Binance SOXL perp fell 5.9% despite 3% mark band
- —SOXLUSDT mark: 93.79 USDT open, 88.24 USDT low, 90 USDT close
- —All 60 minute-close mark/index gaps stayed below 3%, peaking at 2.9%
- —The index fell 3.9% over the hour, from 93.95 to 90.22 USDT
- —$11.3 million in SOXL positions liquidated across 1,043 accounts on Oct. 17
Why it matters: The episode shows a mark/index band does not shield leveraged traders from liquidation when the reference index and the ETF's daily-reset leverage move against them.
Source: CryptoSlate