At 2021-05-10 10:32 AM (UTC), a single user placed a large number of orders over a very short period of time on the Coin-Margined ETCUSD Perpetual Contract, resulting in a large candle wick to 0.001 USD and a stretch of the K-line price chart for all futures users.
Based on community feedback and also in consideration of creating a better trading experience for futures users, Binance has made an adjustment to the K-line price chart of Coin-Margined ETCUSD Perpetual Contract at 2021-05-10 11:05 PM (UTC).
Users can access the original K-line data via API.
As Binance Futures uses the mark price as a reference in liquidations and calculations of unrealized PNL, the 0.001 USD wick and other extreme price movements during this period did not cause any liquidations in user positions.
In order to prevent repeat occurrences of this incident, Binance would like to remind users to fully understand the design and price fluctuation mechanism of Binance products before opting to trade, as to avoid any unnecessary losses that may occur as a result.
Risk Warning: Futures trading carries a substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movement. The information here should not be regarded as financial or investment advice from Binance. All trading strategies are used at your discretion and your own risk. Binance will not be liable to you for any loss that might arise from your use of Futures.
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Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.