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Margin Trading Index Price Explained

2021-02-10 07:06
The Margin Trading Price Index is calculated in the same way as the Futures Contract Price Index. The Price Index is a bucket of prices from the major spot market exchanges, weighted by their relative volume. The Margin Trading Price Index is based on the market data of Huobi, OKex, Bittrex, HitBTC, Gate.io, Bitmax, Poloniex, FTX, and MXC.
We also take additional protective measures in order to avoid poor market performance caused by interruptions in Spot Market Prices and connectivity problems. These protective measures are as follows:
  1. Single price source deviation: When the latest price of a particular exchange deviates more than 5% from the median price of all sources, the price weight of that exchange will be set to zero temporarily.
  2. Multi price source deviation: If the latest price of more than 1 exchange shows a deviation greater than 5%, the median price of all sources will be used as the index value instead of the weighted average.
  3. Exchange connectivity problem: If we can’t access the data feed of an exchange that has had trades updated in the last 10 seconds, we will consider the last and most recent price data available to calculate the price index.
  4. If an exchange has no transaction data updates for 10 seconds, the weight of this exchange will be set to zero when calculating the weighted average.
  5. Latest Transaction Price Protection: When the "Price Index" and "Mark Price“ matching system is unable to secure a stable and reliable source of reference data, the index will be affected for contracts with a single price index, (i.e. the Price Index will not change). In this case, we use our “Latest Transaction Price Protection" mechanism to update the Mark Price until the system is back to normal. The “Latest Transaction Price Protection” is a mechanism that temporarily switches the Mark Price to match the latest transaction price of the contract, which is used to calculate unrealized profit and loss and liquidation call level. Such a mechanism helps prevent unnecessary liquidation.
Notes
  1. Cross rate: For indexes without direct quotations, the cross rate is calculated as the composite price index. For example, when combining LINK/USDT and BTC/USDT to calculate LINK/BTC.
  2. Binance will update the price index components from time to time.