This is a mirror of the original BitMEX trollbox archive that used to be online here.
BitMEX disabled their archive after the DDOS attack so I have decided to make my mirror publicly available.

Well now, a few days after I made this mirror available to the public, the original archive from BitMEX is online again.
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[2014-12-23 17:55:16] BitMEX_Wally : Patryn: The liquidation price is based on your current margin balance which varies with the PNL of your positions
[2014-12-23 17:56:51] BitMEX_Wally : I see that your current liquidation price for `XBTH15` is 413.81
[2014-12-23 18:04:30] BitMEX_Wally : This price is calculated (roughly) like this: you currently have 69.5% margin used, i.e. have 30% free. We have a 20% maintenance margin requirement and so that leaves 10% margin before liquidation. The last price of `XBTH15` was 378.45 and your liquidation price is roughly 10% above that.
[2014-12-23 18:10:38] BitMEX_Wally : The liquidation price is not a stop loss order, merely an indication of what price would cause your excess margin to go to 0 if all other positions were held at the same price.
[2014-12-23 19:51:00] Patryn : Shortly after I mentioned that in chat, the quarterly futures price jumped to $389 haha
[2014-12-23 19:51:05] Patryn : Someone tried to liquidate me ;p
[2014-12-23 19:53:05] Patryn : Wally: Gotcha. Thanks. It's a bit different from other exchanges, so taking me a bit to get used to.
[2014-12-23 23:18:46] joequant : QQ. Has anyone else put together spreadsheets that do margin calculations?
[2014-12-23 23:19:18] joequant : If not, I'll write some and post them.
[2014-12-23 23:19:41] BitMEX_Arthur : joequant: what do u mean?
[2014-12-23 23:21:09] joequant : Just a spreadsheet in which you can run what-ifs. i.e. if I buy X, then what does my position look like.
[2014-12-23 23:21:41] BitMEX_Arthur : no we don't have any spreadsheets made
[2014-12-23 23:21:56] joequant : cool. I'll make some then.
[2014-12-24 03:12:19] joequant : Our high bidding friend seems to have left :-) I'm willing to buy XBTH15 at lower price.
[2014-12-24 04:26:43] BitMEX_Arthur : joequant: we are thinking about a volatility future i'll send u a spec. Let me know your thoughts
[2014-12-25 01:00:25] yuengling29 : does bitMEX charge interest on leverage? If so, what is the rate?
[2014-12-25 01:26:01] BitMEX_Arthur : no we do not
[2014-12-25 01:26:17] yuengling29 : ok thank you
[2014-12-25 05:44:22] joequant : hey. Just found something cool. I didn't realize that the calendar spreads would create positions against the existing futures.
[2014-12-25 05:44:35] joequant : cool
[2014-12-25 05:48:40] BitMEX_Arthur : yeah it'
[2014-12-25 05:48:48] BitMEX_Arthur : is exactly like an HSI roll
[2014-12-25 05:48:54] BitMEX_Arthur : so u can trade the basis
[2014-12-25 05:49:01] BitMEX_Arthur : more efficiently or roll your positions
[2014-12-25 06:01:07] joequant : I just put in a set of bid to do price discovery.
[2014-12-25 06:05:08] BitMEX_Arthur : we are working on portfolio margining so that calendar spread trades attract less margin
[2014-12-25 09:47:50] BitMEX_Wally : Merry Christmas everyone
[2014-12-26 08:50:33] Patryn : 3 hours until my first bitmex settlement. How exciting.
[2014-12-26 09:07:53] rhk : BitMEX_Wally: XBUU15 is listed but the chart shows 'invalid symbol' and there are no prices
[2014-12-26 09:08:15] rhk : order controls say 'unlisted; trading is suspended'
[2014-12-26 09:08:26] rhk : i'm happy to trade it if you want to turn it on :)
[2014-12-26 09:10:31] BitMEX_Arthur : it will list at 12:00 UTC
[2014-12-26 09:10:37] BitMEX_Arthur : so 8pm HKT
[2014-12-26 09:12:01] BitMEX_Arthur : XBTG15 (February 2015) and XBUU15 (September 2015) are the new contracts, in general at expiry the new contracts are listed but we display them shortly beforehand
[2014-12-26 12:03:44] BitMEX_Arthur : RIP XBTZ14 & XBUZ14
[2014-12-26 12:04:01] BitMEX_Wally : `XBTZ14` and `XBUZ14` settled at 323.33
[2014-12-26 12:04:21] BitMEX_Arthur : smooth as a baby's bottom
[2014-12-26 13:02:42] Tone : Hey Arthur, I actually wasn't expecting the contracts to settle for another 7 hours, you might want to adjust the spec
[2014-12-26 13:03:25] BitMEX_Arthur : Tone: how so it lists the expiry time on the contract specs
[2014-12-26 13:03:32] BitMEX_Arthur : in your home time
[2014-12-26 13:04:19] BitMEX_Wally : Tone: Please paste what you see
[2014-12-26 13:04:20] BitMEX_Wally : `XBTZ14 is a XBT/USD quanto futures contract. It settles based on the price at Bitfinex on Dec 26 12:00:00 +00:00.`
[2014-12-26 13:04:47] BitMEX_Wally : I'm currently in the `Europe/London` timezone
[2014-12-26 13:07:11] Tone : These prices are averaged during the contract settlement day from 18:00 GMT to 20:00 GMT.
[2014-12-26 13:07:43] BitMEX_Arthur : where are you reading that?
[2014-12-26 13:07:59] Tone : https://www.bitmex.com/app/contract/XBTZ14
[2014-12-26 13:08:08] BitMEX_Arthur : yep thanks i found it
[2014-12-26 13:08:16] BitMEX_Wally : Ahh
[2014-12-26 13:09:44] Tone : oh i see where you have yours, it's at the top LOL... i didn't even look at the top, i went straight to the 'settlement' section
[2014-12-26 13:13:43] Tone : Damn, that $7 move last night really sucked for me, i was short pretty big at like 321 going in so was expecting to make money...too bad
[2014-12-26 13:13:44] BitMEX_Sam : Thanks for the heads up Tone, we need to time-zone adjust that field
[2014-12-26 14:05:11] rhk : BitMEX_Sam: tried to click to buy XBUU15 at 321.. nothing happened. clicked again & nothing happened
[2014-12-26 14:05:35] rhk : F5 refresh, and I now see my two orders working at $355.66
[2014-12-26 14:06:03] rhk : looks like 2 contracts have traded too
[2014-12-26 14:08:16] rhk : how did it manage to trade $34 higher than the limit price?
