BitMEX is a P2P crypto-products trading platform. BitMEX and the mobile apps issued under BMEX are wholly owned and operated by HDR Global Trading Limited, a Republic of Seychelles incorporated entity or its relevant authorised affiliates. Cryptocurrency charts by TradingView. Bitmex Register Buy and Sell Bitcoin ( BTC ) Bitmex There are many platforms for trading bitcoin and other crypto currencies, but if you want to make complex transactions...
2- BitMEX has remained a dominant force in the futures market for several years. But, regional investments allow Bitmex international and 100x Group to diversify its business further. Bitmex. Warnings Published: 03/03/2020 Last updated: 05/03/2020. We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.
3.- What is Bitmex international is a cryptocurrency exchange that was launched in 2014 and it offers different financial products. Among these products we find cryptocurrency margin trading for Bitcoin, Ethereum and Litecoin up to 100x in the case of Bitcoin.

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Paying $1500/year with tokentax. Does anyone know one that's more affordable? :(
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Crypto Tax Software that supports Bitmex Margin trading?
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Author: PCftwConsoleFTL

As an exchange Bitmex is quite lucrative as it offers a fee credit for maker trades, which is not very common. If you are a maker while buying and selling at the same price, you already gain a minimum of 0.05% for XBT and 0.01 for ALT coins.
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However in a trending market, the contracts cannot be bought as your maker order bids may never get filled. So sometimes, you have to go for taker trades, especially when market is going against your favorable direction and you have a stop-loss or need to market stop. This also applies to take profit cases where market is retracing from your profitable position.
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This brings us to the question what should be reasonable break-even price (or a %) which you are willing to pay, considering that you have placed your bid but know that waiting further may deteriorate your position further.
At max leverage (100x) fox XBT perpetual , this is 0.0250% + 0.0750% = 0.1% ==> 0.1% x100 = 10% of current price
At max leverage (50x) for ETH quarterly, this is 0.05% + 0.250% = 0.3% x 50 = 15% of current price
At max leverage(20x) for XRP quarterly contract, this is 0.05% + 0.250% = 0.3% X 20 = 6% of current price
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Obviously these cases are extreme and any leverage over 5x is toxic.

• going for the taker trade and compromising 6 to 15% of your margin amount is the first option
• another option is to wait and hope for reversal than to bite the bullet. however, waiting for too long may lead to liquidation eventually.

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How do you guys deal when faced with such a situation, please share your comments.

On friday March 12 I placed a 3 btc x10 short order at $4412, unfortunately without realising there was a huge spread of the markprice to the last traded price on the exchange. My margin which was supposed to be 3 btc instantly became less than 0.5 btc upon order execution. This is not how financial derrivatives are intended to work, Bitmex states, on their website, the following:
" BitMEX employs a unique system called Fair Price Marking to avoid unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price. The system is able to achieve this by setting the Mark Price of the contract to the Fair Price instead of the Last Price*. "*
The markprice did the exact opposite of what it is claimed to be doing in my case.
Then I went a little deeper and looked at what happened with the BXBT index on the time I got liquidated (Thu, 12 Mar 2020 23:59:22 GMT ). According to my liquidation e-mail the BXBT index rose to $4922.37 and the markprice (which is based on the BXBT index) rose to $4913.0. I then looked at the BXBT index historical values and specificcaly the high of the 23:59:00 minute candle and to my surprise see that the high was $4861.51 which is far from the $4922.37 which triggered liquidation.
Based on these previous facts I have submitted a ticket and provided the bitmex team with documents that substantiate these facts. I also have requested a refund, but so far all I get is basic answers like what markprice is and what happened during the ddos attacks, which all are not applicable to my case.
I will keep you guys updated if something substantial happens, have a good weekend.

I'm trying to create an excel sheet for backtesting trading ideas and I'm having trouble figuring out the PnL formulas.
I'm primarily using Bitmex so not sure if formulas are the same across other leveraged trading platforms.
I basically want to have a simple sheet where I can start with a certain amount then go long or short (1x) on each historical price that my chosen indicator signals. Then compound that amount over years to get a simple idea of how a strategy might work if strictly adhered to over a long period of time.
(I'm not including fees for the sake of simplicity at this stage.)
I've tried to reverse engineer the "ministry of margin trading" PnL calculator but can't figure out a few key formulas.
Can someone please tell me what formula I need to add to an excel cell to automatically calculate the profit or loss from a Long or short in Bitmex?
If I'm just simply buying & selling this is easy: =Exit price - Entry price
But with Bitmex PnL calculators the results seem to be quite complicated.
I'm guessing it needs to be = ( (Exit Price - Entry Price) / Something? ) X Leverage
​
I'd also be grateful if someone can point me towards an existing (unlocked) excel sheet online that I could download for backtesting.
​
Also very keen to figure out how to code backtests in Trading View, but this is also taking a bit of work. Any tips or links here also greatly appreciated.
​
Thanks!

