Filed 18 Apr 2021 by Nicolás
I had a position on the SOLUSDT Perpetual market that was liquidated at 04-18-21 00:43:59 AM (order number 1743415110). I understand the fact that my liquidation price was $19.73 and that the minimum price on the SOLUSDT Perpetual market at that exact time frame was $18.868, reason why my order was liquidated. However, by looking at the SOLUSDT spot market price, the minimum at that same time was exactly $21.1. This is a HUGE difference between the two markets, which is completely unacceptable considering that it is even more than 10%. On the contrary, by comparing with BTC and looking at the BTCUSDT Perpetual market at that same time, the minimum price of this pair was $50050 while in the spot market the BTCUSDT reached a minimum at $50931. This is a difference of 1.7%, which is much more reasonable than the tremendous gap that Solana suffered within the two markets.
As an illustrative example to put this injustice in perspective, let me note that if the difference between SOLUSDT spot market price and SOLUSDT Perpetual market price was of 5% (which is also a really significative difference) instead of the unacceptable 10%, the minimum that the SOLUSDT Perpetual market price should had reached at that exact time in which my order was liquidated is $19,95. Therefore, under this realistic scenario my order should not have been liquidated at all. Moreover, I’m really raged by the fact that after this instantaneous singularity between the two markets at the minimum, for the following 5 hours the price of the SOLUSDT pair increased almost monotonically to reach a maximum at 05:39:00 AM. It’s frustrating to see that for this maximum the price on the Perpetual market was $28.58 and in the spot market the price was $28.64, which is a difference of merely 0.2%… that is 50 times lower that in the previous minimum!
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