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.
But since it is still limited (neutered to the last few hundred messages) I will keep my FULL mirror alive.

You have access to more than 50 million trollbox posts. This is more than 7 gigabyte of data hosted on a $5 server so please be patient or consider a donation

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[2015-02-05 08:58:02] floopfloop : is anyone elses navigation a bit slow?
[2015-02-05 09:03:46] BitMEX_Sam : On here? Like, between the static pages in the sidebar, or just between contracts?
[2015-02-05 09:04:03] floopfloop : just between the dashboard instruments
[2015-02-05 09:04:42] floopfloop : not getting it on any other tabs, but I have needed to refesh to fix it. Not sure what the deal is tbh
[2015-02-05 09:05:53] BitMEX_Sam : Hmm. sometimes it can take a little while to pull on the orderbook and trade data, especially the chart, but I haven't see anything too bad, and I'm on the other side of the world from our servers
[2015-02-05 09:06:36] floopfloop : ill keep you updated
[2015-02-05 09:06:43] floopfloop : this is the first time I have noticed it
[2015-02-05 09:06:56] floopfloop : might just be me, but I dont know what from
[2015-02-05 09:06:56] BitMEX_Sam : Cool. If you have any output from the inspector's network tab, if you've ever used that, it could be very helpful
[2015-02-05 09:07:07] BitMEX_Sam : That would tell me exactly what it is and what you're seeing
[2015-02-05 09:07:13] floopfloop : havent used it
[2015-02-05 09:08:32] floopfloop : ok i recorded something for you
[2015-02-05 09:08:52] floopfloop : how do I get it to you now?
[2015-02-05 09:08:59] BitMEX_Sam : Cool. sam@bitmex.com
[2015-02-05 09:09:04] floopfloop : no i mean in chrome
[2015-02-05 09:09:11] floopfloop : I have never used this before lol
[2015-02-05 09:10:53] floopfloop : copy and paste doesn't work, :(
[2015-02-05 09:13:29] floopfloop : 我不知道!
[2015-02-05 09:13:39] floopfloop : Those turn up nice
[2015-02-05 09:13:48] BitMEX_Sam : Hah, unicode
[2015-02-05 09:13:51] BitMEX_Sam : Yeah, just screenshot it
[2015-02-05 09:14:35] floopfloop : I cant export it?
[2015-02-05 09:14:42] BitMEX_Sam : Otherwise you can 'Copy All as HAR' and email me that
[2015-02-05 09:14:46] BitMEX_Sam : it should give you some really verbose json
[2015-02-05 09:14:53] BitMEX_Sam : right click and you'll see the option
[2015-02-05 09:15:00] floopfloop : where is copy as HAR?
[2015-02-05 09:15:27] BitMEX_Sam : Just right click on any of the items in the network pane
[2015-02-05 09:15:36] floopfloop : there we go
[2015-02-05 09:15:41] BitMEX_Sam : :)
[2015-02-05 09:15:46] floopfloop : clicking in wrong place
[2015-02-05 09:16:31] floopfloop : can i slect all and export it?
[2015-02-05 09:16:38] floopfloop : will that work on your end?
[2015-02-05 09:16:41] BitMEX_Sam : Yeah copy all will do it
[2015-02-05 09:16:46] BitMEX_Sam : then I'll just look at it
[2015-02-05 09:17:54] floopfloop : ok i sent what I think you need
[2015-02-05 09:18:32] BitMEX_Sam : Got it. Thanks
[2015-02-05 09:18:46] floopfloop : Please don't hack me and shut down my billion dollar porn operation I am running with Kim Dotcom
[2015-02-05 09:19:02] floopfloop : The implications would be staggering
[2015-02-05 09:19:15] floopfloop : ;) lol
[2015-02-05 09:20:18] BitMEX_Sam : Hah
[2015-02-05 09:20:32] BitMEX_Sam : The HAR looks pretty normal, aside from a bit of a long 'connecting' time
[2015-02-05 09:20:39] BitMEX_Sam : about 600-700ms to load a new symbol
[2015-02-05 09:20:52] floopfloop : yeah I click something and nothign happens
[2015-02-05 09:21:16] floopfloop : I am at 30% system resources
[2015-02-05 09:23:12] BitMEX_Sam : Ah
[2015-02-05 09:23:19] BitMEX_Sam : I see your browser throwing an error related to the new daily instrument
[2015-02-05 09:23:21] BitMEX_Sam : I'll trace it down
[2015-02-05 09:24:06] floopfloop : I like that new daily
[2015-02-05 09:24:25] floopfloop : although, one thing that might be helpful
[2015-02-05 09:24:34] floopfloop : and to not get people to navigate off your site
[2015-02-05 09:24:53] floopfloop : would be to have a converter or something that tells you the local time the contract settles at
[2015-02-05 09:25:06] floopfloop : some of us are stupid with time zones :)
[2015-02-05 09:25:13] BitMEX_Sam : It does, right in the contract specification on the top left
[2015-02-05 09:25:17] BitMEX_Sam : That's your local time
[2015-02-05 09:25:28] BitMEX_Sam : So it probably says something like 7 or 8 am, right?
[2015-02-05 09:26:21] floopfloop : wherea re you talking about
[2015-02-05 09:27:09] BitMEX_Sam : Top left, where it shows the contract name in big letters and the price
[2015-02-05 09:27:19] BitMEX_Sam : `XBTG15 is a XBT/USD quanto futures contract settling on the .XBT Index as of Feb 27 19:00:00 +07:00.`
[2015-02-05 09:27:23] floopfloop : https://www.bitmex.com/app/index/.XBT30M only GMT here
[2015-02-05 18:59:39] floopfloop : BitMEX_Sam: Will you be adding other alt cryptos like LTC, DRK, any time soon?
[2015-02-05 20:14:56] germanjew : what could even be more interesting is a LTCBTC future?
[2015-02-05 20:17:55] uiop : that would be cool yeah
[2015-02-05 20:17:57] uiop : LTCBTC
[2015-02-05 20:20:32] uiop : since as it stands, on okcoin etc, if you want to long btc and short ltc (or vice-versa), your positions don't net for margin call purposes, since accounts denominated in diff currencies
[2015-02-06 09:46:58] BitMEX_Sam : floopfloop: There's no technical reason why not (we had them in the games), but we have no plans to do so yet as we don't believe it would have enough volume to be tradeable
[2015-02-06 09:47:12] BitMEX_Sam : BTCLTC could be interesting, though, I agree
[2015-02-06 09:47:40] floopfloop : BitMEX_Sam: If you build it they will come :)
[2015-02-06 09:48:27] BitMEX_Sam : The issue is, with leverage, thin orderbooks become dangerous for the exchange as we don't socialize losses
[2015-02-06 09:48:45] floopfloop : I hear ya, just givin ya crap
[2015-02-06 09:48:52] BitMEX_Sam : I hear ya. Would like to though
[2015-02-06 09:48:56] BitMEX_Sam : Perhaps later on this year
[2015-02-06 09:49:01] floopfloop : just let a couple more exchanges screw people
[2015-02-06 09:49:08] floopfloop : youll be in business in no time lol
[2015-02-06 09:51:18] BitMEX_Sam : Yeah the recent news re: socialized losses on our competitors has not been good
[2015-02-06 09:51:50] BitMEX_Sam : We are hoping of course that people will begin to become disillusioned with losing a percentage of their cash on settlement
[2015-02-06 09:52:28] BitMEX_Sam : But that depends on how the Bitcoin economy as a whole grows. A lot of day traders are just looking for something fast-moving
[2015-02-07 06:49:54] joequant : Socialized losses don't matter much for short dated futures. They matter a lot for long dated ones. Okcoin and bitmex are the only exchanges with liquid futures > 1 month.
