Closing a futures position at 70700 ADA on margin balance and getting 52000! - page 2.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: slaman29 on August 09, 2020, 05:57:52 AM

Anyway, if it's true that you bought (long) at 0.142x and sold (closed) at 1.411 then you definitely lost money and how much depends on your margin.

It is not questionable and OP does not question this. He questions the fact that at the moment he pushes market sell button price that was on his screen was 0.143 and account balance was 18k ADA higher (~2k$).

@OP you can try to get refund by blaming network latency (the case that you did not see current price due to lag caused by flash crash). I doubt you will get full refund but 100$-500$ is always better than nothing.

slaman29

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

I've never seen an error yet at Binance margins, it can be confusing but you can always test things out at a very small value and see that calculations are correct.

Anyway, if it's true that you bought (long) at 0.142x and sold (closed) at 1.411 then you definitely lost money and how much depends on your margin.

As you already contacted support get the full technical details of the trade from backend. Maybe you put in a wrong manual figure? Or as Ty shows above, the flash crash killed you Sad

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Quote from: PaperWallet on August 09, 2020, 03:41:34 AM

Please note that times are in CET. Anybody can verify that at the time of selling price was never to be at 0.14111, within that whole minute.

I see that we had a flash crash here with 5% amplitude from 0.143 to 0.136. It happened exactly on 18:51 8/8/2020 right when your sell order was. Maybe in fact you market sell in the moment of extreme low liquidity.

PaperWallet

member

Activity: 396

Merit: 21

Quote from: Tytanowy Janusz on August 09, 2020, 01:27:13 AM

Open ticket with binance support. They are quite fast with responses.

Trying to answer your quesiton. I'm not sure if you longed. Maybe photo will help us to help you (Host your images on https://imgur.com/).

We are talking about this trading pair?
https://www.binance.com/en/delivery/adausd_quarter

I did open a ticket support, they're checking this through. Weired situation. And by the way the chart of the support team confirms my claim that that price was 0.143 at the time of the selling, and not 0.14111 the price I had at closing. But they say "since I made a market order I ended up with a loss". As if I had a dedicated price different than that of the market.
Yes I long.
Here's the link for the image: https://imgur.com/a/mIij9sc

Please note that times are in CET. Anybody can verify that at the time of selling price was never to be at 0.14111, within that whole minute.

Tytanowy Janusz

legendary

Activity: 2156

Merit: 1622

Open ticket with binance support. They are quite fast with responses.

Trying to answer your quesiton. I'm not sure if you longed. Maybe photo will help us to help you (Host your images on https://imgur.com/).

We are talking about this trading pair?
https://www.binance.com/en/delivery/adausd_quarter

PaperWallet

member

Activity: 396

Merit: 21

I can see the image was not uploaded properly.
Well, I will write it here:
-I bought into the market in long position at the price of 0.14240 for ADA. I had exactly 64452.71 ADA.
-The current positions tab indicated clearly that I bought into the market at price 0.14240.
-I close my position at 12h:51 eastern time.
-Anybody can verify the price of ADA at that time. it was well beyond 0.143 during the entire time of that minute.
-And, the price of my closing position was 0.14111.
-So in fact I have longed ADA, the price went up, and I ended up loosing about 25% of my money at closing my position.

PaperWallet

member

Activity: 396

Merit: 21

It was open for about an hour or 2, my leverage was 20x.
trading fees are very low (o.o4%).

Here's a screenshot of my trading history, I hope you can see it. If somebody was to verify the price of ADA at the exact same time of closing, it was not 0.14111. My margin balance, at the exact same time of the closing of that position was 70700 ADA, and I end up with 52000!

Bitcoin_Arena

copper member

Activity: 2114

Merit: 1814

฿itcoin for all, All for ฿itcoin.

How long was you position open?
What was your leverage?

I am not familiar with Binance Future trading platform but there a few factors you should look at such as the funding rate and the trading fees. It would be easier to determine what happened if we were looking at the trading logs/trading history.

PaperWallet

member

Activity: 396

Merit: 21

Hello guys,
Donno if anybody could have an explanation. It's pretty frustrating, I longed ADA in Binance futures, had an unrealized ETN of about 6400 ADA and an initial balance of 63000 ADA. I decided to close my position, and, surprise, here is my balance at 52000 ADA!! How could such a thing happen? Am sur that at the exact moment I closed that position my margin balance was 70700 ADA.
That was on COIN futures.

Topic: Closing a futures position at 70700 ADA on margin balance and getting 52000! - page 2. (Read 274 times)