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Dear Binance community members!
Binance Futures will apply the "Last Price Protection" ("LPP") mechanism for the USDⓈ-margined perpetual contract ONEUSDT at 15:00 on 2026-08-14 (Kyiv time) due to discrepancies in spot prices and deposit/withdrawal limits observed across multiple exchanges after a security incident related to Harmony. Users' funds on Binance remain safe.
The LPP mechanism will be applied gradually using a mark price smoothing process to minimize sudden price movements and better ensure price stability during the transition.
The LPP period for the USDⓈ-margined ONEUSDT perpetual contract will end when the spot price of ONE (Harmony) on multiple exchanges converges and a stable index price can be derived from the spot markets (as determined by Binance).
A separate announcement will be made when the LPP period for the USDⓈ-margined ONEUSDT perpetual contract ends and it is ready to transition from LPP to the standard mark price calculation (mark price = median (price 1, price 2, contract price)). The duration of the transition period depends on price volatility and the availability of a stable index price.
What is the “Last Price Protection” mechanism?
Under the “Last Price Protection” mechanism, the mark price is calculated based on the average value of the last trade price of the perpetual contract within a certain limit.
About mark price:
Mark price methodology during the LPP period:
Mark price = average value of trade prices over the last 10 seconds, calculated every second.
If there are fewer than 21 trade prices in the 10-second interval, the system will check the number of trade prices over the last 100 seconds. If there are more than 21, the average will be calculated based on the trade prices over the last 100 seconds; otherwise, it will be based on the last 100 trade prices for the above-mentioned contract.
A ±1% limit will be set for the mark price, such that the price change is constrained within ±1% in each one-second interval.
Mark price after the LPP period ends:
When the LPP period for the above-mentioned contract ends, the mark price will be calculated using the following formula:
Mark price = median (price 1, price 2, contract price)
Please refer to “Mark price and index price in USDⓈ-margined futures” for the formulas for price 1 and price 2.
About funding rates:
Funding rate during the LPP period:
The capped funding rate will be adjusted from 2.00% / -2.00% to +0.005% / -0.005% at 2026-08-14 12:00 (UTC). The detailed schedule is as follows:
Time | Maximum funding rate |
2026-08-14 08:00 (UTC) | +2.000% / -2.000% |
2026-08-14 16:00 (UTC) | +0.005% / -0.005% |
2026-08-15 00:00 (UTC) | +0.005% / -0.005% |
2026-08-15 08:00 (UTC) | +0.005% / -0.005% |
… | … |
The rules listed in the above-mentioned contract do not apply to the 8.1 adjustment of the funding interval. The funding interval will not be changed from every eight hours to every one hour when the previous funding rate calculation for the above-mentioned contract reaches the capped funding rate.
Funding rate after the LPP period ends:
After the LPP period ends, the funding rate will follow the standard funding rate rules for perpetual futures contracts, where the maximum and minimum funding rates can reach +2.00% / -2.00%. The funding interval will be changed from every eight hours to every one hour when the previous funding rate calculation reaches +2.00% / -2.00%.
Additional information:
Note:
This information is published as a notice in accordance with the Binance Exchange rules 17.
During the LPP period, Binance Futures will be the only component in the price index.
Please note that stricter maximum price limits will be applied during the LPP period. Binance may adjust the maximum price from time to time based on market risk conditions. API users can use GET /fapi/v1/exchangeInfo, while UI users can go to this page to find the current maximum price.
Depending on market risk conditions, Binance may adjust, from time to time, the specifications of the above-mentioned futures contract, including the funding fee, tick size, maximum leverage, initial margin and/or maintenance margin requirements. Please go to trading rules to review the latest changes.
There may be discrepancies between this original English material and any translated versions. In the event of discrepancies, please refer to the original English version for the most accurate information.
Thank you for your support!
Binance Team
14.08.2026
Please note: there may be discrepancies between this original English content and any translated versions (such versions may be generated by artificial intelligence). In the event of any discrepancies, please refer to the original English version for the most accurate information.