Temporary Suspension of Trading - BNB, XLM - Delta Exchange

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Delta Exchange
March 11, 2019

Temporary Suspension of Trading – BNB, XLM

Pankaj BalaniCEO, Delta Exchange

Temporary suspension of trading for BNB & XLM futures contracts due to unavailability of spot prices.

Trading will temporarily be suspended for BNB & XLM futures contracts listed on Delta Exchange. The outage will start on Mar 12, 2 AM UTC and will last for about 8 hours.

The reason for suspension of trading is unavailability of spot prices due to scheduled upgrade activity on Binance Exchange. This affects futures contract on Delta Exchange because the underlying price for BNB & XLM futures on Delta Exchange is sourced from spot prices on Binance.

Due to unavailability of an active spot price the mark price, which uses spot price as an input, will become stale and unsuitable for marking open positions. Marking at a stale prices will not reflect the fair value for a open position and can trigger unnecessary liquidations. At Delta Exchange we use a fair-price marking method, which takes into account an active spot.

It is best practice for a futures exchange to not allow trading on futures contracts when a healthy price of the underlying is not available. In line with this practice, we will be suspending trading of futures on XLM and BNB contracts.

During the outage the market will be disrupted. When market is disrupted no matching will take place, so a trader cannot add-to or reduce an open position. However, any unmatched open orders can be cancelled.

Trading will resume when the spot prices are available. As soon as the trading resumes on the futures market, all positions will be marked to the then mark-price. Please note that when market resumes the liquidation engine will take over any positions that are under-margined and liquidate them. Traders are advised to adequately margin their open positions to prevent any such scenarios.

Traders who do-not wish to carry their positions into the outage are requested to exit their positions prior to the suspension of trading and are welcome to re-enter once trading has resumed.

Currency converter temporarily unavailable

Please also note that since “Convert Currency” feature uses reference rates from Binance, it will also be unavailable during the outage.

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