There is an automatic loss event on BitMex, and the compensation will be negotiated separately with the user

BitMex April 3On the evening ofreleaseThe announcementAbout 200 positions were automatically cut between 12:44-13:22 Beijing time on April 2, due to marked price fluctuations of XBTU19 and ETHM19, the company said.

Because BitMex's insurance fund is allocated to each contract based on the forced unwinding of certain contracts (system gains and losses). For expired contracts, BitMex will automatically transfer the contract insurance fund to the next contract. March 29 was the most recent expiration date, but BitMex failed to reallocate the monthly contracts, leaving the funds unallocated. As a result, a small number of users were automatically shorted when a large number of unassigned contracts were forced to close.

Regarding this event, BitMex stated that it would contact each affected user individually and the compensation would be calculated according to the maximum potential profit that the user could obtain during the period of the event. BitMex is closing positions for these users at the best price per contract: XBTU19 long at 5079.5 and ETHM19 short at 0.03103.

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