Interest charged for a 2 minute trade vs 2 day margin trade

[arbee]

In exchanges like Poloniex and Bitfinex when you trade on margin, is the total loan interest fees incurred the same if you close out your margin position within 2 minutes vs 2 days? I ask this because the "loans" are typically on a 2 days contract. Ideally it should be prorated but I am not sure if it's done that way.

[ktabb]

In exchanges like Poloniex and Bitfinex when you trade on margin, is the total loan interest fees incurred the same if you close out your margin position within 2 minutes vs 2 days? I ask this because the "loans" are typically on a 2 days contract. Ideally it should be prorated but I am not sure if it's done that way.

Not sure how it works withi Poloniex or Bitfinex but when I do margin trading on Fidelity, margin interest is accrued every day. I am pretty sure that if I buy and sell within one day, it still charges one day's worth of interest... Two days would be more either way though.

Might be different with Poloniex or Bitfinex.

[arbee]

Three weeks after my original post I still have not found the answer.

[digaran]

I rarely use bitfinex but if I'm not mistaken it should be different when you close your deal in 2 minutes than 2 days, have you tried to send a support ticket?

[SONG GEET]

In exchanges like Poloniex and Bitfinex when you trade on margin, is the total loan interest fees incurred the same if you close out your margin position within 2 minutes vs 2 days? I ask this because the "loans" are typically on a 2 days contract. Ideally it should be prorated but I am not sure if it's done that way.

I have done few margin trading in polo before and I am quite sure that they will deduct interest based on time you will keep your order open. If you close it as soon as you create it, they will deduct small interest.

[arbee]

I rarely use bitfinex but if I'm not mistaken it should be different when you close your deal in 2 minutes than 2 days, have you tried to send a support ticket?

No I haven't. Based on my experience with my polo ticket submission regarding Level 2 verification (which took two months), they have not responded even once. I assume it would be the same for these sort of questions.

[arbee]

In exchanges like Poloniex and Bitfinex when you trade on margin, is the total loan interest fees incurred the same if you close out your margin position within 2 minutes vs 2 days? I ask this because the "loans" are typically on a 2 days contract. Ideally it should be prorated but I am not sure if it's done that way.

I have done few margin trading in polo before and I am quite sure that they will deduct interest based on time you will keep your order open. If you close it as soon as you create it, they will deduct small interest.

Thanks that's what I like to hear. Although if anyone knows "for sure" instead of "quite sure" please respond too.

[tigershark]

Three weeks after my original post I still have not found the answer.

I use Poloniex and loan bitcoins on that exchange. When you loan coins, you only get the interest for the time that it is loaned out. For example, if I set my Loan offer for 10 days and my loan is accepted, the borrower may only use it for 1 hour so I get my coins back with 1 hour of interest, I don't get interest for 10 days.

[FrueGreads]

In exchanges like Poloniex and Bitfinex when you trade on margin, is the total loan interest fees incurred the same if you close out your margin position within 2 minutes vs 2 days? I ask this because the "loans" are typically on a 2 days contract. Ideally it should be prorated but I am not sure if it's done that way.

I don't know how it works on margin trade, because I normally don't do it, but for loans, it does not matter for how long you loan your coins. They charge 15% of your profit with the loan when it ends and you get your coins back.

[Quickseller]

The minimum interest charge on Bitfinex is 1 hour's worth of interest, if you repay your margin loan in less time than that then you will pay the minimum (unless you take out a margin loan but do not use it in a position, in which case the minimum charge is one day's worth of interest). If you repay your margin loan in over an hour, then you will be charged interest in 1/10,000 of a day increments (I believe their UI only updates once per hour when displaying the interest you owe).