Binance’s SOXL mark fell 5.9% despite a 3% price band. Here’s why
Summary
Binance’s SOXLUSDT perpetual mark price fell 5.9% from its opening level during one hour on Oct. 17, while the index fell 3.9%. Across 60 matched minute closes, the mark stayed below the index but within Binance’s stated 3% weekend deviation limit. That limit constrains the mark-index gap, not losses from a trader’s entry price: the orderbook-derived index can move during underlying-market closures, pulling the mark lower with it. Liquidation depends on a position’s margin and liquidation threshold, not merely the deviation band. A recap reported $11.3 million in SOXL liquidated position value across 1,043 events that day, though the figure does not represent investor cash losses.
