I think the algorithm should be changed to not liquidate positions outside regular trading hours. The prices outside RTH are not reliable, are not indicative of the actual price, and can move with big swings, leading to undesirable liquidations (like the one described here.)
This would be consistent with Mirror’s own rule that you cannot open a new short position outside trading hours. It is also consistent with major real-time brokers with auto-liquidation such as Interactive Brokers.
The large liquidation buffer (50% for most stocks) is more than enough to cover any actual move overnight. After all, the stocks being trading on this platform are not penny stocks!
Not necessarily disagreeing with this idea, but I believe you can open new short positions in the extended hours sessions. Basically if the Oracle is “live” then mint/burn/liquidation are all live. If the oracle does not update for 1 minute, then it is considered “too old” and those functions are disabled.
“Prices are only considered valid for 60 seconds. If no new prices are published after the data has expired, Mirror will disable CDP operations (mint, burn, deposit, withdraw) until the price feed resumes.”
This is a real tough cookie. IMHO I would like extended hours to be on, that gives more time for people to open positions.
I understand extended trading hours has wild price fluctuation and a lot of exchanges already warn you not to trade during extended hours. But I prefer not to alienate other countries from participating in short positions. More usage the better. Besides, as a global platform, having other time zones adhere to US stock exchange time already sucks
On the other hand if say the price causes liquidation during extended hours. Can we like… don’t do that during extended hour trading? There are ways to achieve both objectives Im sure of it
In general liquidations need to be harder. I had a liquidation that I cant understand why it happened. And in addition there was an over 10% premium at the time of the liquidation. If you look at the details I paid way more than market price for my liquidations which is the bulk of the value I lost. At least liquidate me at market price.
Is this FUD or what? Since quite a few weeks PayPal is going lower and lower. There are no spikes visible on NASDAQ chart. But the most important thing is that I also have a mPYPL position open, at this very moment the collateral ratio is 200.03% and this position is still intact, nothing wrong with it. Interesting note - some time ago I have REDUCED the amount of collateral for this position, because it is going lower and lower.
“belief_price” is just the price on TerraSwap that was last seen before submitting the TX. This is used only to implement max slippage and has nothing to do with the price fed by oracle (which is used to trigger a liquidation).
Do you know how we can see the Oracle price that allowed this liquidation? I know it must have been much much higher than the reported high of the day of 163 and why we are discussing the topic of this thread.
Do we have confidence that liquidation are happening based market prices? I do not. Twice I had liquidations with collertal ratios at significant margins of safety.
I only know that we can see them, but have no idea how to find the relevant data in the explorer… sorry. You can get the address of the oracle from the proposal which adds mPYPL, but this doesn’t allow you to find anything useful. There also doesn’t seem to be a way to see this pricing data on Band Protocol (which I believe is used as the oracle).
There indeed seems to be a spike of 213.8301 USD, however this is not shown in any other place.
Your collateral must have been slightly below 200% before this event. I have calculated the thresholds for my position and it seems that in my case at the moment of this spike the collateral ratio has fallen to 153%, so just above the liquidation levels /; Close call /;