BitMEX Responds to WebSocket API Latency Caused by Soaring Traffic Due to Large Market Moves

BitMEX has suffered some instability recently. The reason? The price of Bitcoin. The token was quickly able to reach the $9,000 USD mark, something that was awaited for quite some time. However, as soon as it did, the prices started to go down and they lost almost $1,000 USD in value in just a few hours.

This caused several traders to panic as around $32 million USD worth of assets were liquidated on BitMEX alone and this has overloaded the systems of the exchange.

During this time, BitMEX experienced a strong WebSocket API latency, which caused problems to the traders. The problem was experienced between 4 and 5 pm UTC yesterday, May 30, according to the tweet from BitMEX. This caused a lag in trading as spikes in traffic bloated the market too much.

A WebSocket is a technology that provides a persistent connection between a server and its client, this way, both sides of the connection can send data at the same time.

One of the problems that this caused was a lag in the price of the tokens as they were displayed on the site. This caused some disruption to traders as they saw the wrong price when they had to invest. The exchange also affirmed that the problem would be solved in the next few days and that they would try to lower the latency of the tech as they upgraded their network.

The exchange also affirmed that during the hour in which the problems happened, the WebSocket connections also experienced a severe drop in market data updates as some of the memory limits of the software were overwhelmed and the internal messaging layer was hit and had to reconnect with the system again.

On Twitter, some people complained that this was happening regularly and that the price feeds were inconsistent all the time, not only on special occasions, so this was more common than they affirmed. Some people also complained that the team of the company did not seem to realize that they would lose liquidity and market space to competitors this way.

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