Binance’s SOXLUSDT perpetual mark recorded a 5.9% decline from its opening at 93.79 USDT to its intraday low of 88.24 USDT on October 17 between 21:00 and 22:00 UTC. All 60 measured minute-by-minute gaps between the mark and the reference index stayed below the stated 3% threshold, even as the underlying index fell nearly 4%. This distinction matters: the 3% band limits the mark’s distance from the index at any given moment, but does not protect against cumulative price movement since a trader’s entry. According to MarginPad, $11.3 million in SOXL positions were liquidated across 1,043 events throughout October 17 across all exchanges. Binance’s clearing procedures indicate that the reference index for equity perpetuals is derived from the orderbook during weekends and holidays rather than from underlying share prices, allowing it to move continuously.
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