Interest percentage on borrowing through Binance Margin

[loll_l]

I shorted BTC around 4 days ago now and I still have the same trade open - which is going pretty well. It's just occurred to me however that I am being charged interest on the 0.28799000 BTC that I borrowed!....

I'm a bit confused as to how much interest I am being charged as, when I select "Borrow" from the trading screen, this comes up:

https://i.postimg.cc/DwqdnhGR/Screenshot-1.jpg

Yet, this is the interest displayed in my margin wallet:

https://i.postimg.cc/63QdrGPN/Screenshot-2.jpg

One says the interested is 0.00041667% and the other says 0.00007057%... which is correct? And, is this being charged hourly?

Also, how do I add images to posts on this forum? I can't work out how to do it!

[jackg]

The 0.00007057 is the bitcoin in interest that's due - there's no % - (ie it's been added to the amount you've borrowed)

Interest is calculated every hour based on that (I think you get an email summary at some point too that might provide more useful information than the live info).

[leea-1334]

There is an hourly interest for Binance, which is the one showed at the first screen. For every hour that your loan is not repaid,,, you are charged that rate of interest on the loan.

As your hours pass, the number on the second screenshot will go up. The more you pay back from the loan,,, naturally the lesser you have to pay back as interest. Which is excluding your principal (so pay back as much as possible the principal!)

[loll_l]

The 0.00007057 is the bitcoin in interest that's due - there's no % - (ie it's been added to the amount you've borrowed)

Interest is calculated every hour based on that (I think you get an email summary at some point too that might provide more useful information than the live info).

The amount of interest in BTC shown in my wallet has now gone up from 0.00007057 to 0.00009097...

See here... https://postimg.cc/v1DdCgsj

0.00009097 BTC is roughly $3 (just under)... is this the total interest I owe or do I have to multiply this by the number of hours I've been in the trade? I've been in the trade for around 5 days now so if it's an hourly rate it's gonna cost me a bloody fortune!

[jackg]

The amount of interest in BTC shown in my wallet has now gone up from 0.00007057 to 0.00009097...

See here... https://postimg.cc/v1DdCgsj

0.00009097 BTC is roughly $3 (just under)... is this the total interest I owe or do I have to multiply this by the number of hours I've been in the trade? I've been in the trade for around 5 days now so if it's an hourly rate it's gonna cost me a bloody fortune!

No it's the total interest you owe up until now. So it'll have cost $3 for the last 5 days.

[Synchronice]

I shorted BTC around 4 days ago now and I still have the same trade open - which is going pretty well. It's just occurred to me however that I am being charged interest on the 0.28799000 BTC that I borrowed!....

I'm a bit confused as to how much interest I am being charged as, when I select "Borrow" from the trading screen, this comes up:

https://i.postimg.cc/DwqdnhGR/Screenshot-1.jpg

Yet, this is the interest displayed in my margin wallet:

https://i.postimg.cc/63QdrGPN/Screenshot-2.jpg

One says the interested is 0.00041667% and the other says 0.00007057%... which is correct? And, is this being charged hourly?

Also, how do I add images to posts on this forum? I can't work out how to do it!

There is no % with the 0.00007057 numbers, so that's in bitcoins.
Definitely, your interest is hourly and is the percentage that's shown on your first image. If you want to still double-check, you can visit Binance margin fee and check the daily interest according to your VIP Level. Once you find your coin and VIP level, then you should divide it by 24 to find your hourly rate.

To calculate the interest that you have to return to Binance, you should multiply borrowed money and the hourly rate.

But since you trade BTC/USDT pair, why not to use Futures Trading? It comes with less friction, you don't need to borrow and return the money, it does it automatically.