[2014-12-26 14:16:42] BitMEX_Sam : rhk: Checking it out now
[2014-12-26 14:18:51] BitMEX_Sam : rhk: Are you certain you had 321 in the order box? The query sent to the API had a price of 355.66
[2014-12-26 14:19:11] rhk : BitMEX_Sam: yes.. thats what i typed in
[2014-12-26 14:19:34] rhk : also strange that i didnt see any order reply at all until i refreshed the page
[2014-12-26 14:19:49] BitMEX_Sam : Yes, that part shouldn't happen, we deployed recently but the UI should reconnect
[2014-12-26 14:20:20] rhk : any chance that the page refresh would reset the limit price, and resubmit the order?
[2014-12-26 14:20:27] BitMEX_Sam : Resubmit, no,
[2014-12-26 14:20:32] BitMEX_Sam : But it could reset the price in the input box
[2014-12-26 14:20:50] BitMEX_Sam : On a refresh it will reset to the lowest ask
[2014-12-26 14:20:51] rhk : i didnt hit 'buy' button after the page refresh
[2014-12-26 14:21:51] BitMEX_Sam : Hold on just a minute, tracing back the interaction in the logs
[2014-12-26 14:23:43] BitMEX_Sam : In the meantime, if you would like to sell back those contracts, please offer them at that price
[2014-12-26 14:23:59] rhk : page seems to be working fine after refresh
[2014-12-26 14:24:06] rhk : you can see the orders going in at the correct price now
[2014-12-26 14:26:57] BitMEX_Sam : I'm seeing some odd activity from your browser,
[2014-12-26 14:27:10] BitMEX_Sam : in particular it's re-requesting position and user data at intervals; I don't see that behavior from any other client
[2014-12-26 14:27:38] rhk : sure thats not my API feed?
[2014-12-26 14:27:49] rhk : my API will be connect to the same IP
[2014-12-26 14:28:07] BitMEX_Sam : is it using the same user-agent?
[2014-12-26 14:28:37] rhk : possibly
[2014-12-26 14:29:32] BitMEX_Sam : That would explain it - did you build a small webapp that requests from the API?
[2014-12-26 14:29:41] rhk : yes its using a Chrome user agent string (because of an issue with another exchange)
[2014-12-26 14:31:32] BitMEX_Sam : Ah okay. I can differentiate between them based on the version
[2014-12-26 14:41:03] BitMEX_Sam : rhk: If you see anything like that again could you please open your console and send me any errors? I'm going to run some tests on my end to see if I can replicate it
[2014-12-26 14:42:02] rhk : will do
[2014-12-26 14:43:02] rhk : i leave the browser tab open all the time, so you could try a few things e.g. wait for the auto-logout, then log back in, and then try to send
[2014-12-26 14:44:36] BitMEX_Sam : Yeah it seems the vast majority of issues revolve around connection issues with long-lived tabs
[2014-12-26 14:44:44] BitMEX_Sam : Unfortunately that's very difficult to test properly
[2014-12-26 16:13:41] Patryn : Where can I see details regarding my settled position?
[2014-12-26 16:14:25] BitMEX_Wally : https://www.bitmex.com/app/tradeHistory
[2014-12-26 16:14:56] BitMEX_Wally : You can see the settlement tare there
[2014-12-26 16:15:18] BitMEX_Wally : *trade
[2014-12-26 16:15:59] BitMEX_Wally : Also in your positions tab the `XBTZ14` and `XBUZ14` symbols will be there for the next 24 hours, so you can see `realisedPnl` etc
[2014-12-26 19:38:16] Patryn : thank you
[2014-12-27 03:05:04] gaoMex : Liquidity please. XBTF15.
[2014-12-27 03:07:43] BitMEX_Arthur : gaoMex: how much do u want to sell?
[2014-12-27 03:09:19] gaoMex : I'm done for now after my recent selling. Thanks.
[2014-12-27 03:10:06] gaoMex : BitMEX_Arthur: How to know how much more I can buy/sell?
[2014-12-27 03:10:33] BitMEX_Arthur : see the field "available margin"
[2014-12-27 03:10:49] BitMEX_Arthur : you can utilise that amount of XBT for new orders
[2014-12-27 03:11:07] BitMEX_Arthur : so if you put a quantity and price in the order controls box you will see how much margin it will attract on the buy or sell sid
[2014-12-27 03:11:08] BitMEX_Arthur : so if you put a quantity and price in the order controls box you will see how much margin it will attract on the buy or sell side
[2014-12-27 03:12:20] gaoMex : I see. I will explore more. Just to confirm, BitMEX offers leverage ratio of 5X times?
[2014-12-27 03:12:35] BitMEX_Arthur : correct 5x is maximum for ur entire portfolio
[2014-12-27 03:12:41] BitMEX_Arthur : if you go above 5x we begin the margin call process
[2014-12-27 03:12:54] gaoMex : Noted. Thanks.
[2014-12-27 03:13:04] BitMEX_Arthur : but we don't liquidate your whole portfolio only enough to get you back above the 5x threshhold
[2014-12-27 08:02:15] rhk : BitMEX_Arthur: do you begin margin call even if there are unverified BTC deposits on their way?
[2014-12-27 08:06:21] BitMEX_Sam : rhk: Yes, since we have no way of knowing if they will confirm or not and a potentially malicious user could stave off margin call this way - however you are credited after only one confirmation so it should be quick if you included a fee in the tx.
[2014-12-28 04:48:24] rhk : can you remind me - for the UPnL, do you just use last price? or do you use a vwap?
[2014-12-28 05:39:52] BitMEX_Arthur : Last price
[2014-12-28 06:41:07] gaoMex : BitMEX_Arthur: Can I sell 2446 to you at $328?
[2014-12-28 06:41:37] BitMEX_Arthur : XBTF15 right?
[2014-12-28 06:41:52] gaoMex : Yes.
[2014-12-28 06:42:10] BitMEX_Arthur : on the bid
[2014-12-28 06:42:50] gaoMex : Sorry, I meant buy from you. :P
[2014-12-28 06:43:35] BitMEX_Arthur : ah i'm not an axed buyer, i can offer 332 for 2446 ok?
[2014-12-28 06:43:43] BitMEX_Arthur : i mean axed seller
[2014-12-28 06:44:42] gaoMex : Haha... :) 332 is too high. It's ok.
[2014-12-28 06:45:02] gaoMex : I will wait.
