Dear BIT Users,
In order to provide users with a more flexible and efficient way to utilize funds, BIT plans to launch real-time settlement functionality for all perpetual contracts and options on November 14, 2023, at 16:00 (UTC+8). After the introduction of real-time settlement, the realized profits and losses generated from user trading of contracts or options will be immediately transferred to the account balance. The profit portion will be instantly available for withdrawal without waiting for the daily fixed settlement time, effectively enhancing capital utilization efficiency and allowing users to manage their funds more flexibly. On the other hand, unrealized profits and losses will not be settled daily; users need to close positions to realize and settle profits and losses.
Changes to the page after the introduction of real-time settlement: The concept of "settled/unsettled profits and losses" will no longer exist, and there will be no “Session” concept. The profit and loss displayed on the position will represent the "unrealized profit and loss" generated from the opening of the position to the current date. Trading history and settlement records will display "realized profit and loss". Position “Details” will also display “net profit and loss” which is the sum of unrealized and realized profits and losses.
It is important to note that if users hold perpetual contract positions on November 14, 2023, at 16:00 (UTC+8), the opening average price on the position will be changed to the settlement price of the last settlement before the launch. At the same time, the realized profits from the last settlement on the position will be transferred to the account balance. After completing these changes, the displayed profit on the position will reset to zero, and the profit will be recalculated based on the new opening average price starting from 16:00 (UTC+8) on the same day. As for option positions, there is no change in the trading and delivery process before and after this upgrade, except that the old version option unrealized profits are calculated and displayed based on the holding average price (the settlement price at 16:00 (UTC+8) on the previous day), while the new version option unrealized profits are based on the user's actual opening average price.
Web users can experience the aforementioned profit calculation and page display changes in real-time, but app users need to upgrade to experience them. This means there may be display differences between the app and the web before the app upgrade, but it does not affect users' actual earnings.
Additionally, please note that the funding fee settlement period will change from daily settlement to settlement every 8 hours. For closing trades of perpetual contracts, funding fees will be settled and recorded in real-time for users as “settled funding”. Partial closing of perpetual contracts will settle funding fee proportionally and any remaining unsettled portion will be settled at the end of each 8-hour period.
Thank you for your support!
BIT will continue to provide you with quality service.
BIT team
November 12, 2023