I shorted BTC around 4 days ago now and I still have the same trade open - which is going pretty well. It's just occurred to me however that I am being charged interest on the 0.28799000 BTC that I borrowed!....
I'm a bit confused as to how much interest I am being charged as, when I select "Borrow" from the trading screen, this comes up:
https://i.postimg.cc/DwqdnhGR/Screenshot-1.jpg
Yet, this is the interest displayed in my margin wallet:
https://i.postimg.cc/63QdrGPN/Screenshot-2.jpg
One says the interested is 0.00041667% and the other says 0.00007057%... which is correct? And, is this being charged hourly?
Also, how do I add images to posts on this forum? I can't work out how to do it!
There is no % with the 0.00007057 numbers, so that's in bitcoins.I'm a bit confused as to how much interest I am being charged as, when I select "Borrow" from the trading screen, this comes up:
https://i.postimg.cc/DwqdnhGR/Screenshot-1.jpg
Yet, this is the interest displayed in my margin wallet:
https://i.postimg.cc/63QdrGPN/Screenshot-2.jpg
One says the interested is 0.00041667% and the other says 0.00007057%... which is correct? And, is this being charged hourly?
Also, how do I add images to posts on this forum? I can't work out how to do it!
Definitely, your interest is hourly and is the percentage that's shown on your first image. If you want to still double-check, you can visit Binance margin fee and check the daily interest according to your VIP Level. Once you find your coin and VIP level, then you should divide it by 24 to find your hourly rate.
To calculate the interest that you have to return to Binance, you should multiply borrowed money and the hourly rate.
But since you trade BTC/USDT pair, why not to use Futures Trading? It comes with less friction, you don't need to borrow and return the money, it does it automatically.
