In the Binance futures trades feed, there are trades where the field “X” is INSURANCE_FUND or ADL. I know that these have to do with the insurance fund and auto deleveraging components of Binance.
Here’s one example trade:
{‘e’: ‘trade’,
‘E’: 1704282915916,
‘T’: 1704282915915,
‘s’: ‘OPUSDT’,
‘t’: 460859189,
‘p’: ‘3.7041208’,
‘q’: ‘3.5’,
‘X’: ‘INSURANCE_FUND’,
‘m’: True}
My questions:
-
Do these messages get emitted when Binance takes over a position from a user? Do these updates mean that there were executions that happened in this order book? Or do these updates ONLY signify that Binance insurance fund took over this position from a trader and nothing else (i.e. no executions on the book)?
-
What does the price (p) represent exactly in these messages? Prices in these messages are clearly not execution prices for a single trade that could have happened on the order book, since they are not divisible by the tick size.
-What does side (m) being true/false signify exactly? This field stands for “is the buyer the market maker” in the general trades feed. In this case, market maker is not an applicable concept.
-Also what is the exact meaning of the quantity/size (q) field?
I have gone through all the insurance fund and liquidation articles and I could not find an answer to these specific questions.
Thank you in advance.