[2015-02-08 17:36:08] ilikepies69 : hi, is bitmex on trading view?
[2015-02-09 02:22:55] BitMEX_Arthur : ilikepies69: the charts are using trading view
[2015-02-09 06:19:47] STRML : ilikepies69: We are working on being listed on TradingView.com itself, but they are working on an internal data reorg project first that takes priority before they will add any more crypto exchanges
[2015-02-11 19:14:41] liongrass : Wohoo
[2015-02-11 19:14:47] liongrass : The REAL trollbox
[2015-02-12 14:56:22] FibZone : I'm a new user. I just signed up.
[2015-02-12 14:56:37] FibZone : Does the "XBTG15" mean that it is not inverse?
[2015-02-12 14:58:06] BitMEX_Arthur : Yes XBT are quanto and XBU are inverse
[2015-02-12 15:00:35] BitMEX_Arthur : The letter G refers to the expiry month
[2015-02-12 15:01:33] FibZone : ok, so betting on "up" on the inverse means I actually bet on a falling price.
[2015-02-12 15:01:56] FibZone : While betting on "up" on the XBT means it's actually going up.
[2015-02-12 15:02:32] FibZone : I have never traded futures before, so I 'm going to have to learn a few things first.
[2015-02-12 15:05:58] BitMEX_Arthur : We have a bunch of tutorials in the reference section. The inverse means that you lock in a USD value of your bitcon. A contract priced at $100 is worth 1 bitcoin and one at $200 is worth 0.5 bitcoin. Or more generally $100/ Bitcoin price is what the XBUH15, M15, and U15
[2015-02-12 15:07:58] FibZone : ok, I'm going to read the tutorials and watch a few Youtube videos about futures. This seems more complicated than just going leveraged long or short on Plus500.
[2015-02-12 15:14:39] FibZone : It's confusing with naming this futures product "inverse". The last time I read about "inverse" was in relation with ETFs. Where "inverse" means that when for example when the oil price falls against USD, that an 3x inverse ETF price rises 3x. So is what you described the same effect?
[2015-02-12 15:18:29] FibZone : I only want to place an order that the Bitcoin price goes higher from today until the first week of March. What would be the best suited futures contract you offer? Is that "XBUH15_M15" ?
[2015-02-12 15:19:26] BitMEX_Arthur : XBTH15 you can buy now and close your position in the first week of March
[2015-02-12 15:21:10] BitMEX_Arthur : That contract is best suited for your investment objective
[2015-02-12 15:22:43] FibZone : thank you
[2015-02-12 15:30:27] BitMEX_Arthur : Also where did you hear about us?
[2015-02-12 15:34:30] FibZone : First from the Bitcoin event CoinSummit where Arthur Hayes was invited to speak as expert.
[2015-02-12 15:34:50] FibZone : Then you had coverage with your "fear index" on Coindesk.
[2015-02-12 15:35:21] FibZone : Later you launched and big traders I follow on Twitter were sharing their affiliate links
[2015-02-12 15:40:12] FibZone : After months of only buying and selling with no margin elsewhere, I wanted to finally do the next step. Someone answered my question on Reddit where I can quickly sign-up with no hassle to trade with margin. And now I'm here :) So far my experience is positive thanks to the smooth and fast sign-up and your quick help here in the chat.
[2015-02-12 15:41:17] BitMEX_Sam : Ah alright, you're the one from Reddit - nice to meet you
[2015-02-12 15:41:34] FibZone : Until I understand this all with futures and when I get margin called and when not, I will only trade with a very small amount. And I'm happy that is also possible on your exchange, which makes me very happy.
[2015-02-12 15:41:45] FibZone : Hi :)
[2015-02-12 15:42:16] BitMEX_Sam : Sure - the numbers you want to watch are the limit up and limit down, and the liquidation price
[2015-02-12 15:42:29] BitMEX_Sam : The liquidation prices per position are the critical numbers.
[2015-02-12 15:42:58] BitMEX_Sam : Basically it tells you when the system will start to liquidate you. Keep in mind that our margin calls are incremental so they are not quite as devastating as they are on other exchanges; not that I'd recommend it
[2015-02-12 15:46:18] FibZone : ok, so XBTH15 closes automically below 186.40 and above 279.60 ?
[2015-02-12 15:47:25] BitMEX_Sam : No, the limits are circuit breakers; during the current trading session, buys can't be placed above the limit up (279.60) and sells can't be placed below the limit down (186.40)
[2015-02-12 15:47:57] BitMEX_Sam : These limits are moved every 8 hour session. It is similar to the circuit breakers in many major derivatives exchanges throughout the non-crypto world
[2015-02-12 15:48:38] FibZone : ah, ok
[2015-02-12 15:57:25] FibZone : How could I close my XBTH15 position? Is this the "sell" function in order controls?
[2015-02-12 15:58:25] BitMEX_Sam : Depends on whether you are long or short -
[2015-02-12 15:58:41] BitMEX_Sam : If you bought, you have a positive position, if you sold you have a negative one
[2015-02-12 15:59:21] BitMEX_Sam : So you simply need to place the opposite order to square up. See the `currentQty` column in the Positions table below.
[2015-02-12 15:59:35] FibZone : ok, I understand
[2015-02-12 16:01:30] FibZone : I have positions open and my liquidationPrice is "0" :)
[2015-02-12 16:01:41] FibZone : is that price calculated later?
[2015-02-12 16:01:57] BitMEX_Sam : Nope - that just means that you're not margined far enough for it to be possible to enter liquidation on that position
[2015-02-12 16:02:46] FibZone : good
[2015-02-12 16:04:15] BitMEX_Arthur : If you look at the `Available Margin` field on the Margin widget, that tells you the additional funds you may use to increase existing positions or open new ones
[2015-02-12 16:05:35] FibZone : Now that I have at least a tiny position open already before the expected rally today and soon during the next days I can finally relax and read through your tutorials before I open more and larger positions.
