Announcement on the Supplementary Plan of BCH Hard Fork and the Suspension of BCH/USDT Swaps

Dear valued users:

Bitcoin Cash community will proceed hard fork at the night of Nov. 15, 2020 (GMT+8), and it is expected that BitcoinCash will be split into two chains in this upgrade, which are BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node). Since there is no fair naming standard for BCH fork in the community, Huobi Futures will execute the following plans to protect the rights and interests of users, and to avoid the uncertain risks caused by hard fork.

Coin-margined futures: Huobi Futures will deliver the BCH/USD futures (weekly, bi-weekly, quarterly, bi-quarterly) in advance at 16:00 on Nov. 13, 2020 (GMT+8, Friday).

Coin-margined swaps: Huobi Futures will deliver the BCH/USD swaps at 11:00 on Nov. 15, 2020 (GMT+8, Sunday).

For more details, please refer to the “Announcement on the Suspension of BCH Coin-Margined Futures and Swaps”.

USDT-margined swaps: Huobi Futures will deliver the BCH/USDT swaps at 11:00 on Nov. 15, 2020 (GMT+8, Sunday).

Processing plan on BCH hard fork:Users could transfer BCH to exchange account before 19:30 on November 15th (GMT+8) for spot trading, and Huobi Futures will disable the transfer function of BCH/USD coin-margined futures and swaps at 19:30. Subsequently the system  will snapshot the BCH assets in Huobi Futures account and if there is a forked token generated, it will be delivered to users’ exchange account at a ratio of 1:1. The transfer function of BCH coin-margined futures and swaps are expected to resume at 00:10 on Nov. 16 (GMT+8), and we’ll make a further announcement if there is any change.

Reminder on potential non-fork: Since there are still many uncertainties in the current fork, if one of the two parties decides to give up the fork, Huobi Futures will respect the opinions of the community and whichever chain wins will inherit BCH. In this case the early delivery of BCH contracts will be cancelled.

Suspension of BCH/USDT Swaps (USDT-margined swaps)

Huobi Futures will deliver and suspend BCH/USDT swaps at 11:00 on Nov.15, 2020 (GMT+8, Sunday).

The platform will use the arithmetic average of its index prices in the last hour as the delivery price to close all open positions of BCH/USDT swaps. At that time all open orders of this swaps will be canceled. If the index prices are abnormally manipulated in an hour before the suspension, the platform may adjust the delivery price to a reasonable level according to the actual situation.

To ensure the successful suspension of BCH/USDT swaps, Huobi Futures has adjusted the risk-control parameter settings as following:

Time

Risk Control Parameter Settings

11:00 on Nov. 14 (GMT+8) (24 hours before the delivery)

Normal hard price limit range is ±4%, non-basis price limit range is ±3%, basis price limit range is ±3%;

0:00 on Nov. 15 (GMT+8) - 8:00 on Nov. 15 (GMT+8)

The funding rate of this period is calculated normally, and the upper and lower limits of funding rate for the next period are adjusted to 0%.

8:00 on Nov. 15 (GMT+8) - 11:00 on Nov. 15 (GMT+8)

The funding rate for the current period is 0%

10:50 on Nov. 15 (GMT+8) (10 minutes before the delivery)

Normal hard price limit range is ±1%, non-basis price limit range is ±0.5%, basis price limit range is ±0.5%; closing positions is supported while opening positions is not.

At 11:00 on the day of delivery, users will not be charged for funding, delivery fees or others.

Note:

  • If there should occur any violent fluctuations before the suspension, please control risk by lowering leverages or closing positions in advance. If there are losses caused by forced liquidation at the delivery, the system will use insurance funds to compensate users first, and the remaining part that the insurance funds not able to compensate will enter into the clawback mechanism. Each profitable account will compensate based on the proportion of its profit.
  • After the delivery is completed, the BCH/USD coin-margined futures and swaps will be marked as “Suspended”. The USDT assets in users’ BCH/USDT swaps account will not be affected. The order history, transaction history, and transaction records will also be available to query after the suspension of BCH/USDT swaps. If you need to back up records, please export in time on the corresponding pages of Trading Management on WEB.
  • Please refer to the latest announcement for the trading resumption time of BCH/USDT swaps.

Thank you for your support to Huobi Futures!

 

Huobi Futures

Nov. 10, 2020

 

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