprice did the precise reverse of what it’s claimed to be doing in my case.
Then I went a bit deeper and checked out what occurred with the BXBT index on the time I received liquidated (Thu, 12 Mar 2020 23:59:22 GMT ). According to my liquidation e-mail the BXBT index rose to $4922.37 and the markprice (which relies on the BXBT index) rose to $4913.zero. I then seemed on the BXBT index historic values and specificcaly the excessive of the 23:59:00 minute candle and to my shock see that the excessive was $4861.51 which is much from the $4922.37 which triggered liquidation.
Based on these earlier information I’ve submitted a ticket and supplied the bitmex staff with paperwork that substantiate these information. I even have requested a refund, however to date all I get is fundamental solutions like what markprice is and what occurred in the course of the ddos assaults, which all should not relevant to my case.
I’ll maintain you guys up to date if one thing substantial occurs, have a very good weekend.