[2015-02-12 16:06:29] BitMEX_Sam : Sounds good. We have some good articles on our blog as well that may be helpful (https://blog.bitmex.com/)
[2015-02-12 16:06:52] BitMEX_Sam : I recommend the ones about the XBT vs XBU series, as well as the one on counterparty risk
[2015-02-12 16:08:08] FibZone : ok
[2015-02-12 16:10:13] FibZone : How much % margin used is typically recommended? Less than 10% Or 10%-20% ?
[2015-02-12 16:10:53] BitMEX_Arthur : 30% to open a position
[2015-02-12 16:10:57] BitMEX_Arthur : below 20% we begin margin call
[2015-02-12 16:13:44] FibZone : well ok, I really need to learn more. It says "12% Margin Used" "(Leveraged 0.63x)" ... I though it means that I am 88% away from margin call.
[2015-02-12 16:14:38] FibZone : the price hasn't moved once since bought ...
[2015-02-12 16:15:34] FibZone : yes, I think I'm right. Your info text box says "When this reaches 100% your account will be placed in margin call."
[2015-02-12 16:16:33] FibZone : so I guess the "below 20% we begin margin call" you mentioned is therefore above 80%
[2015-02-12 16:17:57] BitMEX_Arthur : When you reach 100% on the status bar that is equivalent to being below 20% maintenance margin
[2015-02-12 16:18:32] FibZone : ok
[2015-02-12 16:19:37] BitMEX_Arthur : Max leverage is 5x or 1/20%
[2015-02-12 16:19:54] BitMEX_Arthur : So at 100% on the status bar your leverage will equal 5x
[2015-02-12 16:20:31] FibZone : I hope I don't waste your time with all these stupid questions. I'm just very thankful that you can explain this basic stuff so quickly to me.
[2015-02-12 16:24:15] BitMEX_Arthur : no this why we have the chat
[2015-02-12 16:33:10] FibZone : There is one thing about your user interface which really confused me for a few seconds.
[2015-02-12 16:33:38] BitMEX_Arthur : that is?
[2015-02-12 16:33:55] FibZone : When you click on trade there is automatically a contract selected.
[2015-02-12 16:34:25] FibZone : When you then click on "select contract" you only see the details of the already selected contract.
[2015-02-12 16:34:53] FibZone : Clicking on "select contract" does not bring up an option to select a contract
[2015-02-12 16:35:26] FibZone : The use has to click on trade. And then the user has to scroll down to instruments to actually select the contract the user wants to trade.
[2015-02-12 16:36:13] BitMEX_Arthur : what would be better in your mind
[2015-02-12 16:36:34] FibZone : And when you go through the contracts which are listed on the menu on the left. You can't trade them directly.
[2015-02-12 16:37:32] FibZone : On the detail page of a contract there should be on the top or the bottom of that detail page a button which says "select this contract for trading"
[2015-02-12 16:40:06] FibZone : And I also would also add a simple text message on the top of the 'trade' page: "Choose contract from our instrument list below"
[2015-02-12 16:42:25] FibZone : And for newbies like me I would also explain how to close open contracts with another mouse-over text info on the green and red"buy"/"sell" buttons.
[2015-02-12 16:44:50] BitMEX_Arthur : thanks for the feedback
[2015-02-12 16:45:10] FibZone : "To close a position - whether you are long or short on a future contract - place the opposite order here. Also see the currentQty column in the Positions table below."
[2015-02-12 16:46:55] BitMEX_Arthur : would a "Close" button on the positions table that pre populated the order controls panel help?
[2015-02-12 16:47:22] FibZone : I think so. That would make it much less confusing.
[2015-02-12 16:53:36] FibZone : I'm an inexperienced futures and options trader. I can still remember the first time I came in touch with this concept of having to do the opposite of what I opened before last year. Without any warning on that trading platform which I tried as demo trading,, I was very confused what I did wrong until I learned this concept.
[2015-02-12 16:56:29] BitMEX_Arthur : you'd be surprised the number of experienced traders who get the direction wrong as well
[2015-02-12 16:56:55] FibZone : Since you have almost no barriers between getting new users with thankfully those low requirements for trading, I can imagine lots of people could sign-up who have even even less experience than I have in trading futures and then they would blast your support, because they weren't able to "close" their position as they expected. So I would make that "close" button a top priority.
[2015-02-12 16:57:38] FibZone : ... well, even worse :D
[2015-02-12 16:59:13] FibZone : Ok, thanks for all your help so far. See you.
[2015-02-12 16:59:28] BitMEX_Arthur : thanks for trying us out, learn more and trade more :)
[2015-02-13 04:22:19] BitMEX_Sam : FibZone: I agree with you on the `close` button, we just need to make it obvious that it would be submitting a market order (which may not be desirable)
[2015-02-13 05:38:56] FibZone : We have the confirmed start of a very big rally (I signed up here hours ago expecting this today) and XBTH15 is still only at $234. Well, on the positive side there is very much upside in the coming days and weeks :)
[2015-02-13 05:54:06] TrevinHofmann : This might be an obscure request not worth developing, but could you have a cookie (or something) remember whether we had the [Margin] or [Advanced Margin Details] tab open?
[2015-02-13 05:54:19] TrevinHofmann : Obviously not an urgent request, but it would be convenient ;)
[2015-02-13 05:55:27] BitMEX_Sam : TrevinHofmann: Yeah of course, that's in the works
[2015-02-13 05:55:30] BitMEX_Sam : should be finished very soon
[2015-02-13 05:55:40] TrevinHofmann : Awesome, thanks!
[2015-02-13 06:31:33] BitMEX_Sam : TrevinHofmann: It's in, refresh to get the change, play with the tabs, refresh again and they'll come back
[2015-02-13 06:32:13] TrevinHofmann : Awesome, thanks!
[2015-02-13 11:40:59] FibZone : well, it took the market longer to see the uptrend, but at least the XBTH15 price went up from $234 - where I last mentioned the rally - to now $249
[2015-02-13 11:49:01] FibZone : That's why I yesterday wanted to find an exchange where I can start trading as soon as possible, after I discovered two days ago in my technical analysis that both the weekly and the monthly Bitcoin charts hinted at a new rally. I'm glad Bitmex made it so easy to simply sign-up and trade.
[2015-02-13 15:21:16] BitMEX_Arthur : FibZone: please take a look at the `Affiliate` section, you can promote BitMEX to your contacts and earn a share of the revenue they generate
[2015-02-13 15:23:37] FibZone : I already invited a friend, hopefully he signs up soon.
[2015-02-13 15:25:07] FibZone : Is there a way to protect profit with a stop loss? I could not find a function for that in your user interface or in your user guides.
[2015-02-13 15:25:50] BitMEX_Arthur : FibZone: We do not have a stop loss function enabled yet. It is still in development.
[2015-02-13 15:50:32] null : BitMEX_Arthur: what programming language is the backend written in?
[2015-02-13 15:50:48] BitMEX_Arthur : KDB/!
