July 24, 2020
Perpetual swaps at CoinFLEX are physically delivered. Every hour for delivery every day. For example, you will be able to opt for either auto roll or deliver your position before 11:55 UTC. If you select deliver, delivery will take place at 12:00 UTC. You can select Delivery at any time until 11:55 AM UTC – at which point the Deliveries/Autorolls will be locked. Auto roll will be the default, and you will be able to change to delivery by either selecting or API switch.
In order to select delivery, you need to have enough funds in your account prior to clicking the button. After clicking delivery, positions and an amount of spot assets will be moved to the Delivery Wallet. It will then be sent to Auction. Any user who delivers long will receive the underlying coin, and any user who delivers short will receive USD.
Example: Alice bought 1 BTC of perpetuals at a price of $10,000. In order to deliver her position, she needs to have enough funds in her account. The current index price of BTC is $10,000. It means that the value of Alice’s 1 BTC long position is $10,000, and that is the amount she needs for delivery. After she clicks “delivery”, her 1 BTC long position and the $10,000 in her wallet will be moved to “delivery wallet”, and she will receive 1 BTC in spot at 12:00 UTC.