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IMPORTANT ANNOUNCEMENT: Revision of Open Interest Balance Calculation

Effective Monday, December 22, there will be an update to the method used for calculating the open interest (OI) balance.

Further details are provided below:

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Existing Calculation Method

• Currently determined by summing the USD value of all positions at the moment they are initiated.

Revised Calculation Method

• Now determined by summing the notional value of all positions.

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Illustration (existing calculation)

1. BTC price = $100,000

User A initiates a long position of $100,000 (1 BTC).

2. BTC price increases to $105,000

User B initiates a short position of $100,000 (0.95 BTC).

3. Long–short balance = $100,000 : $100,000

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Illustration (revised calculation)

1. BTC price = $100,000

User A initiates a long position of $100,000 (1 BTC).

2. BTC price increases to $105,000

User B initiates a short position of $100,000 (0.95 BTC).

3. Long–short balance = 1 BTC : 0.95 BTC

With the revised calculation, it becomes possible to open an additional short position of 0.5 BTC to achieve a complete balance between longs and shorts.

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Rationale Behind This Change

• Facilitates more precise balancing between long and short positions.

• Enhances the overall operational integrity of the protocol.

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Immediate Implications Upon Implementation

The following elements will be promptly adjusted in accordance with the new calculation:

• Funding fees

• Borrowing fees

• Price impact

It may take some time for markets to realign and for these values to reach a state of stability.

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