[2015-02-13 15:50:53] BitMEX_Arthur : KDB/Q
[2015-02-13 15:51:33] null : BitMEX_Arthur: I mean the website?
[2015-02-13 15:51:42] BitMEX_Arthur : Node.Js
[2015-02-13 15:51:48] BitMEX_Arthur : is the front end
[2015-02-13 15:52:14] null : oh noes
[2015-02-13 15:52:16] null : nevermind
[2015-02-13 17:35:18] floopfloop : Yeah, who knows kdb? Sam?
[2015-02-14 14:10:49] wouhao : why my available margin is 0.1882, and the unrealised profit is 0.016, but the withdrawable is 0.09?
[2015-02-14 14:12:15] wouhao : Isn't the withdrawal should be 0.1722?
[2015-02-14 14:12:25] BitMEX_Arthur : wouhao: Yes we keep 10% reserved for extra safety. You may leverage the 10% but you may not withdraw it. It prevents users from withdrawing funds very close to the maintenance margin level and placing themselves at increased risk of margin call.
[2015-02-14 14:13:22] BitMEX_Arthur : Basically you must post 30% at all times, but you get to leverage the additional 10% between the initial margin of 30% and maintenance margin of 20%.
[2015-02-14 14:15:40] wouhao : OK, I get it.
[2015-02-14 14:21:10] wouhao : when my account get the liquidation condition, BitMEX would close my position until excess margin above 0. so that is to say that if my position is too large, but it would be cut pieces to pieces to trade in market, is that right? so would my account get the bankruptcy condition?
[2015-02-14 14:23:53] BitMEX_Arthur : When liquidation begins we close small amounts of your existing position in an attempt to get your excess margin above 0 then forced liquidation stops.
[2015-02-14 14:25:45] wouhao : yeah, I know. so I think I would not get the bankruptcy condition.
[2015-02-14 14:26:00] BitMEX_Arthur : No our goal is to never reach that condition
[2015-02-14 14:27:04] wouhao : But how could I reach that condition? The price change large and quick?
[2015-02-14 14:28:13] BitMEX_Arthur : We have limit up and limit down conditions to mitigate gap risk, that is set at 20% above and below the previous 8 hour session close price for a particular contract.
[2015-02-14 14:29:15] wouhao : If my account reach the condition, is that to say that BitMEX would have social loss when user's account get bankruptcy?
[2015-02-14 14:29:37] BitMEX_Arthur : No we take the other side of the position
[2015-02-14 14:30:19] BitMEX_Arthur : Which is why our margin policy is more conservative and we have invested heavily in the technology around margining
[2015-02-14 14:34:37] wouhao : The bankruptcy condition is margin balance is below 0, that is to say my deposit fund is lower than my loss. So my margin balance would get negative.
[2015-02-14 14:36:20] wouhao : But If the order that to close my position after my account get bankruptcy isn't filled, so the unrealised profit would get negative more and more.
[2015-02-14 14:37:05] BitMEX_Arthur : When you reach 0 equity, we take over all of your positions. You account is effectively closed.
[2015-02-14 14:37:52] wouhao : After BitMEX take over all of my position, what would you do for it?
[2015-02-14 14:39:57] BitMEX_Arthur : You lose control of your account when you breach the maintenance margin level. We have complete discretion to close your positions as we see fit. That is why we are very proactive in notifying users when their margin balance is getting dangerously low.
[2015-02-14 14:43:09] wouhao : BitMEX would be responsible for my position's loss and profit after take over it. Is that to say BitMEX have some probability to loss all their bitcoin in some extreme case?
[2015-02-14 14:44:56] wouhao : That's to say the investor would not have clawback, but BitMEX would bankruptcy for it.
[2015-02-14 14:45:17] wouhao : Is that right?
[2015-02-14 14:46:27] BitMEX_Arthur : You have counterparty risk with BitMEX due to central clearing. You have counterparty risk with other traders plus the exchange as well on competing exchanges that use a socialised loss system.
[2015-02-14 14:47:57] wouhao : BitMEX's conservative margin policy only reduce the probability that BitMEX's bankruptcy, that's right?
[2015-02-14 14:49:16] BitMEX_Arthur : It reduces the risk that you as a trader get margin called, it reduces the chance that you lose all of your equity, and it reduces the risk that BitMEX takes on as well.
[2015-02-14 14:50:47] wouhao : OK, Thanks very much.
[2015-02-14 14:53:21] wouhao : The XBT contract's contract value could change during the period of the contract?
[2015-02-14 14:54:27] BitMEX_Arthur : yes because the contract value in Bitcoin is a function of `Price * Multiplier * Contracts`
[2015-02-14 14:55:36] wouhao : The multiplier would not change, that's right?
[2015-02-14 14:55:50] BitMEX_Arthur : correct the multiplier is fixed for the contract duration
[2015-02-14 14:57:13] wouhao : why would have XBU and XBT at the same time? Is it the same?
[2015-02-14 14:58:26] BitMEX_Arthur : They are not the same, read the following blog post for a complete answer to that question
[2015-02-14 14:58:26] BitMEX_Arthur : https://blog.bitmex.com/xbt-vs-xbu-chain/
[2015-02-14 15:14:37] wouhao : The XBU is the same as the OKCoin's future contract, that I know. So the XBT is come out first. So do BitMEX copy OKCoin’s contract design?
[2015-02-14 15:57:26] BitMEX_Arthur : We didn't copy anyone there are only so many ways mathematically you can offer Bitcoin margined futures contracts. It's a choice of what you want to offer.
[2015-02-16 23:49:20] floopfloop : Bitmex: Ain't no Magic cards here
[2015-02-17 05:03:07] BitMEX_Sam : Morning, traders
[2015-02-18 00:03:23] BitMEX_Arthur : Morning Asia
[2015-02-18 12:33:34] goat : Good morning.
[2015-02-18 12:50:28] BitMEX_Sam : morning goat
[2015-02-18 13:25:42] goat : whats up man, hope all is well
[2015-02-18 13:25:59] goat : did you guys make a change in the last 12 hours or so? when you select your contract type the menu used to disappear after clicking
[2015-02-18 13:26:14] goat : now you have to click on the side to make the menu disappear (firefox)
[2015-02-18 14:03:28] BitMEX_Arthur : goat: you are talking about the dashboard?