[2014-12-28 06:45:05] BitMEX_Arthur : post your bid there are others who will take it down
[2014-12-28 06:45:36] gaoMex : Noted. :)
[2014-12-28 06:53:15] gaoMex : BitMEX_Arthur: There is quite a bit of interest on BitMEX on bitcoinmarket sub-reddit. But the common feedback is liquidity is low. How's the progress with increasing liquidity?
[2014-12-28 07:02:53] BitMEX_Arthur : we are talks with many large traders, given it's the holidays many people are away it will improve in the new year
[2014-12-28 08:56:37] joequant : Liquidity is improving. I'm noticing it getting better on the March futures.
[2014-12-28 08:59:10] joequant : A lot of it has to do with the liquidity of long dated futures in general. The only other exchange that has decent liquidity for X month futures is okcoin.
[2014-12-28 08:59:39] joequant : I think liquidity will improve a lt one it becomes clear that bitmex doesn't "socialize losses".
[2014-12-28 09:39:14] BitMEX_Arthur : :)
[2014-12-28 16:22:19] atodorov07 : also liquidity will improve when people realise how bitmex is. It's lightyears ahead from its competitors in any category.
[2014-12-28 16:22:39] atodorov07 : how awesome bitmex is* (missed a word)
[2014-12-28 16:24:31] BitMEX_Sam : Thanks atodorov07
[2014-12-28 16:24:54] BitMEX_Sam : It's goes both ways on that - we're much more advanced than the competition, which is good for traders, but tough for newbies
[2014-12-29 02:07:00] Helgeland : Hey there, is this chat only showed on Bitmex?
[2014-12-29 02:07:53] BitMEX_Arthur : yes
[2014-12-29 02:07:55] BitMEX_Arthur : fornow
[2014-12-29 02:08:45] Helgeland : ok cool :)
[2014-12-29 02:29:05] gaoMex : BitMEX_Arthur: Don't you need to sleep? :)
[2014-12-29 02:31:16] BitMEX_Arthur : i'm in hong kong
[2014-12-29 02:31:19] BitMEX_Arthur : it's mid morning here
[2014-12-29 02:31:38] BitMEX_Arthur : got my beauty sleep already
[2014-12-29 02:32:58] gaoMex : Great! Hope the market is good for trading today.
[2014-12-29 03:34:00] joequant : I've put some liquidity into some of the calendar spreads.
[2014-12-29 03:41:09] BitMEX_Arthur : joequant: you crashed my party in XBTF15-H15
[2014-12-29 03:41:18] BitMEX_Arthur : someone was lifting me at +45
[2014-12-30 15:44:56] jon : hi
[2014-12-30 15:45:03] jon : someone?
[2014-12-30 15:47:02] BitMEX_Sam : Hey jon
[2014-12-30 15:47:06] jon : hey sam
[2014-12-30 15:47:30] BitMEX_Sam : What's up?
[2014-12-30 15:48:15] jon : jus to confirm, if I want to hedge 20 btc at 310 with XBU at 320
[2014-12-30 15:48:43] jon : I should buy 320*20/100 contract?
[2014-12-30 15:51:11] BitMEX_Sam : jon: Your math is right, but you should sell
[2014-12-30 15:52:05] jon : ah
[2014-12-30 15:52:37] BitMEX_Sam : You can always check your math by entering a quantity and price in the order box on the instrument you want to trade
[2014-12-30 15:53:20] BitMEX_Wally : jon: If you sell 64 contracts of `XBUH15` at 320 then you will have a short exposure of 20 Bitcoin to hedge your long exposure
[2014-12-30 15:55:14] jon : oki dok
[2014-12-30 15:57:10] jon : tks
[2014-12-30 15:58:34] jon : when I speak with you, price go up
[2014-12-30 15:58:38] jon : I should continu
[2014-12-30 15:59:31] BitMEX_Sam : A higher price is good for you in this case
[2014-12-30 15:59:34] BitMEX_Sam : :)
[2014-12-30 16:01:04] jon : I will need to hedge my position sometimes, and I still think you are the right choice
[2014-12-30 16:04:16] BitMEX_Sam : Thanks, we appreciate the confidence. Liquidity on XBU series contracts should markedly improve after the holidays
[2014-12-30 16:06:01] jon : this is exactly what I am expecting for
[2014-12-30 16:07:59] jon : and the excel API pls
[2014-12-30 16:15:02] BitMEX_Sam : Yep, we have someone working on that, can't give you an ETA yet but it's coming
[2014-12-30 16:17:44] jon : k tks
[2014-12-31 16:38:46] BitMEX_Sam : http://www.coindesk.com/bitmex-launch-bitcoin-fear-index/
[2014-12-31 17:28:57] flibbr : where can i find the fear index on here?
[2014-12-31 17:33:50] BitMEX_Sam : :) Wait until Monday
[2014-12-31 18:24:30] flibbr : ok thanks sam
[2014-12-31 18:24:53] BitMEX_Arthur : it will list 12:00 GMT + 0
[2014-12-31 18:24:59] BitMEX_Arthur : the ticker will be BVOLG15
[2014-12-31 18:27:10] flibbr : cool arthur, there is a guy on the TS, 'nullp' who does arbt with bots all day long and nothing else, told him to speak to u about using your site and maybe shared ideas etc
[2014-12-31 18:27:19] BTCVIX : +1
[2014-12-31 18:28:06] BitMEX_Sam : Sounds good
[2014-12-31 18:28:18] BitMEX_Arthur : :)
[2014-12-31 18:28:18] BitMEX_Sam : We're very bot-friendly, if he has any API issues refer him to me
[2014-12-31 18:30:32] flibbr : he is currently on OKCoin colo server, Huobi, Atlas so told him bout u guys
[2015-01-01 03:37:56] joequant : Cool. I like the way that you are describing the vol swap.
[2015-01-01 03:38:24] joequant : "fear index"
[2015-01-01 03:51:44] rhk : can anyone send me some coins to my testnet for some quick tests? 2NBMEXdcCBJwf7fvkhs89GPbZT6Sw5CgUmY
[2015-01-01 03:51:57] BitMEX_Arthur : rhk: i sent you 0.14 from a faucet
[2015-01-01 03:52:07] rhk : thanks
[2015-01-01 03:53:53] rhk : hmm.. orderbook10 doesnt seem to work
[2015-01-01 03:53:56] rhk : sam around?
[2015-01-01 03:55:01] BitMEX_Arthur : shoot him a mail, he's not on atm
[2015-01-01 06:05:30] rhk : BitMEX_Arthur: you mentioned earlier that you plan to combine the spreads & outright markets.. any ETA?
