If we look at bitfinex swaps for a moment... USD-0.2016%-0.1272%-24,844,849.98 USD. Can someone gives an answer when those long will start to close if the price doesn't move up for a week? For sure we can't expect the price to go up much till the end of the auction... so when the rates on those longs will become to expensive?
Just a quick reply, I'm a long time lurker of this forum. In my opinion many people fails on estimating the swap rates on finex. It's true that the amount of open longs is really high, and the swap cost has been driven up to extortionary rates, but most of the swap has been taken at a much lower rate.
This is an actual example:
Swaps currently provided
Currency N. of Swap Contracts (of 1 unit each) Rate (% per day) Opened at Expire in Actions
USD 2000.0 0.09% 21 May 10:44 2 days Notify
As you can see this is a long term swap provided (granted, not my most successful swap contract...).
This has not even been placed as an autorenew. At that specific moment this was the highest request available, the FRR was even lower (about 0.07%, if I remember correctly).
My point is that in the 24M USD amount are included really low interest rates, and many of that longs have been opened at about 490/500. Again, I don't claim these are the most successful trades, but they're still there.