[2015-02-18 14:03:31] BitMEX_Arthur : dropdown
[2015-02-18 14:18:33] BitMEX_Sam : goat: Thanks, we will fix that
[2015-02-18 14:18:55] goat : the dropdown to select which contract you are viewing
[2015-02-18 14:19:01] goat : it just changed like within the last 12 hours
[2015-02-18 14:19:22] goat : i used to be able to click on the contract type, then the menu would disappear
[2015-02-18 14:19:33] goat : then click on the month/exact contract and that menu would disappear
[2015-02-18 14:19:43] goat : now i have to click off to the side of the menu to make it disappear
[2015-02-18 17:55:23] goat : also, you guys should add a feature for the daily future "cancel at settlement" or similar
[2015-02-18 17:55:35] goat : in case you want to set a limit order then step away from the computer
[2015-02-18 17:55:43] goat : so it will automatically close that order when the contract settles
[2015-02-18 22:56:20] floopfloop : really liking the menu sticky upgrades, great work
[2015-02-19 03:45:43] BitMEX_Arthur : goat: we are working on adding stop limit orders
[2015-02-19 20:56:21] goat : BitMEX_Arthur: let me give an example
[2015-02-19 20:56:43] goat : i buy the daily futures, expecting the price to increase..lets say i buy 500 contracts
[2015-02-19 20:56:50] goat : during the day i sell 300, so i have 200 left
[2015-02-19 20:57:08] goat : i set a limit order for 200 contracts above the price at that time, but then step away from the computer
[2015-02-19 20:57:26] goat : the price remains stagnant, so they end up settling at whatever price, but my limit order is still open
[2015-02-19 20:57:46] goat : then the price moves after the contract settles, putting me effectively in a short position of the next days contract
[2015-02-21 14:59:16] BitMEX_Sam : goat: Thanks for the feedback, we are discussing this and some other advanced order types with the team.
[2015-02-21 18:44:38] goat : BitMEX_Sam: thanks :) ... i assume it is a fill or kill but idk if thats the right order name in this instance
[2015-02-21 21:57:36] Tone : Thanks Sam, i was going to mention the same thing
[2015-02-21 21:58:37] Tone : bought my first daily contract the other day, then the following day was surprised to see the limit order still active, assumed they would cancel
[2015-02-23 06:12:48] yuengling29 : I also agree with Tone. Was surprised to see daily contract order still open the following day.
[2015-02-23 06:14:51] BitMEX_Wally : Thanks for your feedback. We will revise how we handle open orders
[2015-02-23 12:25:52] mahrens917 : Why can't I buy the BVOLH15 open order at 115? The error is "Buy price must be lower than the session's limit up price of 114."
[2015-02-23 12:32:18] BitMEX_Arthur : Limit up and down, it's. Little tricky with a new contract, we will reset the range
[2015-02-23 13:56:00] BitMEX_Sam : mahrens917: Limits have been adjusted to better fit the current price. Thanks for the notice
[2015-02-23 16:16:23] Tone : I kind of liked the black background
[2015-02-23 16:17:07] Tone : the bolded Gold order values don't stand out as much now, guess i just have to get used to it
[2015-02-23 16:17:59] BitMEX_Arthur : you can change
[2015-02-23 16:18:09] BitMEX_Arthur : see the settings button on the upper right
[2015-02-23 16:54:30] aschk : trolololololol
[2015-02-23 17:14:46] Tone : yup got it :)
[2015-02-26 23:51:46] floopfloop : people want a piece of your pie guys : http://www.coindesk.com/former-goldman-director-launches-bitcoin-derivatives-exchange/
[2015-02-26 23:52:31] BitMEX_Arthur : if no one is trying to compete with you, you're not in a growing field :)
[2015-02-27 00:15:41] floopfloop : haha this is true
[2015-02-27 00:15:52] floopfloop : unless you are talking about the first 2-3 years of bitcoin hahahaa
[2015-02-27 00:29:25] floopfloop : my margin details are not coming up unless i hit refresh
[2015-02-27 00:29:32] floopfloop : I am not on home pc so it might just be me
[2015-02-27 00:29:43] BitMEX_Arthur : what browser pls
[2015-02-27 00:29:53] floopfloop : chrome
[2015-02-27 00:29:56] BitMEX_Arthur : thanks
[2015-02-27 00:29:58] BitMEX_Arthur : we will check it out
[2015-02-27 00:30:04] floopfloop : chrome
[2015-02-27 00:42:01] bmarch : horray for buying volatility 2 days ago! such dead USD markets.
[2015-02-27 00:42:28] BitMEX_Arthur : `.BVOL Index` has crashed in the past couple days
[2015-02-27 00:44:51] bmarch : I was going for some sort of breakout following the Chinese New Year. Looks like nothing has happened.
[2015-02-27 00:47:33] BitMEX_Arthur : week before, week after usually are complete write offs in china
[2015-02-27 00:47:42] BitMEX_Arthur : so hopefully monday the action picks up again
[2015-02-27 00:48:22] BitMEX_Arthur : Hong Kong is still pretty much dead, and Monday was a normal working day here
[2015-02-27 00:48:34] BitMEX_Arthur : everyone still in Thailand or on the ski slopes in Japan
[2015-02-27 00:51:07] bmarch : Oh. I went by the official date. Guess we'll see next week!
[2015-02-27 02:43:37] uiop : bmarch: also vol crashing on account of jan doom run moving outside of the 30 day window
[2015-02-27 02:43:49] uiop : as well as less vol over recent days
[2015-02-27 02:44:12] uiop : double trouble
[2015-02-27 04:32:34] TrevinHofmann : That spike.
[2015-02-27 04:34:30] BitMEX_Sam : Yeah it's really moving
[2015-02-27 04:36:19] bmarch : Boom!
[2015-02-27 04:36:26] BitMEX_Arthur : there is vol for you
[2015-02-27 04:36:57] bmarch : :) with one day left on the contract
[2015-02-27 04:38:11] BitMEX_Arthur : the TWAP hasn't started yet so you never know
[2015-02-27 04:48:56] matt314159 : wow just wow, unbelievable timing
[2015-02-27 04:49:31] BitMEX_Arthur : yeah i was crushing my chest workout at the gym looked at my phone and ran up to the computers lol
[2015-02-27 04:50:10] matt314159 : i decided to look at the charts to see how badly i was gonna get punished at expiration
[2015-02-27 04:50:58] matt314159 : couldn't believe my eyes
[2015-02-27 04:51:33] BitMEX_Sam : It's nice to see some positive price movement.
[2015-02-27 04:51:34] matt314159 : at least the margin calls gave me some of the punishment i deserved :)
[2015-02-27 04:52:44] matt314159 : may as well sell these contracts before the inevitable dump
[2015-02-27 04:53:39] bmarch : This is Bitcoin, sideways trends are suspect ;)
[2015-02-27 04:54:58] matt314159 : as are uptrends :P
[2015-02-27 04:57:11] BitMEX_Sam : I think it's safe to say that all trends are suspect
[2015-02-27 04:58:13] bmarch : haha. Goodnight all
[2015-02-27 04:58:18] matt314159 : one of the few truths in trading
[2015-02-27 06:45:56] floopfloop : anyone here?
[2015-02-27 06:52:20] BitMEX_Arthur : Hey
[2015-02-27 07:17:56] floopfloop : Hi
[2015-02-27 07:18:12] floopfloop : The BVOL instrument
[2015-02-27 07:20:22] BitMEX_Arthur : Yes how can i help
[2015-02-27 07:20:26] floopfloop : are we able to see it anywhere on bitfinex?