In March, we saw over $53 billion in crypto derivatives traded in one single day. During the economic crash and while businesses were shutting down, cryptocurrencies saw one of the best months in a very long time. Amidst the turmoil, politicians globally spoke on contingency plans which involved simply printing more cash. With the added fear and lack of faith in current financial systems, many turned to Bitcoin as a safe haven asset.
TokenInsight predicted that the crypto derivatives market will surpass the spot trading scene by as much as 100 percent. As an upward trend in crypto derivatives continues, and more investors enter the space, here’s how you can leverage and take advantage of the opportunities available:

• Find an exchange which provides transparency and security, and offers low trading fees
  
• The ability to go long or short on a derivatives platform plus the presence of healthy margin trading is also another factor to consider when choosing a crypto derivatives exchange
  

-- Higher liquidity and well management of Insurance Funds
After doing all due diligence, I found out Delta Exchange. Top reasons I choose Delta is - It never faced system overload issue like Bitmex and Binance did in the past & it has 30+ alts listed on the Exchange. I can write tens of reasons but I don't want to make this post. If you want, you can check out the Exchange here Dalta Exchange

Exchanges are always in the front line of innovative products. There have emerged such new products and playing methods as IEO, delivery contract, margin trading, futures, leveraged ETF, staking service, etc. since 2019, which injects vitality to the crypto-market and becomes the powerhouse for the innovative development of the blockchain industry.
Compared to the marketing/operation methods with short period effect, derivatives in cryptocurrency market is the most potent weapons that will last a long period. The derivatives are going to a higher level as its trading volume increases day by day. Therefore, the derivatives are becoming another main battlefield that every exchange want to conquer.
PAData analyzed the trading data of the top 5 exchanges with largest market shares on contracts and the 2 exchanges that first rolled out leveraged ETF, to have a look at the performance of derivatives among different exchanges, as well as the product iteration logics in crypto-market.
01
Crypto-market Mimics the Traditional Financial Market
First, the top-layer design of supervision policy makes the crypto-market similar to traditional financial market. Regulators often formulate relevant supervision policies for crypto market based on the rules for traditional financial assets and financial risks as the crypto-market is a newly born behind the traditional finance market, “For example, the licenses for the digital-asset industry often evolve from the traditional ones and become the specific supervision licenses for the industry.” said by an entrepreneur in crypto world with traditional finance background.
Second, the roles of participants in crypto market is also similar to traditional financial market. Except for the different exchanges that take up the lion share of the market, the professional broker, custody institution, loan/lending platform, dark pool, etc. have all emerged.
Third, what crypto market learns most from the traditional market is the product design. The new project subscription, futures, leveraged ETF, contract in the newly-born crypto market are all coming from traditional market. Take leveraged ETF on MXC Exchange as an example. Learned from the ETF mechanism in traditional market, MXC leveraged ETF tracks the daily movement of the crypto underlying asset with 3 times leverage. For instance, if the underlying asset rises 1%, the corresponding ETF products will rise/fall 3%. Essentially, investing on leveraged ETF is similar to purchasing futures fund with leverage. At the moment, MXC launched 3x leveraged ETF products for BTC, ETH, BSV, BNB and other top market cap coins.
Last but not the least, the derivatives, like IEO, ILO, perpetual contract are also coming from traditional market. Are these derivatives suitable for the crypto market? What are their trading volumes?
02
Differential Competitive Edge Among Exchanges
Presently, the main derivative in crypto market is contract, including delivery contract, perpetual contract and some futures contract. Besides, ETF (1x leverage) and leveraged ETF are catching up, taking up some market shares. PAData, based on the ranking list of CoinGekco, picked the top 10 exchanges with largest trading volumes on derivatives to analyze their advantages.
According to stats, 8 among 10 exchanges have business on perpetual contract. FTX, a derivative exchange, has the largest number of perpetual contracts of 30, followed by Gate.io and Binance with 23 and 18 respectively. 7 exchanges roll out delivery contract where OKEx has a total of 135, more than two times of the second place – FTX’s 60 delivery contracts. In addition, Kraken and Huobi DM also launch some delivery contracts.
As an emerging product, only 2 exchanges involve business on leveraged ETF, but the total number of leveraged ETF products has exceeded that of the perpetual contracts. FTX launched 111 ETF pairs, while MXC listed 30 as of December last year. MXC Exchange is famous for “Efficient and Fast”. It can be predicted that more leveraged ETF products will be listed in the near future.
From the allocation of derivatives among exchanges, we can see the differential competitive edge for derivatives has shaped. OKEx is robust on delivery contract, Huobi lays focus on delivery contract, Binance aims for perpetual contract, and MXC seeks development on leveraged ETF.
03
Daily Trading Volume for Contract Over $20 billion
According to the sectional static data of CoinGekco on February 12, OKEx, Huobi, BitMEX, Binance and Deribit are the top 5 exchanges with largest amount of open positions in 24 hours. The total opening positions on OKEx ranked first with amount reaching $1.846 billion. Huobi and BitMEX closely followed with amount over $1 billion respectively. These three exchanges take lions share in the contract market. While the 24h opening position amount on Binance and Deribit is about $400 million respectively, far lower than the top 3 exchanges.
The total amount of opening position for contract is one of the criteria to judge the activeness and liquidity of the contract market, the other is the daily trading volume. According to stats, the 24h nominal trading volume among 25 exchanges breaks the mark of $27.533 billion, among which the trading volume on OKEx, Huobi, BitMEX, Binance and Deribit accounts for 73%, taking most of the contract market.
Though the stats for the 24h opening position amount and the trading volume includes the margin trading, we still can learn that the contract trading volume on some exchanges is very close to that of the spot trading. It fully indicates how popular the contract trading is.
