BitMEX enforces the following Trading Rules and implements the following Protections to encourage efficient trading strategies, incentivise behaviours that improve the executable liquidity of the market, and encourage an orderly market. Even though the Trading Rules and Protections apply to all users of the platform, customers who trade predominantly from the website are unlikely to be affected by the Trading Rules due to the thresholds applied to each rule. We closely monitor user activity for infractions of these Trading Rules, and other abusive or undesirable trading behaviours, and, pursuant to our Terms of Service, reserve the right to restrict your use of our services, including the closure of your account, at any time.
We protect the integrity of the market against large aggressive orders that are likely due to input error and which may severely affect prices.
In order to prevent sudden price shocks, BitMEX will enforce protection on Market Orders as follows:
In order to prevent sudden price shocks, BitMEX will enforce protection on Limit Orders as follows:
The Quote Value Ratio (QVR) rule aims to discourage use of strategies that submit quotes to the market without the intent to trade and therefore further strengthen the quality of liquidity on the platform.
Accounts on the platform making over 3600 quotes per hour (60 quotes per minute) will need to maintain a minimum QVR threshold. Violations of this rule will result in email warnings and an eventual API ban.
We define Quote Value Ratio (QVR) as the proportion of quotes submitted to the platform per value of trades executed. A quote submitted is any individual order sent to the market. Value traded is measured in XBT.
Quote Value Ratio is calculated as follows:
QVR = max(0, # quotes submitted in time period T - # free quotes allowed) / value traded in XBT in time period T
Where T = 1 hour
QVR must be kept below 10,000 quotes per XBT traded per hour for XBTUSD, with 3,600 free quotes allowed per hour (60 quotes per minute). Other symbols are not currently subject to a minimum QVR threshold.
We may update the minimum QVR threshold and / or mechanism from time to time. Advanced notice of any changes will be published via the API Announcements section of the blog to ensure users have ample time to adjust their trading behaviour.
QVR statistics for the last 3 days are made available over the BitMEX API. Documentation for this endpoint can be found on our API Explorer.