Binance Excludes Disruption-Period Data From U.S. Stock Perpetual Funding

Binance removed premium-index readings from a network-disruption window in its funding-rate calculation for U.S. stock-linked perpetual contracts at the 4 a.m. ET (08:00 UTC) Oct. 21 settlement, after an overnight trading system had intermittent connectivity problems.

Intermittent network issues affected one of the largest overnight alternative trading systems in the United States from 11:46 p.m. ET Oct. 20 until 2:30 a.m. ET Oct. 21 (03:46-06:30 UTC Oct. 21). Binance excluded premium-index readings gathered during that interval for all TradFi perpetual contracts with U.S. stocks as their underlying assets from the settlement calculation.

The premium index feeds into the funding-rate calculation for those contracts. The affected window lasted 2 hours and 44 minutes, ending 90 minutes before the settlement. The exclusion applied to data from that period and the specified settlement, rather than all premium-index readings for the products. That kept the issue-period values from contributing to the funding rate set at 4 a.m. ET.