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Author Topic: At what time market profit/loss calculations starts?  (Read 129 times)
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February 25, 2022, 05:23:57 AM
Merited by hugeblack (4)
 #1

Ok I really don't want to ask this question as it seems so simple but surprisingly I struggle to find its proper answer. Every answer I get just beat around the bush but don't answer correctly/specifically so please no "it depends on" kind of answers. So my question is do binance follows UTC time? Like does it's profit loss calculations starts/ends according to UTC? And does coin gecko/coinmarketcap follows the same rule?
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February 25, 2022, 05:51:33 AM
 #2

Profit and loss calculation on all exchanges happens instantly, crypto swinging up and down doesn't work with time base they adjust in value when they feel like, in a second a coin can lose 10% of its value and in 4hra time it can gain 30% more value.

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February 25, 2022, 06:04:31 AM
 #3

Ok I really don't want to ask this question as it seems so simple but surprisingly I struggle to find its proper answer. Every answer I get just beat around the bush but don't answer correctly/specifically so please no "it depends on" kind of answers. So my question is do binance follows UTC time? Like does it's profit loss calculations starts/ends according to UTC? And does coin gecko/coinmarketcap follows the same rule?

Could you try to rephrase the question?

I'm not sure what timing would have to do with any sorts of calculations as they're normally just estimates including static fees only when you set take profits and stop losses.

Your profit and loss at the time you check it is going to be based on the market value (normally the last price agreed upon by a seller and a buyer).
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February 26, 2022, 11:04:34 AM
 #4

I am referring to at which time they start calculating the professor or loss percentage, for example when stock market closes the closing price is used for comparison for next day whether it is going on profit or loss. Now crypto market never close, so i meant is at what time the day ends for crypto and new day starts, I mean do binance follows UTC timings for that. I think question should be which time zone does binance, coinmarketcap and coin gecko follows and do they all follow different timezones.
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February 26, 2022, 01:37:57 PM
 #5

I think question should be which time zone does binance, coinmarketcap and coin gecko follows and do they all follow different timezones.

Do you mean change in market volatility (%)? I've said the assumption, each platform has their own price time zone and set where the price will be returned to the position of 0% change (rebalancing). Generally these platforms retrieve price data on chart data center sites such as tradingview, but with the same settings they will not fully produce the exact percentages. You can see my simple proof here on the difference.

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February 26, 2022, 02:21:29 PM
Merited by cryptoaddictchie (1)
 #6

All dates and times are displayed based on your local time, if any different date is displayed then the date is UTC.

This is the timing method for calculating the date. As for the percentage of change, it is to define a pattern. For example, the percentage of change within 4 hours is measured for the last 4 hours according to that time.

Therefore, when we say that the price of Bitcoin increased by 50%, it is the percentage change in the past 24 hours.

note that prices from binance is different from avg price shown on CMC.

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February 26, 2022, 02:30:15 PM
 #7

I am referring to at which time they start calculating the professor or loss percentage, for example when stock market closes the closing price is used for comparison for next day whether it is going on profit or loss.

Cryptocurrency doesn't have an opening and closing time irrespective of the coin and same to exchanges, if you check your Binance app, it updates the current prize from time to time changes is been effected within a space of seconds, even if you run the app on background it will still update you.

Now crypto market never close, so i meant is at what time the day ends for crypto and new day starts, I mean do binance follows UTC timings for that. I think question should be which time zone does binance, coinmarketcap and coin gecko follows and do they all follow different timezones.

I believe exchanges are from different locations across the globe which definitely implies they have to use their respective time zones but time zone is not a determination to rise and fall of the crypto prize neither does it determine if in Asia btc is $45k while in Europe $46k, that is why you need to follow the current update till the last minute or seconds before your sale or buy and this price is effective all over the world as i said it updates at every seconds, else if no changes occur but that's where volatility set in.



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February 27, 2022, 02:19:43 PM
 #8

I am referring to at which time they start calculating the professor or loss percentage, for example when stock market closes the closing price is used for comparison for next day whether it is going on profit or loss. Now crypto market never close, so i meant is at what time the day ends for crypto and new day starts, I mean do binance follows UTC timings for that. I think question should be which time zone does binance, coinmarketcap and coin gecko follows and do they all follow different timezones.
If you are talking about the 24-hour profit or loss calculations then for crypto market there is time reference in respect to market close because the markets are always OP. The percentage profits or loss you see is the percentage price change in the last 24 hours.

For example, if the 24-hour BTC price increase is 10% right now (2:20 PM UTC), it will be in reference with what the Bitcoin price was yesterday at 2:21 PM UTC

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February 27, 2022, 03:11:05 PM
Merited by pooya87 (3), cryptoaddictchie (1)
 #9

Now crypto market never close, so i meant is at what time the day ends for crypto and new day starts, I mean do binance follows UTC timings for that.
This is according to Binance' PnL calculation that I found on their mobile application.
Quote
Daily PNL = Daily final asset in spot account - Initial asset at 00:00:00 UTC - Net transfer and deposit
So yeah they are following the UTC time format and the reset (00:00 UTC) for PnL calculation depends on your local timezone. In my country, the reset is the usual 8 in the morning.

I think question should be which time zone does binance, coinmarketcap and coin gecko follows and do they all follow different timezones.
Coingecko have this on their reddit.

Quote
Hey, we are using UTC+0 for the time

And as far as I know, almost all of the cryptocurrency exchange and price tracking website uses UTC time format to avoid confusion due to its 24/7 nature and the people who uses them comes from different countries.

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February 28, 2022, 04:03:46 AM
 #10

Thanks for all your answers, I was thinking too that they follow UTC time as crypto market doesn't close like stock market and they have to follow some sort of time that too universal to avoid confusion.
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February 28, 2022, 05:26:50 AM
 #11

So my question is do binance follows UTC time? Like does it's profit loss calculations starts/ends according to UTC? And does coin gecko/coinmarketcap follows the same rule?
Lets just say they are using UTC but the gains on spot or even on future reference is on their suggested time. It could have been different on other platform like coingecko but if you noticed the gains and loss got some slight difference. But Im sure they are using both 24hrs ref for that percentage computation.

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