Dear CoinEx users,
We will upgrade and maintain our system at 3:00 on Jun 12, 2024(UTC), while Futures trading will be suspended for around 10 minutes.
After the upgrade, there will be a 10-minute protection period. During this time, you can cancel orders, place orders (limited to Maker Only Limit Orders), and adjust (add or reduce) margins. However, the matching system will be temporarily closed during this period, and no orders will be executed. Normal trading will resume after the protection period ends.
The details are as follows.
Upgrade Time
1. Start time: 3:00 on Jun 12, 2024 (UTC)
2. Expected upgrade time: 3:00-3:10 on Jun 12, 2024 (UTC)
3. Protection period: 3:10-3:20 on Jun 12, 2024 (UTC)
4. Estimated time to complete: 3:20 on Jun 12, 2024 (UTC)
About the Upgrade
1. Adjustment of contract mark price calculation formula:
Before adjustment:
a. Mark price updates every 5 seconds.
b. Mark price = Index price * (1 + funding basis rate), funding basis rate = funding rate at the last settlement time point * (time to next funding payment/funding rate time interval).
After adjustment:
a. Mark price updates every 5 seconds.
b. Mark price = index price * (1 + moving average premium index), moving average premium index = MA{[Max (0, depth weighted bid price - price index) - Max (0, price index - depth weighted ask price)] / price index}.
MA = the moving average of the premium index per minute from N hours ago to the current time point, N = the current funding fee collection interval.
Funding rate (F) = clamp(average premium index (P+) + clamp(interest rate (I) - average premium index (P+), ±d), a, b)
- The calculation period of the funding rate is the previous period.
- Average premium index (P+) = the arithmetic average of the premium index per minute from the start of this funding cycle to the current time point.
For example:
| Time of last funding fee collection（UTC） | Current time（UTC） | The time interval of the premium index used to calculate funding rate（UTC） |
| 08:00 | 08:10 | 08:00 - 08:10 |
| 08:00 | 09:00 | 08:00 - 09:00 |
| 08:00 | 16:00 | 08:00 - 16:00 |
| 16:00 | 17:00 | 16:00 - 17:00 |
- The calculation period of the funding rate is the real-time period, which means the funding fee is charged according to the funding rate calculated in the current period.
- Average premium index (P+) = Moving average of premium index per minute from N hours ago to the current time point.
N hours refers to the time interval for collecting funding fees, i.e. if funding fees are collected once every eight hours, N = 8.
For example (assuming that funding is charged every 8 hours):
| Time of last funding fee charged（UTC） | Current time（UTC） | The time interval of the premium index used to calculate funding rate（UTC） |
| 08:00 | 08:10 | 00:10 - 08:10 |
| 08:00 | 09:00 | 01:00 - 09:00 |
| 08:00 | 16:00 | 08:00 - 16:00 |
| 16:00 | 17:00 | 09:00 - 17:00 |
Notes
1. Only Futures trading will be suspended during the upgrade. Other services like Spot trading, Margin trading, Deposit & Withdrawal, etc., will NOT be affected.
2. Please evaluate the margin balance in your Futures account based on the current market fluctuations, and conduct risk control by canceling orders, repaying assets, etc., in advance.
3. The exact completion time may vary. We will keep you updated with the progress via various social media platforms, and let you know once the upgrade is completed.
4. CoinEx reserves the rights of final interpretation of this announcement.
CoinEx Team
Jun 6, 2024