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What is the market volatility control mechanism (VCM)? How is the spread ratio set?

We adopt a volatility control mechanism to safeguard market integrity from extreme price volatility. Price volatility exceeding the spread ratio will trigger a cooling-off period, during which unfilled orders may be rejected or cancelled.

The spread ratio is a multiple (e.g., 10 times) of the average daily volatility over the past period (e.g., 30 days). For example, for BTC/USD, if its average daily volatility over the last 30 days is 5%, the spread ratio for the pair will be 50%.