04
Maximum leveraged ETF yields up to 2000%
Although futures trading is very popular, but they are not very friendly to investors. Investors need to master some practical skills, and once the position is closed-out, the losses will be quite tragic. For example, on the evening of February 13, when BTC dropped from about $ 10,200 to about $ 10,100, according to the statistics of the contract emperor, there were a total of 13,400 accounts went close out in just 24 hours, and the total amount of positions in 1 hour reached 82.31 million. Futures have become a weapon for the capitals and make most of us look like a fool.
The high operating threshold and high risk of cryptocurrency investment have always been an important factor hindering cryptocurrencies to enter the mainstream market. In order to find new increments, the exchange has been exploring low-operation threshold, low-risk, high-yield products, this is the inherent logic and motivation for the development of cryptocurrency derivatives. For example, the leveraged ETF launched by MXC is in line with this trend. Investors can buy leveraged ETFs on MXC just as they would for spots, without paying a deposit, and without having to take the risk of liquidation. They can also receive compound interest returns. MXC also incorporates 100% of fee income into its monthly plan to repurchase and burn MX tokens, forming positive investment feedback for the exchange's internal product system.
At present, there are only two exchanges that launch leveraged ETF products on the market: FTX and MXC. According to CoinGekco's statistics, the 24-hour estimated total transaction value (USD) of the two exchanges is close to 4 million US dollars. The single-day estimated total transaction amount of each leveraged ETF product is approximately $ 3.7843 million, and the single-day estimated total transaction amount of 111 leveraged ETF products listed on FTX is approximately $ 3.9346 million.
The average daily trading volume of the top 10 trading pairs on MXC ETF product is approximately $ 320,500, with the highest daily trading volume being 3 times long BSV leverage ETF, reaching $ 529,300. The average daily trading volume of the top 10 trading pairs on FTX ETF product is approximately $ 173,900, with the highest daily trading volume being 3 times long BTC leveraged ETF, which reached $ 326,500. Excluding the impact of the number of products, the estimated daily trading volume of a single leveraged ETF product on MXC is definitely higher.
It can be found that the trading volume of a leveraged ETF with a 3x long position is much higher than that of a leveraged ETF with a 3x short position. The 10 trading pairs with the most trading volume on MXC are all 3x long trading pairs. 9 out of 10 the trading pairs on FTX are also all 3 times long trading pairs, which shows that the current market sentiment is mainly bullish.
In addition, the top ten trading pairs on MXC with the largest trading volume are mainly production reduction tokens and platform tokens, which are more consistent with the current mainstream capital flows. This reflects the best applicable scenario of leveraged ETF, that is, in unilateral or trend markets, the performance and advantages of leveraged ETF will be very obvious, and investors often can receive returns higher than the leverage multiple.
According to statistics, the highest average return [1] of the ten leveraged ETF trading pairs with the highest trading volume on MXC is 611.14%, the lowest average return is -25.8%, and the current average return is 428.96%. Among them, the 3 times long BSV has the highest return to 1998.60% on USV3L / USDT trading pair .
However, FTX's leveraged ETF returns are much lower. The highest average return of the top ten trading pairs is 141.94%, the lowest average return is -90.07%, and the current average return is -2.98%. Among them, the highest return is 3 time short BSV trading pair BSVBEAR / USD yields about 591.38%.
​
The leveraged ETF products of the two exchanges have huge differences in returns. In addition to currency differences, the factors that affect the returns also include the exchange's risk control system and team configuration. According to the publicly disclosed data of MXC, the leveraged ETF of MXC is managed by the platform or a fund manager recognized by the platform, and the platform announces the fund's net value in real time in order to maintain a high degree of transparency and control risks.
05
The traceability of leveraged ETF’s target has a lot of room to grow
According to statistics, the average daily trading volume of all leveraged ETF trading pairs on the two exchanges is about 21% of the spot [2] single-day trading volume, MXC is around 22.44%, and FTX [3] is around 19.96% . Although the leveraged ETF has not been available for a very long time, its market share are already become significant.
At present, the asset tracked by the leveraged ETF is still a single token. However, in the traditional financial field, the underlying assets tracked by ETF already include stock indexes, style indexes, industry indexes, commodity indexes, currencies, commodities and more. In the future, the innovation of leveraged ETF in the cryptocurrency market can be used in many assets. For instance, only at the underlying level of assets, indexes and currency combinations will all be included.
Competition between exchanges is very fierce. In this case, each exchange must not only compete for products, services, and marketing, but also for updating speed, especially for product innovation and iteration speed. For example, MXC is faster than FTX to launch some much more popular investment targets like reduced production tokens and platform tokens. In addition, in terms of the current competitive situation, first come, first served may become the norm in the market, such as the advantages of OKEx in the futures field and the advantages of MXC in the leveraged ETF field.
Data Explanation:
[1] Here the highest income refers to the instantaneous return from the daily opening price to the highest price, the lowest income refers to the instantaneous return from the daily opening price to the lowest instant price, and the current income refers to the opening price from the daily level to the closing price on February 12. Instantaneous return. Revenue statistics are for reference only and do not constitute investment advice.
[2] Although FTX is a derivative exchange, according to CoinGekco's statistics, ETFs, leveraged ETFs, and other trading pairs (non-futures contracts) are recorded as spot, so the "spot" statistical caliber here is the transactions of non-futures in CoinGekco Correct.
[3] The statistics of FTX leveraged ETFs here excludes 1x leveraged trading pairs.

