Binance Adjusts US Stock Perp Funding After Blue Ocean’s Overnight Trading Halt

Binance left nearly three hours of price data out of funding payments on its US stock perpetual futures after a connectivity problem hit an American overnight trading venue.

In a post on Binance Square at 07:21 UTC on Wednesday, the exchange’s official news account said Binance would exclude the premium index for the affected period only from the 08:00 UTC funding rate calculation on Oct. 21, for TradFi Perps tied to any US equity. The post tied the move to “intermittent network connectivity issues affecting one of the largest US overnight alternative trading systems (ATS),” which lasted from 03:46 to 06:30 UTC.

Binance did not name the venue. Blue Ocean, which runs an overnight US alternative trading system, halted all trading at 11:46:41 p.m. ET on Oct. 20 and resumed at 2:30 a.m. ET, according to its service status page, times that match Binance’s window. Blue Ocean blamed “network connectivity issues at our external network provider impacting client connectivity.”

In Korea, the Seoul Economic Daily reported that the Blue Ocean failure halted or delayed daytime US stock quotes at many brokerages. Orders through other venues kept executing, the paper said, while brokers warned that unfilled orders routed to Blue Ocean could be canceled.

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Perpetual futures never expire; one side pays the other at set intervals, partly based on how far the contract trades from its reference price, a gap measured by the premium index. A patchy feed for the underlying stock can skew that gap. Binance pointed to Bybit’s SOXL perp, where funding moved from 0.0000% to -0.1299% during the period.

“Traders shouldn’t pay for an outage they didn’t cause,” Shunyet Jan, Binance’s head of exchange and trading, said in comments shared with Unchained. He said Binance “kept the distorted period out of funding, so what users pay follows the real market.”

An IMF study found most tokenized stock trading happens outside US market hours. Binance’s bStocks passed $1 billion in assets last week, and Ripple Prime opened 24/7 swaps on stocks, metals and currencies.

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