So I had a $17000 futures account at Kraken.
I opened a big position on SOL last week, big margin, bought at $94. I got liquidated when it reached 40% maintenance, when the price was $88. So yeah, SOL went $-6 and I expected to lose some $10k.
The new Kraken liquidation system (ironically called the "Equity Protection Process") partially sells the position, grabs a fee and did so in a loop. So, because of the new Kraken liquidation scheme, they took ALL of my 40% maintenance. They took over $7000 on liquidation fees. The price only shifted a few cents for winding down the position, but somehow they've taken everything.
I e-mailed them and they told me: tough luck, this is how the system is supposed to work. We can't do anything for you.
Everybody watch out. I'm lawyering the f up, this is ridiculous. If anyone has experienced the same, do contact me. If anyone knows anyone at Kraken, please do let me know. I can't imagine they wanted to build a system where they steal your whole maintenance when you get liquidated.
