As market manipulation will trigger a liquidation chain-reaction, which may inflict unnecessary losses on users. 58COIN tethers to market price by tethering to the index price. All PNL are dominated in index price instead of platform price.
Marking for Unrealised PNL purpose is done according to the index price, so you can see your profit and loss immediately after opening a position (this is the result of an index price calculation). Since the liquidation is calculated at the index price, regardless of the volatile internal price of the platform, your Unrealised PNL will not change provided the index price remains unchanged. This is to avoid “being liquidated”.
For example, currently, the platform price of BTCUSD contract is 7,000. The index price is 7,005. You can only trade with 7,000 when opening a position, but your Unrealised PNL will be calculated according to 7,005.
If the platform price changes to 6,000 for some reason, the index price remains 7,005 (there is no change), then your Unrealised PNL is still calculated according to 7,005, and will not be affected by the platform price change. However, if you close the position at this time, your execution price will be 6,000, because the price during the transaction must be generated with the real counterparty.
Note: 1) For the selection and weight of the index price, please refer to “Index Price”.
2) As the opening and closing process must be generated with the counterparty in the platform, the transaction will be executed at the platform price.