[2015-01-01 06:16:21] rhk : btw, your spread contract shows "Buyer of Calendar Spread - undefined + undefined"
[2015-01-01 06:19:32] BitMEX_Arthur : No eta on that yet it's on the dev list, will look into the contracts spec error thx
[2015-01-01 06:20:50] rhk : are we talking weeks or months?
[2015-01-01 06:21:57] jelikishvili : Hi, can you explain how fear index will be calculated?
[2015-01-01 06:22:04] jelikishvili : and when it will be available
[2015-01-01 06:22:22] jelikishvili : or just give me a link with specs
[2015-01-01 06:22:52] BitMEX_Arthur : There is no link with specs up yet. I will send you a mail with a detailed description
[2015-01-01 06:23:06] jelikishvili : ok thanks!
[2015-01-01 06:23:35] BitMEX_Arthur : rhk: can't give any estimate at this time
[2015-01-01 06:23:48] rhk : for the vol swap, are you planning to publish daily calculations?
[2015-01-01 06:24:04] BitMEX_Arthur : the fear index future will list jan 5, Monday 12:00 gmt
[2015-01-01 06:24:16] BitMEX_Arthur : we will publish the 30day rolling index
[2015-01-01 06:34:04] rhk : BitMEX_Arthur: something weird going on with order controls on rolls.. e.g. once i type in a negative price, the backspace key doesnt work so i cant edit the price
[2015-01-01 06:40:10] rhk : also what price is used to price of the back month leg when calculating commission on rolls?
[2015-01-01 06:57:19] rhk : one more question - how far back is trade history supposed to go? i can only see back to 13th dec, but i traded before then...
[2015-01-01 08:15:42] BitMEX_Sam : rhk: Re negatives, that input can be a little finicky when it validates input. I'll deploy a fix shortly for that case
[2015-01-01 08:16:22] BitMEX_Sam : Trade history is last 100. If you need to see more than that please use the API
[2015-01-01 08:16:28] BitMEX_Sam : You could also filter by clicking on some of the column values
[2015-01-01 08:16:39] BitMEX_Sam : In the near future I'll paginate that view so you can go all the way back
[2015-01-01 08:59:37] rhk : BitMEX_Sam: yeah, the order entry is fucked up
[2015-01-01 08:59:43] rhk : f**ked
[2015-01-01 08:59:52] BitMEX_Sam : rhk: Yes it doesn't handle negatives well
[2015-01-01 08:59:57] rhk : i entered -5 for the price, and it executed at +115
[2015-01-01 09:00:01] BitMEX_Sam : I pushed a fix to testnet, just ensuring it doesn't screw anything up
[2015-01-01 09:00:05] BitMEX_Sam : oh really
[2015-01-01 09:00:07] BitMEX_Sam : where was that
[2015-01-01 09:00:10] rhk : +155 actually
[2015-01-01 09:00:34] rhk : XBTF15_G15
[2015-01-01 09:01:00] BitMEX_Sam : it didn't actually trade though did it
[2015-01-01 09:01:10] rhk : traded at +15
[2015-01-01 09:01:19] rhk : luckily cancelled the rest before any more got filled
[2015-01-01 09:03:46] BitMEX_Sam : hmm. I see a few successful submits at -5
[2015-01-01 09:03:53] BitMEX_Sam : then one submit at 155
[2015-01-01 09:04:00] rhk : yeah.. for example, click on the ask, it gives you a price of +20
[2015-01-01 09:04:14] rhk : then use the mouse to select the whole text in the price window and type -5 to change the price
[2015-01-01 09:04:22] rhk : it sets the text to +205 instead
[2015-01-01 09:04:23] BitMEX_Sam : ah
[2015-01-01 09:04:24] BitMEX_Sam : yes
[2015-01-01 09:04:37] BitMEX_Sam : this is fixed in testnet, was just working on this
[2015-01-01 09:04:42] BitMEX_Sam : I'm going to promote it to production
[2015-01-01 09:08:14] rhk : i've listed the rolls to sell at +20 (cover bad price + commission) - can you buy them back?
[2015-01-01 09:09:17] BitMEX_Sam : rhk: Yes we'll make it even, please hold on a sec
[2015-01-01 09:09:37] BitMEX_Sam : Our fault no question, we'll make it right
[2015-01-01 09:17:40] BitMEX_Sam : ok @rhk, you're settled. Very sorry for the inconvenience
[2015-01-01 09:17:49] BitMEX_Sam : If you refresh and try the same sequence of steps again you'll see it's fixed
[2015-01-01 09:19:58] BitMEX_Arthur : rhk: we will publish the index daily
[2015-01-01 09:21:09] rhk : BitMEX_Sam: yes looks fixed thanks
[2015-01-02 04:16:35] BitMEX_Arthur : Traders here is an example excel spreadsheet that details how the BVOL_INDEX will be calculated. More information documents will be forthcoming closer to listing date on Monday. Any questions please feel free to ask, https://www.dropbox.com/s/ua1b9fvu1wzy218/BitMEX_BVOL_INDEX.xlsm?dl=0
[2015-01-02 05:16:32] joequant : The calendar spread XBTF15_H15 order book looks broken. I'm getting the orders for XBTF15
[2015-01-02 07:10:08] gaoMex : Want to buy 2214 in XBTF15. Please offer price.
[2015-01-02 07:31:51] BitMEX_Arthur : hi
[2015-01-02 07:31:59] BitMEX_Arthur : gaoMex: still need?
[2015-01-02 07:32:21] gaoMex : BitMEX_Arthur: Yes. 2100.
[2015-01-02 07:34:27] BitMEX_Arthur : done
[2015-01-02 07:34:38] gaoMex : BitMEX_Arthur: Thanks.
[2015-01-03 10:27:19] void : I like to open 26btc but need 0.13 btc commission it's so high .
[2015-01-03 10:28:47] void : open a postion cost a lot and the leverage is so low.
[2015-01-03 10:33:02] BitMEX_Sam : void: liquidity will be improving very shortly, the reduction in spread will help greatly with the costs
[2015-01-03 10:37:26] void : thanks.As we have a large position in the market. Need large liquidity for our hedge fund..
[2015-01-03 10:44:44] rhk : void: what contract do you want to trade?
[2015-01-03 12:56:06] AstralWonder : First time here
[2015-01-03 12:56:14] BitMEX_Arthur : welcome
[2015-01-03 12:56:18] BitMEX_Arthur : any questions please let us know
[2015-01-03 12:56:42] AstralWonder : There's no actual USD involved right?
