If your stop market order was triggered and you did not understand that market price means ANY price, or you otherwise feel like the exchange is at fault for something, please submit a support ticket.
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Trading yesterday was fairly tight so worst case some people unintentionally market bought and then market sold at a <1% diff. Best case some people are happy because the market moved favorably for them since. We always want to help people better understand how the system works.
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Doesn’t matter where their stops were. What matters is the cost to unwind an unintended but unfavorable trade, which would have been very low. $11k stop triggered market sell netting $10,000, re-bought at $10,100/$9900 means 1% loss/gain.
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Wasn't affected, but as an active trader I can say this: triggering stop orders up to 20% away from the actual market price because the exchange reported an incorrect market price is, to put it plainly, a big fucking problem
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How do you define "actual market price"? Best bid/ask/midpoint might never have traded and might never trade. Our stops work off of last trade on our market, which has many advantages. The exchange did not report an "incorrect" market price. It reported an actual trade.
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You already said that no liquidity on the way to the 8k or 12k price was absorbed, meaning there was never a mutual agreement amongst market participants of that price; they were ignored. The exchange executed an order 20% away from the market price... cont'd
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...clearing all stops +-20% in the process, which also means you realized revenue off the fees of all of those orders having triggered, and I haven't seen any announcement of that being rectified... cont'd
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...then instead of just owning how big of a mistake this was, you instead took to Twitter to argue with your customers about it. I want Kraken to succeed, I really do, but the optics here are really, really bad
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Thank you. I don't believe I've encountered a single client who has been affected by the incident so I'm not sure who you're referring to that I'm arguing with. I have been explaining as best I can, even entertaining the obvious trolls. Very few people actually had stops set.
As he said, optically it’s just bad - the exchanged executed orders 20% above/below market price.
Arguing details beyond this is getting lost in the weeds- it looks bad, especially given the reputation (right or wrong) crypto already has for manipulation.
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