[2015-02-27 07:20:40] floopfloop : its 89.73 today
[2015-02-27 07:21:20] BitMEX_Arthur : it doesnt reference a bitfinex index it is our own .BVOL index
[2015-02-27 07:21:47] floopfloop : when does the feb contract settle tomorrow?
[2015-02-27 07:23:35] BitMEX_Arthur : Settles Feb 27 (today) at 12 GMT
[2015-02-27 07:24:49] floopfloop : 6am CST
[2015-02-27 07:25:27] floopfloop : does the price of 1-26 and 1-27 affect it?
[2015-02-27 07:25:37] floopfloop : i would imagine so right?
[2015-02-27 07:25:44] BitMEX_Sam : You can see the historical values here - https://www.bitmex.com/app/index/.BVOL
[2015-02-27 07:26:09] floopfloop : yeah but its based on the last 30 days right?
[2015-02-27 07:26:21] BitMEX_Arthur : Yes today's price action affects the index value
[2015-02-27 07:26:23] floopfloop : so days 31 is insignificant?
[2015-02-27 07:26:29] floopfloop : day 31*
[2015-02-27 07:26:50] BitMEX_Arthur : 30 observations so 31 values
[2015-02-27 07:27:19] BitMEX_Arthur : Its the change in price so you need 31 values
[2015-02-27 07:27:35] floopfloop : oh alright
[2015-02-27 12:34:42] BitMEX_Wally : `BVOLG15` settled at 92.53%
[2015-02-27 12:37:30] JD23 : When will you list the M/U spread?
[2015-02-27 12:38:28] BitMEX_Arthur : JD23: when `XBUM15` is the near month contract
[2015-02-27 12:38:42] JD23 : thanks
[2015-02-27 12:39:15] mlg5867 : will XBTM15 go live soon?
[2015-02-27 12:40:15] BitMEX_Arthur : we are focusing on the `XBU` chain for now, we will re evaluate extending the `XBT` chain in the near future
[2015-02-27 12:40:43] mlg5867 : ok thank you
[2015-02-27 12:41:08] joequant : FYI, I'm about a week or so away from finishing up a quant paper on the pricing between XBU, XBT, and bvol.
[2015-02-27 12:42:03] BitMEX_Wally : joequant: Great!
[2015-02-27 16:54:58] bmarch : Hi admin, Would you recommend that traders if they are serious for this platform be using Matlab or R as tools?
[2015-02-27 16:56:16] bmarch : Or rather, which tools would you recommend if you want to seriously try to make a profit ;)
[2015-02-28 04:32:59] joequant : R
[2015-02-28 04:33:20] joequant : I'm slowly setting up an iinfrastructure that is python R based.
[2015-02-28 04:33:24] joequant : All open source.
[2015-02-28 04:33:28] joequant : Docker based.
[2015-02-28 04:34:33] joequant : https://github.com/joequant/bitquant
[2015-02-28 04:34:55] joequant : I'm putting in C++ extensions in quantlib.
[2015-02-28 04:35:28] joequant : My current project is to write a script that figures out the differences between XBT and XBU
[2015-02-28 04:35:50] joequant : Also I'm trying to do wavelet analysis of bitcoin.
[2015-02-28 04:37:04] BitMEX_Sam : :) Joe's doing some interesting work
[2015-02-28 04:37:19] BitMEX_Sam : Let me linkify that for you. https://github.com/joequant/bitquant
[2015-02-28 04:38:32] joequant : It's been very slow, but I can save you a lot of time by letting you know what *not* to do.
[2015-02-28 04:39:44] joequant : One piece of advice is to not think too much about infrastructure. Figure out what the calculation you want is, and then do the minimum coding to get there.
[2015-02-28 04:41:13] joequant : For bitmex futures pricing, there is a simple calculation that would be cool.
[2015-02-28 04:41:29] joequant : Which is to calculate the spread between spot and futures
[2015-02-28 04:41:35] joequant : and see how that decays.
[2015-02-28 04:42:04] joequant : It's a "simple" calcualtion, but you'll find that 95% of the work will be plumbing work.
[2015-02-28 04:43:14] joequant : Also another profitable calculation
[2015-02-28 04:43:27] joequant : Would be to look at volumes and prices correlated to the time.
[2015-02-28 04:44:21] joequant : There are about a dozen quant calculations that you could do to make money here. Feel free to contact me offline.
[2015-02-28 05:41:28] wouhao : If I go bankrupt, BitMEX would close my account and take over my liabilities, is that to say I would not log in the account after I going bankrupt, that's right?
[2015-02-28 06:23:09] joequant : Actually no.
[2015-02-28 06:23:17] joequant : If you file for bankruptcy.
[2015-02-28 06:23:34] joequant : The court would issue instructions to bitmex about what to do.
[2015-02-28 06:24:12] joequant : Your bitmex account would be in the statement of assets in front of the court.
[2015-02-28 06:24:26] joequant : Assume US or HK law.
[2015-02-28 06:26:32] joequant : If you owe bitmex money, and you file in HK, it's possible that you can get a court order that would prevent bitmex from closing your account.
[2015-02-28 06:28:39] joequant : This is one of those things that futures exchanges have to worry about.
[2015-02-28 06:28:51] joequant : It killed the HK futures exchange in 1987.
[2015-02-28 06:30:30] joequant : see http://en.wikipedia.org/wiki/Robert_Ng for the type of stuff that could go wrong.
[2015-02-28 06:31:17] BitMEX_Sam : joequant: He's referring to the docs, which is simply talking about bankruptcy of your account - 0 or negative equity
[2015-02-28 06:31:27] joequant : Oh :-)
[2015-02-28 06:31:33] joequant : Wrong context :-)
[2015-02-28 06:31:34] BitMEX_Sam : wouhao: In that case yes, the account would be locked, but that would not mean that you would not be able to contact us
[2015-02-28 06:32:15] BitMEX_Sam : And in most cases it could be reinstated after an investigation of the circumstances that led to bankruptcy
[2015-02-28 06:33:06] BitMEX_Sam : But it is very unlikely that any account will ever reach bankruptcy. Our trading system is designed to prevent that from ever happening.
[2015-02-28 07:30:47] coinigywilliam : :D hey sam
[2015-02-28 07:52:24] BitMEX_Sam : Hey coinigywilliam
[2015-02-28 07:52:25] BitMEX_Sam : How's it going?
[2015-02-28 09:42:35] wouhao : why we need session margin?
[2015-02-28 09:43:10] BitMEX_Arthur : as extra protection in case the position goes immediately against you
[2015-02-28 09:43:34] BitMEX_Arthur : we want to avoid margin calls and forced liquidations as much as we can
[2015-02-28 09:44:57] wouhao : I just open a new position, but the session margin is 0, why?