[2015-01-03 12:56:52] BitMEX_Arthur : no everything is in Bitcoin
[2015-01-03 12:57:01] BitMEX_Arthur : we use XBT as the Bitcoin currency symbol
[2015-01-03 12:57:43] AstralWonder : XBTF15 - This is Feb 15?
[2015-01-03 12:57:56] BitMEX_Arthur : yes
[2015-01-03 12:58:05] AstralWonder : XBTF15 XBTF15 is a XBT/USD quanto futures contract. It settles based on the price at Bitfinex on Jan 30 07:00:00 -05:00.
[2015-01-03 12:58:10] AstralWonder : What's the 15 stand for
[2015-01-03 12:58:15] BitMEX_Arthur : 2015
[2015-01-03 12:58:44] BitMEX_Arthur : so it goes Future root (XBT), month code (F), year (15)
[2015-01-03 12:59:10] AstralWonder : Leverage is relatively low on this site compared to some other future contract trading sites
[2015-01-03 12:59:19] AstralWonder : 3.33x max right?
[2015-01-03 12:59:25] BitMEX_Arthur : 5x max
[2015-01-03 12:59:38] AstralWonder : Oh that's not bad
[2015-01-03 13:00:02] BitMEX_Arthur : the leverage is lower than on some of our chinese competitors because we guarantee settlement
[2015-01-03 13:00:29] AstralWonder : So you don't take fees at the end of a settlement for risk
[2015-01-03 13:00:57] BitMEX_Arthur : no our leverage is lower, and fees slightly higher
[2015-01-03 13:01:07] AstralWonder : Do you have a link to your cold wallet?
[2015-01-03 13:01:22] BitMEX_Arthur : each user has a multi-sig lockbox
[2015-01-03 13:02:04] BitMEX_Arthur : requires 2 of 3 partners to sign any spend
[2015-01-03 13:04:20] AstralWonder : Who are the 3 partners?
[2015-01-03 13:05:02] BitMEX_Arthur : myself, sam, and wally
[2015-01-03 13:05:49] BitMEX_Arthur : here is my linked in if you want to find out more about me
[2015-01-03 13:05:49] BitMEX_Arthur : https://www.linkedin.com/profile/view?id=6955113&trk=spm_pic
[2015-01-03 13:07:14] AstralWonder : So that it's more secure?
[2015-01-03 13:07:20] AstralWonder : What's the cold wallet address though
[2015-01-03 13:08:24] BitMEX_Arthur : each client has a multi signature lockbox
[2015-01-03 13:08:40] BitMEX_Arthur : there is no central address with all client funds
[2015-01-03 13:08:56] AstralWonder : Oh
[2015-01-03 13:09:51] AstralWonder : I see that it says BitMEX does proof of solvency - have any of those tests been done yet
[2015-01-03 13:11:24] BitMEX_Arthur : you can query your lock box and see all deposits and withdrawals from it, a formal proof of solvency by a third party auditor will be completed soon
[2015-01-03 13:20:06] BitMEX_Arthur : AstralWonder: how did you hear about us?
[2015-01-03 13:20:57] AstralWonder : I think it was a reddit thread. I looked at this site a few days ago and decided to register toda
[2015-01-03 14:25:10] dreadpiratedickstein : https://www.youtube.com/watch?v=-bCcJCbU0K4
[2015-01-03 14:37:15] BitMEX_Arthur : lol
[2015-01-03 14:37:18] BitMEX_Arthur : reminds me of childhood
[2015-01-03 14:41:39] dreadpiratedickstein : BITCON
[2015-01-03 14:41:42] dreadpiratedickstein : REST
[2015-01-03 14:41:43] dreadpiratedickstein : IN
[2015-01-03 14:41:45] dreadpiratedickstein : PEACE
[2015-01-03 14:42:03] BitMEX_Arthur : i'm assuming your short?
[2015-01-03 14:42:10] dreadpiratedickstein : yes
[2015-01-03 14:42:12] BitMEX_Arthur : talking your book
[2015-01-03 14:42:31] dreadpiratedickstein : 120
[2015-01-03 14:42:36] dreadpiratedickstein : target
[2015-01-03 14:43:00] rhk : by when?
[2015-01-03 14:43:12] dreadpiratedickstein : ....depends on if 270 breaks or not
[2015-01-03 14:43:25] dreadpiratedickstein : .....between 1-6 months
[2015-01-03 14:44:00] dreadpiratedickstein : "BAH GAWD, THE BEARWHALE DA CHAART IN HALF!"
[2015-01-03 14:44:16] dreadpiratedickstein : HE BROKE DA CHART IN HALF WITH THE TOMBSTONE PILEDRIVER!
[2015-01-03 14:44:22] BitMEX_Arthur : haha
[2015-01-03 14:44:29] BitMEX_Arthur : is he still wrastling
[2015-01-03 14:44:47] dreadpiratedickstein : undertaker? yep
[2015-01-03 14:47:04] BitMEX_Arthur : damn
[2015-01-03 14:47:15] BitMEX_Arthur : need to get stone cold steve austin
[2015-01-03 14:47:33] dreadpiratedickstein : OH MAH GAWD,
[2015-01-03 14:47:36] dreadpiratedickstein : BEN LAWSKY
[2015-01-03 14:47:48] dreadpiratedickstein : BEN LAWSKY USED THE STONE COLD STUNNER ON CHARLIE SHREM
[2015-01-03 14:48:54] dreadpiratedickstein : GOOD GAWD ALMIGHTY, it's PREET THE FREAK BHARARA RUNNING TO THE RING!
[2015-01-03 14:50:14] rhk : lol.. i put in a bid of zero on a roll and it tells me grossvalue = "Infinity XBT"
[2015-01-03 14:50:37] dreadpiratedickstein : I tell ya, JR, I haven't seen pandemonium like this in a LOOONG time. 1200 dollar bitcoin? It's looking to me like like 12 cent bitcoin
[2015-01-03 14:50:58] BitMEX_Arthur : rhk: which ticker trying to replicate that now
[2015-01-03 14:51:33] rhk : https://i.imgflip.com/fyxkr.jpg
[2015-01-03 14:51:48] rhk : XBUH15_U15
[2015-01-03 14:52:35] BitMEX_Arthur : hmm not seeing same issue, i have qty of 1 and price of 0, is that similar to what you are doing
[2015-01-03 14:52:51] rhk : i sent you a screenshot
[2015-01-03 14:53:31] BitMEX_Arthur : that link takes me to an image saying "buy all the bitcoins"
[2015-01-03 14:53:38] rhk : no.. in the mail
[2015-01-03 14:53:43] BitMEX_Arthur : ah ok
[2015-01-03 14:54:28] BitMEX_Arthur : thanks
[2015-01-03 15:49:55] joequant : huobi just broke 300
[2015-01-03 15:54:09] rhk : BitMEX_Arthur: thx
[2015-01-03 19:57:10] AstralWonder : What's an inverse vs quanto contract?
