I heard that many friends took advantage of a bug on Bitget to make a lot of money this afternoon, how envious... I was riding a bike outside and missed the big opportunity...
However, I'm not surprised at all that Bitget has such an issue. As a trader who has been battling with them for almost 2 years, I can say that Bitget's market-making team is one of the weakest among mainstream exchanges.
Bitget only opens spot market-making applications externally, while contract market-making has never been opened to outsiders and can only be done by their own team, because contracts can manipulate the market using various parameters. If opened to outsiders, given their market-making level, they could go bankrupt. Their market manipulation and unfair competition methods include:
1. Deliberately manipulating the calculation method and upper limit of funding rates, creating obvious funding rate/spread arbitrage opportunities different from other exchanges, attracting arbitrageurs to open positions. Once many people have opened positions, they control funding rates in an unfavorable direction to force liquidation, earning huge fees and spreads.
2. If the current funding rate is favorable to their positions, they restrict new position openings (limiting to a minimum of 500U per account) to prevent other arbitrageurs from competing, keeping profits to themselves. If the counterparty needs to hold positions, they would incur massive funding fees, and if they close positions, they would suffer significant spread losses.
3. Limiting market data frequency for other traders to a maximum of 100ms, while other exchanges can reach 10ms. This allows their team to perform dimensional suppression and often engage in deceptive trading tricks. Those familiar with quantitative trading should understand the massive difference between 100ms and 10ms.
4. Not only do they not provide market-making rates to other traders, but they also freeze rebate accounts with high trading volumes, making rates impossible for ordinary people to compete with.
There are many other bugs, such as the ability to instantly open and close positions to arbitrage funding rates, which I won't elaborate on.
I also noticed that their market-making team seems to not work on weekends, as they often adjust parameters on Mondays instead of weekends. So today's bug is likely due to market makers being off duty.
Whether it's Bybit, Bitget, or other exchanges, they are essentially just a massive makeshift operation behind the scenes.
