When a coin-M margin delivery futures expires, the platform will take the weighted average of the index price in the last hour prior to the expiration as the delivery price of the futures and complete the cash settlement for all users of the futures, i.e., the income or loss resulting from the delivery will be carried forward to the user's account.
If there are still outstanding orders for the futures in the account until the closing, these orders will be closed and all positions will be settled at the closing price.
Mr. Ming opened a 1,00000 BTCUSD 1204 long position at $15,000 and held it to maturity at 16pm on December 4th (HKT). The weighted average of the index price from 15:00 to 16:00 one hour prior to maturity is $19,000. So Mr. Ming's deliverable return is zero
Face value * Number of open positions/average open positions - Face value * Number of open positions/delivery price = 1 * 1,00000/15,000-1 * 1,00000/19,000 = 1.4035BTC
After the delivery, the long position of BTCUSD in week 1204 disappears, and Mr. Ming's account balance will increase by 1.4035 BTC (excluding the delivery fee).
In extreme situations, the balance of the user's account may be negative after the delivery exercise is completed, because the delivery loss is too large for the account to bear. The risk reserve will cover the negative balance of the account and insert a bill for the user to settle the position.
Open positions are not allowed 5 minutes before the closing time (15:55), and trading is not allowed 1 minute before the closing time (15:59).
Stop-loss will not be triggered 1 minute before the delivery time, i.e. 15:59.