[2015-01-03 19:57:29] AstralWonder : Which one is more similar to the ones used on the Chinese futures sites?
[2015-01-03 20:02:29] BitMEX_Sam : AstralWonder: The inverse is more like the Chinese futures
[2015-01-03 20:02:36] BitMEX_Sam : It's worth a constant amount of USD.
[2015-01-03 20:03:43] BitMEX_Sam : The quanto contracts settle at 1000 satoshis * 2 hour TWAP of the USD price at Bitfinex. The inverse contracts settle at the value of $100 USD in Bitcoin, using the same TWAP.
[2015-01-03 20:04:11] BitMEX_Sam : So the inverse contract is worth about 1/3 of a Bitcoin right now, and the quanto is roughly 300 * 1000 satoshis or 0.003 Bitcoin
[2015-01-03 20:04:34] BitMEX_Sam : The reason we have both is that each is non-linear in one direction, depending on your expectation of where the price will go, one is more favorable than the other.
[2015-01-03 20:06:12] BitMEX_Sam : See this blog post for more details: https://blog.bitmex.com/xbt-vs-xbu-chain/
[2015-01-03 21:34:07] dreadpiratedickstein : https://www.youtube.com/watch?v=Fquv5JuU93E
[2015-01-03 21:34:11] dreadpiratedickstein : bah god JR
[2015-01-03 21:34:17] dreadpiratedickstein : now KANE is coming into the ring!
[2015-01-03 21:37:23] dreadpiratedickstein : omg, their raising the chart to their feet.....DOUBLE CHOKESLAM THROUGH THE SPANISH ANNOUNCERS TABLE!
[2015-01-03 21:37:41] dreadpiratedickstein : https://www.youtube.com/watch?v=TvAU8KX735c
[2015-01-04 06:57:52] BitMEX_Arthur : who is out there
[2015-01-04 07:10:49] rhk : hey
[2015-01-04 07:11:15] BitMEX_Arthur : nice sunday for a puke
[2015-01-04 07:11:19] BitMEX_Arthur : it's beautiful outside
[2015-01-04 07:11:30] rhk : havent looked out of the window all day :)
[2015-01-04 07:11:33] BitMEX_Arthur : haha
[2015-01-04 09:41:49] rhk : we should catch up for a drink sometime.. seems like other hk traders here too
[2015-01-04 11:52:54] BitMEX_Arthur : rhk: yeah when things calm down after the return of people from the holidays
[2015-01-04 11:52:58] BitMEX_Arthur : can do some chill thur or friday drinsk
[2015-01-04 12:59:27] rhk : sounds good.. just pick a date and send out an invite
[2015-01-04 14:17:03] BitMEX_Sam : Everything's taking quite a dump
[2015-01-04 14:21:22] mlg5867 : yeah so much for working today, just going to stare at the price i guess
[2015-01-04 14:35:16] rhk : not just staring - trading I hope :)
[2015-01-04 15:10:18] Patryn : 20% drop, barely doubled my margin here. Tragic. Isn't there a max profit on this site? Perhaps I should close my position now.
[2015-01-04 15:10:40] BitMEX_Arthur : what are you trying to say?
[2015-01-04 15:21:19] Patryn : Is there a max profit on this site?
[2015-01-04 15:21:30] Patryn : I believe I read something about that somewhere.
[2015-01-04 15:21:34] BitMEX_Arthur : no what is the issue
[2015-01-04 15:22:07] BitMEX_Arthur : are you saying spot went down 20% why haven't the futures
[2015-01-04 15:22:34] BitMEX_Arthur : ?
[2015-01-04 15:48:15] Patryn : No. If there's no max profit, there's no issue.
[2015-01-04 15:48:44] Patryn : So if I have a short at 350, I can earn all the way to $100? Earn several hundred percent profit?
[2015-01-04 15:48:59] joequant : yes
[2015-01-04 15:49:11] joequant : the issue is that sometimes you have to wait for a buyer
[2015-01-04 15:49:29] joequant : And you have to be careful not to get short squeezed in the mean time.
[2015-01-04 15:49:38] Patryn : I was under the impression that capping profits was one of bitmex's ways of avoiding claw backs etc.
[2015-01-04 15:50:16] joequant : No.
[2015-01-04 15:50:23] BitMEX_Sam : No absolutely not.
[2015-01-04 15:50:44] BitMEX_Sam : The whole point of a no-clawback system is so that you can hedge effectively, if we capped profits you wouldn't be able to hedge on BitMEX
[2015-01-04 15:53:54] joequant : I trade on all of the futures exchanges, but it's easier for me to do things on Bitmex since there is a no-clawback policy.
[2015-01-04 15:54:00] joequant : One less thing to worry about.
[2015-01-04 15:54:50] joequant : Bitmex has much stricter margin rules, but it's a pay now or pay latter type of thing.
[2015-01-04 19:00:36] TrevinHofmann : I like their setup. Not sure about fees yet, thoughhaven't looked at the two options yet.
[2015-01-04 19:04:58] dreadpiratedickstein : I made my first coin with you guys
[2015-01-04 19:05:16] dreadpiratedickstein : looking forward to future business....long as BTC doesn't go sub 1 dollar
[2015-01-04 21:30:26] BitMEX_Sam : looking forward to seeing how BVOL reacts to the market tomorrow, today would have been great for it
[2015-01-05 04:57:22] rhk : BitMEX_Sam: is orderbook10 going out tomorrow?
[2015-01-05 04:57:28] rhk : or today rather
[2015-01-05 06:57:51] BitMEX_Sam : rhk: Not yet, we're focused on the BVOL launch
[2015-01-05 06:57:56] BitMEX_Sam : Shouldn't be too long after, though
[2015-01-05 08:08:55] Kalman : Hi, where is the newly listed vola fut?
[2015-01-05 08:09:43] BitMEX_Sam : Kalman: We'll be listing it at 12:00 GMT
[2015-01-05 08:11:39] Kalman : Thx
[2015-01-05 08:57:33] null : uh its lunching today. awesome. Is there going to be built in decay, as in vehicles like VXX?
