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Recent Trading Announcements

A Note on XBJ Price Anomalies
10/24/2016, 8:20:51 PM


We are aware of anomalous price movements on XBJ contracts occurring at approximately 10:47 and 15:37 UTC. They were triggered due to very quick movement at the reference exchange, Quoine.

We are still investigating the root cause and how to protect the index from it. In the meantime, we have moved the Mark Method of XBJ-series contracts to a new type, LastPriceProtected. The rules are simple:

  • A price band is created equal to 1 maintenance margin (0.5x each way) around the previously-calculated Mark Price (also known as the Fair Price).
  • If the Last Price falls within this band, it is used as Mark.
  • If not, the Mark is capped within this band. If the band moves, the Mark will stay. It is allowed to move toward the band but not away from it.

For API consumers, this field has existed since summer and is called lastPriceProtected.

New Feature: Amend Orders
10/23/2016, 3:31:37 PM

We’re proud to announce that you can now amend existing orders directly from the trade interface!

Simply click on the price, quantity, or stop price you wish to edit. Press the Enter key or the green checkmark to commit the change. The Escape key or red x cancels the amend.

A few details:

  • Sell orders cannot be amended to become Buy orders, and vice-versa.
  • Amending quantity to 0 cancels the order.
  • Your position in the price/time queue is maintained if you lower your quantity, and lost if you increase your quantity or change your limit price.
  • Fully executed or canceled orders cannot be amended.
Regarding Zcash Futures
10/12/2016, 8:01:48 PM

We have recently received a number of enquiries regarding the settlement of the Zcash December 30 Futures contract, ZECZ16:

Choice of Reference Exchange

Zcash will begin mining on October 28, 2016. There has been no indication yet as to which markets may list ZEC after this date. Furthermore, ZEC mining will have a slow start, with the block reward linearly increasing from 0 to 12.5 ZEC over the first 20,000 blocks (approximately 34 days).

Because of this difficulty to source ZEC, it may delay listing on a spot exchange. As such, BitMEX will choose a reference exchange by December 1, 2016 based on liquidity and reputation.

Contingency Plan

If there does not happen to be any spot trading at all for ZEC by December 30, 2016 then BitMEX will settle the contract at the Bitcoin equivalent price raised in the last round of investment.

Last summer, Zcash raised $2m for 6.25% of the company, which includes the Founder’s Reward of 2.1m coins (10% of total supply). Hence the investors effectively paid $15.24 per ZEC in this last round of funding. Further information can be read in the z.cash blog here.

Hence, the Bitcoin equivalent of $15.24 will be the Settlement Price in case of no trading at Expiry on December 30, 12:00 UTC.

100x Leverage on XBTUSD Now Available
10/12/2016, 7:58:54 PM

We are pleased to announce that 100x leverage has returned to the XBTUSD perpetual swap.

All open positions will remain at the current leverage selection, but the new 100x leverage option will be available to you after this time.

Important Changes: Auto-Deleveraging
10/5/2016, 9:55:08 PM

Effective Monday 3rd October 12:00 UTC, a significant change was made to all BitMEX products: we have shifted from the Dynamic Profit Equalisation (DPE) system to the Auto-Deleveraging (ADL) system.

Removal of DPE – Introducing Auto-Deleveraging

On all BitMEX products, we moved from DPE (Dynamic Profit Equalisation) to a new ADL (Auto-DeLeveraging) system.

Why the change? There are several important reasons:

  1. Simpler Trading: Profit is now usable immediately! Withheld profit and rebalances will be removed. Average entry price, unrealised PNL, and realised PNL will now behave as expected.
  2. Reduction of Moral Hazard: Under a socialised loss system, a single risky trader can create a large loss for all traders, including low-risk traders. Under the ADL system, traders with the highest leverage will be deleveraged first, incentivising lower leverage traders to trade without penalty.
  3. Faster Markets: With ADL, there is no risk of losses on highly-leveraged or illiquid markets. This will allow BitMEX to introduce new products more quickly.

Under the ADL system, deleverage occurs if the liquidation is not filled by the time the mark price reaches the bankruptcy price. Deleveraging is when a long or short position is liquidated, and then a trader with an opposing position is closed out in profit.

As opposed to other deleveraging systems, ADL deleverages the highest-leveraged traders who thus pose the biggest risk for other traders. Your place in the queue is viewable in real-time so you can adjust your position size & leverage to avoid deleveraging.

For users who like to hold low-leveraged positions for extended periods of time, this means that loss risk has been significantly reduced.

For further information about the ranking formula, please see the Ranking section in the Auto-Deleveraging document.