Update: changing funding rate payment frequency to hourly

This Wednesday, August 20 at 08:00 UTC, we will be updating our funding rate intervals across all perpetual futures markets to be paid every hour.

Notes:
• The funding rate calculation will remain broadly unchanged. The only change in the formula is that the output will be divided by 8 before applying the funding rate cap/floor.
• The average premium index will reset at every hourly funding interval.
• The fundingInterval value in the api/v1/markets endpoint will update to 3600000 (ms, i.e., 1 hour) across all markets.
• The caps and floors on all markets will remain unchanged and will apply to the hourly funding rate.
• The ±0.05% clamp on the difference between the interest rate and premium will also remain unchanged.

See updated formula below:
Funding rate = Clamp[(mean_premium_index + Clamp(interest_rate – mean_premium_index, -0.05%, 0.05%)) / 8, Funding rate cap, Funding rate floor]

More details can be found here https://support.backpack.exchange/technical-docs/trading/futures-specs#funding-rate

API Announcement

On September 2 at 12am UTC, we'll be making two changes to our our API:

1) The estimated liquidation price in the Position update Websocket stream (field l) will start returning 0 https://docs.backpack.exchange/#tag/Streams/Private/Position-update
You can still fetch the estimated liquidation price via API using the api/v1/position REST endpoint.

2) The cumulativeInterest field in the api/v1/position REST endpoint will start returning 0 https://docs.backpack.exchange/#tag/Futures/operation/get_positions
This field has been obsolete for months now since we made the change to continuously realize by default. Since it's no longer useful, we'll start deprecating it by returning 0, which will only affect very old positions.

Note that we plan to remove these fields from the API in the future (we will announce a date before doing so). As such, you should stop trying to parse these fields.

WLFI spot and perp are both up in post only

https://api.backpack.exchange/api/v1/market?symbol=WLFI_USDC
https://api.backpack.exchange/api/v1/market?symbol=WLFI_USDC_PERP

WLFI_USDC_PERP is now open

WLFI_USDC (spot) is now open

WLD, kSHIB, and PYTH perps are now open for trading

https://api.backpack.exchange/api/v1/market?symbol=WLD_USDC_PERP
https://api.backpack.exchange/api/v1/market?symbol=kSHIB_USDC_PERP
https://api.backpack.exchange/api/v1/market?symbol=PYTH_USDC_PERP

Hi all - tomorrow, September 25 at 3am UTC, we will introduce a 100ms speed bump on non-postOnly orders across 5 perpetual markets.

Details:
• The 100ms speed bump applies only to orders that do NOT have the postOnly flag enabled.
• Market orders and limit orders (including non-IOC orders) without the postOnly flag will be subject to the speed bump, even if they rest on the orderbook.
• Order cancellations are exempt from this speed bump.

Affected Markets:
• AAVE_USDC_PERP
• DOGE_USDC_PERP
• KAITO_USDC_PERP
• LTC_USDC_PERP
• AVAX_USDC_PERP

Note that this is an experiment we're conducting. Depending on the results and user feedback, we'll consider expanding this to additional markets. Our main goal is to enhance orderbook liquidity.

If you are already quoting on these markets using the postOnly flag, no need to change anything. However, if you're quoting on any of these markets and are not using the postOnly flag, please start doing so as soon as possible. Also, even if you don't quote on these markets, we highly encourage you to try it out as we might start expanding this rule to more markets.

Heads up - the 100ms speed bump is now live on these 5 markets as of 3am UTC.

FYI we're seeing delays with mark price updates. Team is investigating

Things should be back to normal

Hi all - we'll be expanding the scope of the 100ms taker speedbump experiment by adding six additional pairs tomorrow, Sept 30, at 3am UTC:
· SUI-PERP
· BNB-PERP
· HYPE-PERP
· IP-PERP
· WILFI-PERP
· PUMP-PERP

As a reminder, the speedbump applies to all non-post only orders. It's been live since since Sept 25 on the following perp markets: DOGE, LTC, AAVE, KAITO, AVAX.

APEX_USDC_PERP is open for trading
https://api.backpack.exchange/api/v1/market?symbol=APEX_USDC_PERP

Confirming the 100ms speedbump on those 6 additional markets went live ~10 mins ago at 3am UTC