[2015-01-05 09:06:37] BitMEX_Arthur : no, it is a pure play on the realised vol
[2015-01-05 09:06:54] BitMEX_Arthur : so if u buy realised at 50 and it closes at 60
[2015-01-05 09:07:01] BitMEX_Arthur : u make the difference times the multiplier
[2015-01-05 11:54:51] BitMEX_Sam : BVOL launches in 5 minutes.
[2015-01-05 12:01:00] BitMEX_Sam : BVOLG15 is now live!
[2015-01-05 12:18:30] joequant : Is there a link to the specification for how the vol is calculated?
[2015-01-05 12:20:12] BitMEX_Sam : joequant: Yes, click the index link in the specification on the top left
[2015-01-05 12:23:02] Kalman : where are the reference prices?
[2015-01-05 12:23:21] BitMEX_Arthur : https://www.bitmex.com/app/historicalVolatilityIndex
[2015-01-05 12:23:32] BitMEX_Arthur : that's the `.BVOL INDEX`
[2015-01-05 12:23:56] Kalman : mean the BTC price dumped used ...
[2015-01-05 12:23:57] Kalman : Thx
[2015-01-05 12:33:27] rhk : fyi getting 'invalid symbol' in the chart
[2015-01-05 12:34:22] rhk : i think your limit up/down looks too tight. with last trade at 50, its only giving a limit of 40-60
[2015-01-05 12:34:39] BitMEX_Arthur : it's per 8 hours
[2015-01-05 12:34:40] rhk : i suspect that people might want to push it higher/lower when vol pops
[2015-01-05 12:35:04] BitMEX_Sam : the invalid symbol bit will catch up after an hour
[2015-01-05 12:35:09] BitMEX_Sam : if you choose a smaller timeframe it'll populate
[2015-01-05 12:35:16] BitMEX_Sam : I need to talk to TV about it
[2015-01-05 12:37:02] rhk : actually what happens when the limit is reached? anything? or it just stops you trading at that price until (up to) 8 hours later?
[2015-01-05 12:37:21] BitMEX_Arthur : so at limit up for example you can't place a bid above that price until the end of the 8 hours trading session
[2015-01-05 12:37:29] BitMEX_Arthur : then the limit up resets 20% higher
[2015-01-05 12:37:32] rhk : ok
[2015-01-05 12:37:50] rhk : BitMEX_Sam: looks like the futures month codes have disappeared from the drop-downs after the update. can you add them back?
[2015-01-05 12:38:31] BitMEX_Sam : Yeah, that wasn't intentional, thanks for the catch
[2015-01-05 12:40:42] BitMEX_Arthur : rhk: we will observe how `BVOLG15` trades and if the limits are being hit often we will explore widening them
[2015-01-05 12:47:40] rhk : sounds good thx
[2015-01-05 12:49:35] AstralWonder : oh
[2015-01-05 12:49:36] AstralWonder : no
[2015-01-05 12:49:38] AstralWonder : updates?
[2015-01-05 12:49:39] BitMEX_Sam : rhk: Please refresh, month code is in
[2015-01-05 12:49:56] BitMEX_Arthur : AstralWonder: regarding?
[2015-01-05 12:50:08] AstralWonder : There was a message/notificatoin on here
[2015-01-05 12:50:14] AstralWonder : It said something about downtime
[2015-01-05 12:50:26] rhk : BitMEX_Sam: thx looks good
[2015-01-05 12:50:43] BitMEX_Sam : AstralWonder: I sent out a notification just before we launched BVOL at 12 GMT
[2015-01-05 12:51:11] AstralWonder : BVOL is out already eh?
[2015-01-05 12:51:37] BitMEX_Arthur : you can start trading now
[2015-01-05 12:51:43] BitMEX_Arthur : market is 49 / 50 now
[2015-01-05 12:55:09] rhk : cool.. i'll take a punt
[2015-01-05 12:57:11] rhk : btw, any news out of bitstamp.. i got an alarming email earlier about their hot wallet being hacked
[2015-01-05 12:57:46] BitMEX_Arthur : everyone is speculating now
[2015-01-05 12:57:51] BitMEX_Arthur : no real info
[2015-01-05 12:58:53] BitMEX_Sam : There are some really strange tx fees in the last day though
[2015-01-05 13:00:18] BitMEX_Sam : The fees going to this address are all suspiciously high: https://blockchain.info/address/1L2JsXHPMYuAa9ugvHGLwkdstCPUDemNCf
[2015-01-05 13:04:16] rhk : interesting
[2015-01-05 13:04:33] rhk : i heard there are some new tx fee changes coming in the latest bitcoind.. wonder if related
[2015-01-05 13:07:01] chromaticcr : i guess is just the alleged hacker would like to have the tx confirmed asap
[2015-01-05 13:09:31] BitMEX_Sam : chromaticcr: Likely, but they still seem quite high. AFAIK pretty much noone uses a fee greater than .0001 so this is overkill
[2015-01-05 13:10:38] chromaticcr : what ya wanna do is get the money off the crime scene asap if you were a thief
[2015-01-05 13:10:52] BitMEX_Sam : True
[2015-01-05 13:10:57] chromaticcr : the new BVOL seems interesting
[2015-01-05 13:11:03] BitMEX_Sam : Yeah it's one-of-a-kind
[2015-01-05 13:11:04] chromaticcr : time for me to play with excel :)
[2015-01-05 13:11:21] BitMEX_Arthur : don't play to long TRADE TRADE TRADE :)
[2015-01-05 13:11:33] BitMEX_Sam : You can get the raw historical data from https://www.bitmex.com/api/v1/priceHistory
[2015-01-05 13:11:45] chromaticcr : found from https://www.quandl.com
[2015-01-05 13:11:47] BitMEX_Sam : You can run that through a basic json to csv converter for your tools
[2015-01-05 13:11:51] chromaticcr : thanks
[2015-01-05 13:12:01] BitMEX_Sam : I'll add a save as csv button to the index page
[2015-01-05 13:12:32] chromaticcr : BitMEX_Arthur: this is Casper (lordsonkit), hi. Finally remembered to register a live account
[2015-01-05 13:12:46] BitMEX_Arthur : yay
[2015-01-05 13:13:03] BitMEX_Arthur : busy at school haven't seen you at any meetups in a while
[2015-01-05 13:13:07] chromaticcr : ya
[2015-01-05 13:13:15] chromaticcr : i will be free at May
[2015-01-05 13:13:25] chromaticcr : public exam will be end by then
[2015-01-05 13:32:14] BitMEX_Sam : chromaticcr: The index page now has a save to CSV button, if you don't see it please refresh.
