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K33 Analyst Vetle Lunde: Market clearing data has been seriously underestimated in the last three years, and major crypto exchanges have reported that clearing data has lost its trading reference value

On August 30th, K33 analyst Vetle Lunde said that the clearing data of the exchange is far lower than the actual clearing volume of the market. In order to provide a "fair trading environment" (Bybit, September 2021) and "optimize the flow of user data" (Binance, April 2021), Binance and Bybit changed their clearing WebSocket API to push clearing once per second instead of reporting all clearing. OKX also pushes up to one order per second for each contract, and their data does not represent the total number of liquidations. The consequence of this is that the market clearing data has been seriously underestimated in the past 3 years. He said that "current clearing data is relatively worthless as pure market information".