Topic: Bybit - I paid 1414 USDT in fees instead of receiving them - Scam or mistake? (Read 94 times)

Sorry for your loss.

If you are doubting Bybit and you need another exchange, you can try Binance.

I will advice you to use low amount to trade those shit coins with high funding rate.

Do not think you can make money from funding rate, it can lead to a trap.

I have a brother that complained about Bybit, but about spot market fee. I have no complain yet but I am not using the exchange often.

Wrong. 10 am in my country.

On report you clearly see how funding rate was applied: the rate +2,25 , the time 10:00 in my country (08:00 am ) and amount (1414) that was debited instead of credited

Funding rate time are three times in a day. According to this image below, the funding time are 00:00, 8:00 and 16:00 on your local time.



But according to your opened positions, they are after funding rate. This is one of of your images



You open the positions after the funding rate.


Our time zone are different, it is like you opened the position around this time on this chart:



8:00 to 10:00, no funding rate would be deducted. I think you did not give the right information.



This is what I think, but I may be wrong
If you have lost money massively, a funding fee may not be able to recover the loss which I think happened to you. Likely you are given the funding fee but the amount lost is far more and that makes you not to realize that

Short was opened in multiple trades. But from 8:46 to 8:47. You can see how i added SL too nut was cancelled by margin call

https://www.talkimg.com/images/2023/09/28/PENH2.jpeg

https://www.talkimg.com/images/2023/09/28/PETGd.png

Can you provide us a proof of when you open the order? Like this one below:

Take a look to trading position 7F7dda78 . You can see clearly how rate was positive at the moment of calculation of funding fee.

https://www.talkimg.com/images/2023/09/28/PNxE9.jpeg

No.
I opened a shor position and funding rate was positive.
At the moment of liquidation of funding rate i expected to be paid (longer had to pay me due fundig rate was positive, as clearly showed) but instead of be paid , i paid 1414 usdt in funding fee!
So this position gone in margin call and all was liquidated.
I ask the refund of the fee and of the enire amount invested.

Can you provide your trading history on when do you open your short position in question and the record when does your position liquidated? It’s not clear on your records the duration of your trade while the Bybit support clearly provide the funding rate history of your account.

Funding rate varies per duration set by the exchange. There’s a chance that the funding rate already change if you open position near the end of the countdown. That funding rate is surely sting because you use high leverage.

Provide detailed evidence on when you open and liquidate the thread so that we can check if the support funding rate history is correct since your transaction history doesn’t have time stamp on it.

If I understand what you are talking about, your position was not closed, you supposed to be paid a funding rate fee, the time for the fee comes and the market went against your direction and your money got liquidated?

I wrote all , clearly: they applied me a negative fundig rate intead of a positive funding rate. What i wrote is confirmed in my trading history too.

Edit: can you quote my post so image will be shown withoy clicl on link?

Maybe I don't really understand your point you're trying to buttress from this and i will like you to make a proper scam accusation by following the required format on doing that, though bybit is no more new to us and what i expected of you is to first look into the mistake made from your own end and see it as the reason to why it appears the way you're seeing it, am sure if you had not started all these, nothing of such could have happened to you, so the required procedures to do is in reaching their contacts.

I'm a long term trader and i use multiple platform / broker / exchange. So I can say I have a minimum of experience.

What happened? I traded LOOMUSDT on Bybit (https://www.bybit.com) and they applied me 1414 USDT FEE instead of paid me them .

1) On 26/9  I started a short position of 509760 LOOM USDT at about 0.12163 so used margin was 3.700 USDT

2) FUNDING RATE was 2.25. Look at the screenshot of my funding fee history where there are two operations: one on 9/26 with a rate of 2.25 and one on 9/27 with a rate of -2.25. So if rate is negative, funding history report it (see attached image) . Now, if rate is positive longer pay shorter , if rate is negative shorter pay longer (see attached image)

https://www.talkimg.com/images/2023/09/28/PNxE9.jpeg

https://www.talkimg.com/images/2023/09/28/PNq83.jpeg

3) AS YOU CAN SEE I WAS SHORT, RATE WAS POSITIVE, BUT BYBIT ADDED ME FEE INSTEAD OF CREDIT THEM TO ME . My opened position gone in margin call and all amount was liquidated and balance went to 10 USDT!
4) To prove that I was not wrong and that I was right, on 27/9 I opened a long position and at the time and, as I expected, given that the funding fee was negative at -2.25,the fees were credited to me . To be sure again i opened another long position on a diferent  contract  (TRB USD , rate -2%) and it paid me too. (see again the 'attachment above).
5) I contacted support and my VIP manager (yes, due trading volume i'm a VIP) but they replied me that rate on 26/9 was -2,25 (see attached) and fee was correct. BUT I OPENED THE TRADE JUST BECAUSE I SEE POSITIVE FUNDING RATE  AND I HAD THE INTENTION OF MADE AN ARBITRAGE! And rate reported on my trading history confirm that rate was positive!!!

https://www.talkimg.com/images/2023/09/28/PEuWl.jpeg

Conclusion: I have asked bybit to return my funds, but they continue to deny the error. I report this just as a warning, to ensure that traders do not suffer the same treatment as me.