[2015-01-05 13:32:16] BitMEX_Sam : Hopefully that helps
[2015-01-05 18:49:15] btctalks : Why did you guys decide to calculate BVOL with TWAP instead of VWAP?
[2015-01-05 18:49:17] btctalks : just wondering
[2015-01-05 19:29:29] goat : vwap is easy to "manipulate"
[2015-01-05 19:29:47] goat : (i don't work for bitmex, just offering a suggestion as to why)
[2015-01-05 19:31:34] BitMEX_Sam : Yes, and it's more of a measure of price movement over time, rather than of executions
[2015-01-05 19:31:35] btctalks : That's true - much easier. Makes sense, I suppose
[2015-01-06 01:06:54] AstralWonder : XBTG15 has no asks...?
[2015-01-06 01:07:17] AstralWonder : its broken
[2015-01-06 01:09:51] BitMEX_Arthur : mm was refreshing quotes probably
[2015-01-06 01:13:38] AstralWonder : made some decent profit since i signed up...
[2015-01-06 01:13:59] AstralWonder : % wise
[2015-01-06 01:14:15] BitMEX_Arthur : AstralWonder: you know what that means, time to trade more :)
[2015-01-06 01:14:37] AstralWonder : no overtrading here, gonna sit out for now
[2015-01-06 01:17:38] AstralWonder : is 12 GMT 24:00 or 12:00
[2015-01-06 01:25:01] BitMEX_Arthur : 12:00
[2015-01-06 01:25:02] BitMEX_Arthur : GMT
[2015-01-06 01:25:11] BitMEX_Arthur : everything is in 24 hour time
[2015-01-06 15:22:54] underbank : Arthur, I heard bitmex takes the counterparty risk, is that correc t?
[2015-01-06 15:24:45] BitMEX_Arthur : underbank: We centrally clear all contracts yes we stand behind all trades, but you have counterparty risk no matter what derivatives exchange you trade on.
[2015-01-06 15:25:42] underbank : so I basically have counterparty risk to bitmex but not necessarily to another trader?
[2015-01-06 15:25:44] BitMEX_Arthur : So if you are familiar with our competitors that use socialised losses, even though you have a pari-mutuel bet, you still have counterparty risk to the exchange because they tell you the figure and you have to trust them.
[2015-01-06 15:26:34] underbank : ok. do you have a specific amount of capital set aside to cover possible losses from central clearing?
[2015-01-06 15:29:49] BitMEX_Arthur : we set aside earnings from each trade towards a possible bankrupt trader, we also have our own private funds, to gauge the level of aggregate risk on the exchange please look at the open interest, which tells you the total amount of contracts outstanding
[2015-01-06 15:30:37] underbank : ok that makes sense, thanks vm
[2015-01-06 15:30:41] BitMEX_Sam : Open interest is listed in the Instruments table below, by the way, as well as on each contract specification
[2015-01-06 15:31:36] underbank : is there a cap to the open interest you allow to limit the risk?
[2015-01-06 15:32:25] BitMEX_Sam : There are risk limits per account, although it is unlikely most traders would hit them
[2015-01-06 15:32:54] BitMEX_Sam : We have a very precise liquidation system as well as conservative risk limits. These things add up to a very stable handling of risk
[2015-01-06 15:33:17] BitMEX_Sam : We find in practice that liquidations are generally quite gentle and incremental, and far from bankruptcy
[2015-01-06 15:34:11] underbank : understood, thank you
[2015-01-06 15:34:35] BitMEX_Sam : Sure - if you have any other questions we're always here to help out
[2015-01-06 15:36:29] BitMEX_Arthur : underbank: how did you hear about us?
[2015-01-06 15:37:48] underbank : maybe one more: if I want to translate the traded volume into "traded risk, in bitcoins", is it fair to use the formula 1 / (0.00001 * bitcoin spot price )
[2015-01-06 15:38:12] underbank : just from reading the bitcoin news!
[2015-01-06 15:38:46] BitMEX_Wally : underbank: It depends on which contract you are looking at, XBT* or XBU*
[2015-01-06 15:39:28] underbank : was looking at xbt
[2015-01-06 15:39:58] BitMEX_Arthur : `Contracts * 0.00001 XBT * Price`
[2015-01-06 15:40:20] BitMEX_Wally : So 1 contract at 283 is worth 0.00283 XBT
[2015-01-06 15:40:20] BitMEX_Arthur : that's the formula for Bitcoin notional value of a XBT chain contract
[2015-01-06 15:41:03] underbank : yes thats what I meant, so I need to trade 1 / 0.00283 contracts to trade 1 bitcoin
[2015-01-06 15:43:30] BitMEX_Arthur : correct
[2015-01-06 15:45:47] BitMEX_Sam : The readouts next to the order controls (see Gross Value) will help you figure out what you are trading
[2015-01-06 16:08:55] underbank : the XBU is basically the same contract as on icbit, is that right?
[2015-01-06 16:09:11] BitMEX_Arthur : yes
[2015-01-06 16:09:37] underbank : it is strange that the XBT does not trade at a significant premium to the XBU
[2015-01-06 16:10:11] BitMEX_Arthur : guess there is a potential trade for you there :)
[2015-01-06 16:10:29] underbank : hehe, maybe
[2015-01-06 16:12:08] underbank : if I one had the probability density of the future bitcoin price then one could estimate the fair difference
[2015-01-06 16:12:52] underbank : maybe one could get it out of bitcoin option prices but I guess that market is till very illiquid
[2015-01-06 16:13:09] BitMEX_Arthur : yep
[2015-01-06 16:13:24] BitMEX_Arthur : i call the difference between XBT and XBU of similar maturity the pseudo implied volatility
[2015-01-06 16:14:20] underbank : why even pseudo?
[2015-01-06 16:15:15] BitMEX_Arthur : a combo of XBT and XBU futures is almost like a strangle, but the returns aren't linear on the wings when the price trades outside the profitable range
[2015-01-06 16:17:17] underbank : mhh ok. but you could easily calculate the implied volatility, assuming a certain distribution, e.g. lognormal
[2015-01-06 16:18:09] underbank : you would just have to fit a probability density to the payoffs of the combo such that the expected payoff equals the difference
[2015-01-06 16:18:31] underbank : (difference in price between the two contracts)
[2015-01-06 16:18:35] BitMEX_Arthur : sounds like you should give it a go
[2015-01-06 16:18:58] BitMEX_Arthur : will be interesting to see the empirical data as BitMEX is around longer