All USDT-margined contracts are settled every 8 hours, that is, three times a day, separately at 00:00, 08:00 and 16:00 (UTC).
During the settlement, all trading will be suspended and its resumption time depends on the system’s execution time.
[**BLZ& CYBER perpetual symbol settlement time for every four hours). There will be 6 settlements per day at the following times: 00:00, 04:00, 08:00, 12:00, 16:00, 20:00, 24:00**], other perpetual symbol remain the original settlement time.
1. Please note that real-time settlement function will be automatically adjusted according to system's judgment on insurance fund coverage. When great risk is detected, system will automatically stop the real-time settlement function without further notice.
2. If there should occur a violent market, Toobit has the right to temporarily suspend the real-time settlement without further notice. Please be aware of the risks.
3. Cross margin account is different from the isolated margin account, therefore the settlement and funding are also calculated separately.
USDT-margined contracts take the Volume Weighted Average Price (VWAP) in last 10 minutes before the settlement as settlement price (denominated currency);
Settlement Price=Sum (Volume per Transaction* Transaction Price)/Sum (Volume per Transaction (cont))
The following changes may occur during the settlement:
- The system will calculate the user’s unrealized PnL and funding based on the settlement price and the positions. Then the unrealized PnL and funding will be merged into realized PnL. The realized PnL will be transferred to users’ account balance after clawback.
- After the settlement, the position price of the contract will change with the current-period settlement price. Subsequent unrealized PnL will be calculated based on this new settlement price.