1. What is Real-time Settlement?
Real-time settlement means that the realized profits and losses (Realized PnL) generated when
users trade perpetual futures and options will be immediately transferred to the account
balance, and the profit part can be withdrawn at any time without waiting for settlement at a
fixed time every day.
2. What are the advantages of real-time settlement?
- The realized profits and losses (Realized PnL) generated by users’ trading perpetual futures
and options will be immediately transferred to the account balance. This means that the user's
profit part will be immediately available and can be withdrawn at any time without waiting for
settlement at a fixed time every day. Such an instant settlement mechanism effectively improves
the efficiency of fund use and allows users to manage their funds more flexibly. - Unrealized PnL will not be settled daily. On the contrary, users need to perform a position closing operation, that is, close the position they hold, in order to realize unrealized profits and losses. This design ensures the accuracy of unrealized profits and losses, as they may change with market fluctuations, and the final profits and losses can only be determined when the position is closed.
By introducing the real-time settlement function, we provide users with a more flexible and
efficient way to utilize funds. Users have immediate access to their realized profits and can
withdraw them when needed. At the same time, the settlement of unrealized profits and losses
relies on user operations, ensuring accuracy.
3. What products does real-time settlement apply to?
Real-time settlement is available for perpetual futures and options products.
4. What are the updates to the settlement cycle compared to before?
- Session Unrealized PnL and Session Realized PnL in perps and options trading will be
removed, and the concept of Session no longer exists. - The realized profit and loss (Realized PnL) of perpetual futures and options will be settled in
real-time. This means that the user's realized profits will be instantly transferred to the account
balance and can be withdrawn at any time without waiting. - Unrealized PnL of perpetual futures and options will no longer be settled daily. Users need to
perform closing operations to realize unrealized profits and losses. - The Funding settlement cycle is changed from daily settlement to every 8 hours. For the closing transaction of the perpetual contract, the funding fee will be settled to the user immediately and in real time and recorded in the form of a settled funding fee. If the position is partially closed, the settlement will be proportional. The remaining unsettled portion (Unsettled Funding) is settled at the end of every 8 hours.
Through the above adjustments, we have made perp and option trading more in line with
industry standards, and provided real-time settlement functions, allowing users to obtain
realized profits in a timely manner and manage funds more flexibly. At the same time, the
settlement of unrealized profits and losses only occurs when closing a position, ensuring
accuracy.
5. Is there any change in the logic of bankruptcy and socialized loss?
While realizing real-time settlement, we have removed the socialized loss mechanism to handle bankruptcy more fairly.