The benchmarks used by some crypto exchanges to liquidate clients are opaque and impossible to replicate.
One trader, whose leveraged bitcoin perpetual swap position was liquidated by Binance in the May 19 market plunge, raised a question on social media about the price at which the trade was closed.
“I got liquidated today on coin-margined futures at $29,408 even though [the] Binance [bitcoin/dollar spot price] low was $30,000 and the USD margin mark price was $29,563,” a Twitter user wrote to Changpeng Zhao, Binance’s CEO.
https://newmoneyreview.com/index.php/2021/05/21/rekt-but-at-what-price/
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