In preparation for tomorrow’s launch of Zcash, we will be loosening the Limit Up and Limit Down prices on ZECZ16 in preparation for marking.
Note that ZEC’s exact launch time is unknown but expected to be around 13:00 UTC.
- Oct 27 (Today), 20:00 UTC: Limits will widen from 25% per side to 50% per side.
- Oct 28, 12:00 UTC: Limits will be removed entirely.
- Oct 28, After Launch: As soon as the BitMEX team has determined it is safe to do so, we will mark ZECZ16 to the most liquid ZEC spot exchange. Further details will depend on trading behavior after launch.
For reference, the Limit Up and Limit Down is a protection mechanism used on contracts that are marked to Last Price. This mechanism prevents deep-pocketed traders from easily manipulating prices & causing unnecessary liquidations. Currently, ZECZ16 has a 25% limit on each side per 8-hour session. Sessions run 12:00 to 20:00 UTC, 20:00 to 04:00, and 04:00 to 12:00.