[2015-02-28 09:45:36] BitMEX_Arthur : if you place an order there is no session margin, session margin is only charged if your order is filled
[2015-02-28 09:45:57] wouhao : it's filled
[2015-02-28 09:46:23] wouhao : my position's currentQty is gain
[2015-02-28 09:46:40] BitMEX_Arthur : can you send a screenshot to support@bitmex.com please thanks
[2015-02-28 09:46:54] BitMEX_Arthur : how large was the order that was filled and what contract?
[2015-02-28 09:47:24] wouhao : XBUH15
[2015-02-28 09:47:27] wouhao : 1
[2015-02-28 09:47:52] BitMEX_Arthur : can you please refresh your browser and tell me if the margin table changed?
[2015-02-28 09:49:15] wouhao : no change
[2015-02-28 09:49:36] wouhao : ctrl + F5 no change too
[2015-02-28 09:50:04] BitMEX_Arthur : just to be clear did you increase your existing position in `XBUH15` or reduce it?
[2015-02-28 09:50:22] wouhao : increase
[2015-02-28 09:52:41] wouhao : 14:08:08 I closed the XBUH15 position, and then at 14:10:55 I open a new position of XBUH15 again. at 17:43:25, I increase the position.
[2015-02-28 09:53:13] wouhao : but the session margin is 0 after I re-open the position again
[2015-02-28 09:54:02] BitMEX_Arthur : ok we are going to look into your recent trade history and figure out what is going on, thanks for bringing this to our attention
[2015-02-28 09:55:36] wouhao : you're welcome
[2015-02-28 09:59:34] BitMEX_Wally : wouhao: Session margin only applies if you increase a position during the session. You started the session at -2 then bought and sold, ending back at -2 so no increase.
[2015-02-28 09:59:50] wouhao : If I use the contract for hedger, is that to say I would not be margin call?
[2015-02-28 10:01:00] BitMEX_Wally : You are required to keep session margin in your account, and it cannot be withdrawn or releveraged, but we do not margin call or liquidate you if it is not there.
[2015-02-28 10:02:54] wouhao : suppose I deposit BTC valued $10, and the I sell 1 contract, is that to say my position would not be margin call?
[2015-02-28 10:02:59] BitMEX_Wally : If you use a short position in XBUH15 to hedge a long position in XBT then you will only be margin called or liquidated once you drop below the maintenance margin which is 20%.
[2015-02-28 10:04:10] BitMEX_Wally : At the moment 1 contract is worth 0.3891 XBT so if you ever want to be margin called you should deposit at least 0.3891 XBT
[2015-02-28 10:04:27] BitMEX_Wally : s/ever/never
[2015-02-28 10:05:49] wouhao : so I deposit 0.3891 XBT, I would not be margin call and I would always hold XBT valued $10, is that right?
[2015-02-28 10:06:00] BitMEX_Wally : Correct
[2015-02-28 10:06:21] BitMEX_Wally : Actually, 1 contract is $100
[2015-02-28 10:06:51] wouhao : no $10? I saw the blog, is $10
[2015-02-28 10:07:39] BitMEX_Wally : The contract specifications are here:
[2015-02-28 10:07:40] BitMEX_Wally : https://www.bitmex.com/app/contract/XBUH15
[2015-02-28 10:07:53] BitMEX_Wally : Contract Size 100 USD per contract (Currently 0.3914 XBT per contract)
[2015-02-28 10:08:03] wouhao : Thx
[2015-02-28 10:08:31] BitMEX_Wally : Let me know which blog post you saw, we'll make sure it's correct
[2015-02-28 10:10:56] wouhao : usdu14 vs. xbtu14
[2015-02-28 10:14:54] BitMEX_Wally : wouhao: My apologies, the USDU14 contract was only listed during a trading game we ran while in beta. We will remove that blog post to avoid confusion.
[2015-02-28 10:15:16] BitMEX_Wally : Have a look at this post: https://blog.bitmex.com/xbt-vs-xbu-chain/
[2015-02-28 10:18:37] wouhao : OK, Thank you
[2015-02-28 10:48:22] wouhao : what's variation margin?
[2015-02-28 10:49:48] BitMEX_Arthur : `Variation Margin` is the inter-session profit and loss
[2015-02-28 10:50:24] wouhao : include unrealised PNL?
[2015-02-28 10:51:08] BitMEX_Arthur : yes i wouldn't worry about `variation margin`, `unrealised PNL` is the important number
[2015-02-28 10:53:01] wouhao : Is it correct that the unrealised PNL could be withdrawal after a trading session?
[2015-02-28 10:54:10] BitMEX_Arthur : no `unrealised PNL` may be re leveraged into new positions, but it may not be withdrawn until you realise it by closing your positions
[2015-02-28 10:55:32] wouhao : Variation margin, if it is positive, may not be withdrawn. Variation margin will become previous session PNL after a trading session has concluded and then may be withdrawn. In the BitMEX UI, this is tracked as Unrealised Profit.
[2015-02-28 10:55:59] wouhao : I confused by this sentence.
[2015-02-28 10:56:52] BitMEX_Arthur : that needs to be reworded, basically you can use unrealised profit to open more positions, but you cannot withdraw it until you realise it, by closing the position in question
[2015-02-28 10:57:28] wouhao : OK, thanks
[2015-02-28 11:00:43] wouhao : I found that the XBU24H contract's initial margin is much smaller than the XBUH15's
[2015-02-28 11:01:12] wouhao : OK I know why now
[2015-02-28 11:01:23] wouhao : 1 USD per contract (Currently 0.0040 XBT per contract)
[2015-02-28 11:01:32] wouhao : 100 USD per contract (Currently 0.3891 XBT per contract)
[2015-02-28 11:01:45] wouhao : why different?
[2015-02-28 11:02:53] BitMEX_Arthur : `XBU24H` has a smaller contract size so it is easier to use to speculate, and hedge small amounts of Bitcoin for a short period of time
[2015-02-28 11:05:20] wouhao : great!@
[2015-02-28 12:13:41] wouhao : Excess Margin is below Target Excess Margin, but not below 0. This is equivalent to the user holding the Maintenance Margin requirements of his/her positions, but not the Initial Margin requirements.
[2015-02-28 12:13:48] wouhao : Margin Call will not be entered unless Excess Margin has first dipped below 0.
[2015-02-28 12:14:06] wouhao : the two sentence of margin call condition make me confused
[2015-02-28 12:15:02] BitMEX_Arthur : so if enter a margin call, that is your equity drops below maintenance margin, you must top up your funds above the initial margin level before you are allowed to open new positions or increase positions
[2015-02-28 12:15:04] wouhao : the excess margin should not below 0 is the margin call condition, that's right?
