Binance removes disrupted overnight market data from US stock perpetual funding
Binance excluded nearly three hours of distorted premium index data from its Oct. 21 stock perpetual futures funding calculation after an overnight network disruption halted trading on Blue Ocean's alternative trading system.
Binance announced it would exclude the premium index for an affected period from its 08:00 UTC funding rate calculation on Oct. 21 for TradFi perpetual contracts tied to US equities. In a post on Binance Square, the exchange attributed the adjustment to intermittent network connectivity issues at one of the largest US overnight alternative trading systems between 03:46 and 06:30 UTC, though it did not identify the venue by name.[2][3]
The timeframe aligned with a trading halt at Blue Ocean, an alternative trading system that operates during overnight US hours. According to its status page, Blue Ocean suspended all trading at 11:46:41 p.m. ET on Oct. 20 and resumed at 2:30 a.m. ET, citing network connectivity issues at an external network provider that affected client access. The outage also caused disruptions overseas, with the Seoul Economic Daily reporting that the failure halted or delayed daytime US stock quotes across multiple brokerages in South Korea while orders on other venues continued to execute.[2]
Perpetual futures rely on periodic funding payments between opposing traders, which are influenced by premium index readings measuring the spread between contract prices and underlying asset benchmarks. Pointing to distorted feeds, Binance noted that Bybit's SOXL perpetual funding shifted from 0.0000% to -0.1299% during the outage window. Shunyet Jan, Binance's head of exchange and trading, said the platform excluded the period so trader payments reflect real market conditions, stating that users should not pay for an outage they did not cause. The exchange's notice targeted input calculations but did not specify resulting rates or payment amounts.[1][2]
Key facts
- Binance excluded premium index data from its Oct. 21 08:00 UTC funding rate calculation for TradFi perpetual futures tied to US equities.
- The exchange attributed the exclusion to network connectivity issues at a major US overnight alternative trading system lasting from 03:46 to 06:30 UTC.
- Blue Ocean halted all trading on its overnight platform from 11:46:41 p.m. ET on Oct. 20 to 2:30 a.m. ET, blaming external provider network issues.
- Binance cited Bybit's SOXL perpetual contract funding moving from 0.0000% to -0.1299% during the disrupted period.
- Shunyet Jan, Binance's head of exchange and trading, stated the exchange omitted the period so funding payments follow the real market rather than an external outage.
- The Seoul Economic Daily reported that the Blue Ocean outage delayed or halted daytime US stock quotes at numerous brokerages in South Korea.
- Binance's Oct. 21 notice targeted inputs to funding payments but did not provide resulting rates or payment sums.
Sources · 3 sources
- CR
CryptoSlateArticle ·
Binance moves to exclude disrupted overnight data from stock-futures funding The October 21 notice targets inputs to payments between opposing traders, but gives no resulting rates or payment amounts. Read the full story on CryptoSlate Understand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Open source - UN
UnchainedArticle ·
Binance Adjusts US Stock Perp Funding After Blue Ocean’s Overnight Trading Halt Binance left nearly three hours of price data out of funding payments on its US stock perpetual futures after a connectivity problem hit an American overnight trading venue. In a post on Binance Square at 07:21 UTC on Wednesday, the exchange’s official news account said Binance would exclude the premium index for the affected period only from the 08:00 UTC funding rate calculation on Oct. 21, for TradFi Perps tied to any US equity. The post tied the move to “intermittent network connectivity issues affecting one of the largest US overnight alternative trading systems (ATS),” which lasted from 03:46 to 06:30 UTC. Binance did not name the venue. Blue Ocean , which runs an overnight US alternative trading system, halted all trading at 11:46:41 p.m. ET on Oct. 20 and resumed at 2:30 a.m. ET, according to its service status page, times that match Binance’s window. Blue Ocean blamed “network connectivity issues at our external network provider impacting client connectivity.” In Korea, the Seoul Economic Daily reported that the Blue Ocean failure halted or delayed daytime US stock quotes at many brokerages. Orders through other venues kept executing, the paper said, while brokers warned that unfilled orders routed to Blue Ocean could be canceled. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Why the Premium Index Matters Perpetual futures never expire; one side pays the other at set intervals, partly based on how far the contract trades from its reference price, a gap measured by the premium index. A patchy feed for the underlying stock can skew that gap. Binance pointed to Bybit’s SOXL perp, where funding moved from 0.0000% to -0.1299% during the period. “Traders shouldn’t pay for an outage they didn’t cause,” Shunyet Jan , Binance’s head of exchange and trading, said in comments shared with Unchained. He said Binance “kept the distorted period out of funding, so what users pay follows the real market.” Stock Perps Run Past the Closing Bell An IMF study found most tokenized stock trading happens outside US market hours. Binance’s bStocks passed $1 billion in assets last week, and Ripple Prime opened 24/7 swaps on stocks, metals and currencies. Related Listen: The NYSE CEO Calls Hyperliquid ‘Bigger Than the Nasdaq’: Uneasy Money The post Binance Adjusts US Stock Perp Funding After Blue Ocean’s Overnight Trading Halt appeared first on Unchained .
Open source - CR
CryptoSlate@CryptoSlatePost on X ·
.@binance said it would exclude data affected by an overnight connectivity problem from stock-futures funding. The change targets premium-index inputs for the Oct. 21, 08:00 UTC calculation. via @akibablade https://t.co/OQXiNV7yN8
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