Bitcoin Forum

Hi, I've got some bitcoin on bitmex.
I didn't realise you had to 'hedge' the coin in order for it to keep it's value in USD. (This is very different to normal exchanges)

From what I've read - to get your bitmex account value to retain it's USD value > you need to put a sell order for the whole of your account (x1 leverage)
So if you have a 1000$ you would put; in a (1000$ x1 sell)???
At least that's what I've done, however i can see that my unrealized PNL keeps changing with the market.. and I have an option to close it - realising the profit/loss.

What's going on here? I thought my balance/PNL/ROE% would stay unchanged if I 1x leverage short/sold it?
Cheers,
G

Edit: Is the unrealised PNL in this instance of (hedging/stasis) just telling me how much I've shorted it by - and it won't amount to a change in the USD value of the account?

When firstly i used Bitmex, i also got confused . But i keep looking for tutorial about how to trade in this platform , and then im understand the number of contract to buy also depending on the number of leverage that we use. I think many newbies trader will get confused when first use Bitmex. In Bitmex platform also available calculator to calculate the ROE according to level of leverage and trading balance.

I haven't traded on bitmex before but I don't think that's the only way you can retain the value of your Btc or any other crypto in the market, the best thing I think one can do is to swap their coin for USDT since it's a coin with a stable price of $1, the only flaws about changing your coin to USDT is that the coin would only be able to retain the dollar value as at the time of swap and won't go up even if the price of the coin you swapped as increased tremendously.

Correct me if I'm wrong but you entered a short entry with a 1x leverage. In every entry, there is a fee. May i ask what was your unrealized PNL? If you entered a short entry with usd value, the market should increase to gain profit. I mean, when btc/usd was decrease in price, your unrealized PNL was affected.

I also thinking hard to understanding how trade on Bitmex. Others disanvantages of Bitmex is we can only make deposit by BTC and not available stable coin or other ecurrency.  For margin trading,  i prefer to use metatrader platform that more easy to understand.

Bitmex is quite a very good trading platform but newbie should not start with Bitmex which I would suggest Binance.

Bitmex is far more rewarding when it comes to one of the best feature they have which is margin trading but I think it’s quite too risky for newbie to deal with while Binance has less risk with their own margin trading and for the fact that they have the best competitive price in the market which is still the lowest for now as far as crypto market is concerned. So, I will advise most newbie first to try Binance before moving to Bitmex if the need arises.