[2015-02-28 12:15:08] BitMEX_Arthur : yes
[2015-02-28 12:15:23] BitMEX_Arthur : we force liquidate if you breach the maintenance margin level
[2015-02-28 12:15:53] BitMEX_Arthur : if you are in the middle between maintenance margin and initial margin after your account went into a margin call, we do not force liquidate, but you are not allowed to increase or open new positions
[2015-02-28 12:16:05] wouhao : but the second said margin call will not be entered unless excess margin has first dipped below 0.
[2015-02-28 12:16:37] BitMEX_Arthur : excess margin = 0, is the same as breaching the maintenance margin threshold
[2015-02-28 12:16:43] BitMEX_Arthur : it's just another way to represent it
[2015-02-28 12:18:00] wouhao : is that to say if excess margin not first dipped below 0, but I am in the middle between maintenance margin and initial margin, I would not in the margin call state?
[2015-02-28 12:19:45] wouhao : Excess Margin is below Target Excess Margin, but not below 0.
[2015-02-28 12:19:52] wouhao : Margin Call will not be entered unless Excess Margin has first dipped below 0.
[2015-02-28 12:20:10] wouhao : the two sentence come from margin call condition
[2015-02-28 12:20:35] wouhao : one is not below 0, another is below 0
[2015-02-28 12:20:42] wouhao : I confused by this
[2015-02-28 12:20:59] BitMEX_Arthur : Here is an example
[2015-02-28 12:21:10] BitMEX_Arthur : Maintenance margin says you need to hold 20 Bitcoin
[2015-02-28 12:21:16] BitMEX_Arthur : You have 19, so a margin call is issued
[2015-02-28 12:21:37] BitMEX_Arthur : BitMEX liquidates some of your positions so that your equity to notional is 20%
[2015-02-28 12:21:49] BitMEX_Arthur : force liquidation is now over
[2015-02-28 12:22:03] BitMEX_Arthur : however we don't allow you to open new positions
[2015-02-28 12:22:24] BitMEX_Arthur : until you meet target excess margin which is the difference between maintenance and initial margin or in our case 10%
[2015-02-28 12:22:32] BitMEX_Arthur : so you need to deposit an additional 10 bitcoin
[2015-02-28 12:23:43] wouhao : I know all of these
[2015-02-28 12:24:28] wouhao : The margin call condition one is to say not below 0, one is say below 0
[2015-02-28 12:24:52] wouhao : margin call entered = liquidation?
[2015-02-28 12:25:03] BitMEX_Arthur : correct
[2015-02-28 12:25:46] wouhao : OK
[2015-02-28 12:26:01] wouhao : I thought margin call = margin call entered
[2015-02-28 12:27:15] BitMEX_Wally : If your excess margin goes below 0 then you enter margin call state
[2015-02-28 12:27:15] BitMEX_Arthur : let me clarify, we refer to `margin call` and by that we mean there was an event that caused your equity to drop below maintenance margin
[2015-02-28 12:27:33] BitMEX_Wally : While you are in margin call state we may cancel open orders
[2015-02-28 12:27:43] BitMEX_Wally : Which may bring excess margin back above 0
[2015-02-28 12:27:58] BitMEX_Wally : And we may liquidate some of your positions
[2015-02-28 12:28:30] BitMEX_Wally : We only liquidate while excessMargin < 0
[2015-02-28 12:28:44] BitMEX_Wally : You stay in margin call state util excessMargin > targetExcessMargin
[2015-02-28 12:29:28] BitMEX_Wally : While in the margin call state you cannot open new positions you can only reduce positions
[2015-02-28 12:29:50] wouhao : but the margin call condition say that Excess Margin is below Target Excess Margin, but not below 0.
[2015-02-28 12:30:07] wouhao : not below 0 is margin call state
[2015-02-28 12:30:43] BitMEX_Wally : Strictly speaking if excessMargin<0 and you have no open orders then you are in liquidation state (not margin call state)
[2015-02-28 12:31:03] BitMEX_Wally : if excessMargin < 0 and you have no open orders to cancel then you are in liquidation state, not margin call state
[2015-02-28 12:31:09] wouhao : if the excess margin below 0 is liquidation state
[2015-02-28 12:31:13] BitMEX_Wally : Yes
[2015-02-28 12:32:05] BitMEX_Wally : The possible states are: Normal -> Margin Call -> Liquidation -> Bankrupt
[2015-02-28 12:32:10] wouhao : excess margin < target excess margin and excess margin >0 is margin call state
[2015-02-28 12:32:30] BitMEX_Wally : Only if excessMargin went < 0 at some point
[2015-02-28 12:32:40] BitMEX_Wally : excessMargin < 0 means enter margin call (or liquidation state)
[2015-02-28 12:32:49] BitMEX_Wally : excessMargin > targetExcessMargin means exit margin call state
[2015-02-28 12:33:40] wouhao : during the margin call state would cancel all open order and could not open new position
[2015-02-28 12:33:56] BitMEX_Wally : Correct
[2015-02-28 12:34:20] BitMEX_Wally : We cancel open orders that would increase you position. If you have open orders to close your position we leave those
[2015-02-28 12:34:37] wouhao : when excess margin <0, we enter margin call, also named liquidation state
[2015-02-28 12:35:21] wouhao : yes, open order to increase my positon
[2015-02-28 12:35:50] wouhao : when excess margin<0, I enter margin call, also named liquidation state.
[2015-02-28 12:36:25] BitMEX_Wally : Put a space after < otherwise it is interpreted as HTML
[2015-02-28 12:36:35] wouhao : Thx
[2015-02-28 12:37:09] wouhao : when excess margin <0, I enter margin call, also named liquidation state
[2015-02-28 12:37:40] wouhao : when excess margin < 0, I enter margin call, also named liquidation state
[2015-02-28 12:38:02] BitMEX_Wally : Yes
[2015-02-28 12:38:24] BitMEX_Wally : We try and close open orders first, to avoid liquidation
[2015-02-28 12:38:27] wouhao : OK, margin call state and enter margin call make me confused
[2015-02-28 12:38:35] wouhao : yes
[2015-02-28 12:38:48] wouhao : to increase the excess margin
[2015-02-28 12:39:21] BitMEX_Wally : Open orders require initMargin so closing them increases the excess margin
[2015-02-28 12:39:35] wouhao : yeap
[2015-02-28 12:39:38] BitMEX_Wally : Open positions require maintMargin so closing them increases excess margin
[2015-02-28 12:39:48] BitMEX_Wally : Then finally, depositing more Bitcoin will increase excess margin :)
[2015-02-28 12:40:30] wouhao : :)
[2015-02-28 12:41:02] BitMEX_Wally : wouhao: You are asking lots of good questions. This is very helpful, we want to improve our documentation
[2015-02-28 12:41:58] wouhao : Thanks, you're so wonderful.
[2015-02-28 13:17:14] wouhao : Initial margin (IM) for sell orders is calculated using the limit offer price or the best bid for that contract, whichever is higher