Dear Flipstars,
Please be advised that Flipster is fully committed to compensating users affected by the urgent maintenance on 6 December 2024. Do note that airdropped position rewards held are excluded from compensation.
We have since paid out the compensation to affected users on 7 December 2024 at 11:10 UTC. This compensation is calculated based on the Hypothetical Perpetual Swap Price (PRICE) during the maintenance that occurred from:
Maintenance Period
1st period: 6 December 2024, 12:58:46 UTC to 6 December 2024, 13:39:35 UTC
2nd period: 6 December 2024, 14:02:28 UTC to 6 December 2024, 14:14:04 UTC
Hypothetical Perpetual Swap Price (PRICE) is derived as:
Flipster Index Price + Funding Rate at the start of the 1st maintenance period: 6 December 2024, 12:58:46 UTC.
Flipster will compensate users based on the formulas below. Specifically:
[Case 1] For users holding positions at the start of the 1st maintenance period, compensation will be calculated as:
Long position: Quantity × (PRICE at the start of the 1st maintenance period - PRICE at the end of the 2nd maintenance period)
Short position: Quantity × (PRICE at the end of the 2nd maintenance period - PRICE at the start of the 1st maintenance period)
Compensation will be paid if the calculated amount is positive.
[Case 2] For users holding positions not at the start of the 1st maintenance period, but at the start of the 2nd maintenance period, compensation will be calculated as:
Long position: Quantity × (PRICE at the start of the 2nd maintenance period - PRICE at the end of the 2nd maintenance period)
Short position: Quantity × (PRICE at the end of the 2nd maintenance period - PRICE at the start of the 2nd maintenance period)
Compensation will be paid if the calculated amount is positive.
[Case 3] For users holding positions at the start of the 1st (or 2nd) maintenance period AND LIQUIDATED, Flipster will provide [Case 1] or [Case 2] compensation AND the initial margin + unrealized P&L at the start of the 1st (or 2nd) maintenance period.
[Case 4] For positions opened using trigger orders during the 1st (or 2nd) maintenance period, Flipster will compensate as below:
Long position: Quantity × (Average entry price - PRICE at the end of the 2nd maintenance period )
Short position: Quantity × (PRICE at the end of the 2nd maintenance period - Average entry price)
Your support and feedback are valuable for enhancing our products and services. For any further information or queries please do not hesitate to contact us through our service request form.
Best Regards,
Flipster Team
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