Bitmex testnet: leverage not working correctly?

[bdc604]

I’ve been playing on the Bitmex testnet before attempting trades there with real money. Successfully shorting at 50X leverage with a downward price movement of 5% gives me a return of... 5%. Hmmm, me thinks I’m doing something wrong.

I could get the same result (a 5% gain in BTC) at any other exchange simply by selling and buying 5% lower, without the risk of liquidation.

Any suggestions? or is Bitmex just bs?

[haroldtee]

Check the quantity you are inputting., that is the main contract and be careful to look at the cost. The more the quantity, the more the profit than normal, if you hit it right which makes it totally different from normal exchange.
The leverage stands for more like the point at which you liquidate (lose the total cost of your contract). The higher the leverage, the lower the range.

[bdc604]

??

The qty is your contracts, at $1 usd per contract. Leverage isn’t your liquidation point, but the LP does get closer to your entry price depending on the leverage you use.

Right now In testnet I am playing with qty 5000 at 50x leverage. Because the action is currently choppy it would take considerable time to test 5% price movements, so I’ll try 1%. That movement may be too low, I dunno. But at 50x I would expect more than a simple 1% return.

[bdc604]

Ok... i see what yodu’re saying. In the qty I need to increase that manually to get to my desired position.

I assumed entering the ‘real’ base amount, which would spin up accordingly based on leverage.

Damn, made an easy 10% in play money in a few minutes on a right shoulder...

[mikimouse69]

Leverage at Bitmex testnet is working OK but still there is huge differences. Read here: https://www.ministryofmargintrading.com/explained-guides-how-to-tutorials/bitmex-demo-testnet-vs-live-account-main-differences-explained

[karungbitcoin]

Not like others exchange, Bitmex is complicated to use, we should be input the amount of the contract according and match with the leverage and the balance. I think its more easy to trade crypto with margin in Metatrader platform, but the good thing with Bitmex is they has lower spread.

[richcorner100]

I did the samething when first trade on Bitmex but finally i know my mistake, i have to put number of contract according to level leverage and the balance. Use calculator that available on the platform can help to more understanding how Bitmex margin trading work.