Binance excludes three hours of price data from US stock perp funding due to Blue Ocean outage
Summary
Binance adjusted its funding settlement for US stock perpetual futures after excluding nearly three hours of premium index readings due to network connectivity issues affecting a major overnight trading venue on October 21. The outage at Blue Ocean, which impacted trading from 03:46 to 06:30 UTC, led Binance to exclude the affected period from its funding rate calculation to ensure that users were not disadvantaged by the distorted data. This incident is notable in the context of increased interest in tokenized stock trading, which, according to an IMF study, primarily occurs outside traditional US market hours.
Analysis
Binance: Binance is a major cryptocurrency exchange that offers perpetual futures contracts on various assets including US equities. In response to external network issues at an overnight trading venue, the platform excluded affected premium index data from its funding rate calculations for US stock perpetuals on October 21. Blue Ocean: Blue Ocean runs an overnight US alternative trading system focused on extended-hours equity trading. Network connectivity problems at the venue disrupted service from late October 20 into early October 21, directly impacting data feeds used by Binance for its US stock perps funding settlements. Shunyet Jan: Shunyet Jan is Binance’s head of exchange and trading. He stated that excluding the outage period from funding calculations ensured traders were not penalized for market distortions they did not cause. Market Hours: An IMF study found most tokenized stock trading happens outside US market hours. Product Expansion: Ripple Prime opened 24/7 swaps on stocks, metals and currencies.
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