I'm trying to create an excel sheet for backtesting trading ideas and I'm having trouble figuring out the PnL formulas.
I'm primarily using Bitmex so not sure if formulas are the same across other leveraged trading platforms.
I basically want to have a simple sheet where I can start with a certain amount then go long or short (1x) on each historical price that my chosen indicator signals. Then compound that amount over years to get a simple idea of how a strategy might work if strictly adhered to.
(I'm not including fees for the sake of simplicity at this stage.)
I've tried to reverse engineer the "ministry of margin trading" PnL calculator but can't figure out a few key formulas.
Can someone please tell me what formula I need to add to an excel cell to automatically calculate the profit or loss from a Long or short in Bitmex?
If I'm just buying & selling this is easy: =Exit price - Entry price
But with Bitmex PnL calculators the results seem to be quite complicated.
I'm guessing it needs to be = ( (Exit Price - Entry Price) / Something? ) X Leverage
I'd also be grateful if someone can point me towards an existing (unlocked) excel sheet online that I could download for backtesting.
Also very keen to figure out how to code backtests in Trading View, but this is also taking a bit of work. Any tips or links here also greatly appreciated.
Thanks!

Looks like BitMex is implementing KYC soon on their exchange which will cause chaos since a lot of USA residents trade there.
Are there any alternatives to BitMex that allow USA residents?
The only one I have used is the margin on Coinbase Pro but it’s pretty confusing and wouldn’t suggest using at all, I also tried FTX but it’s also blocked to USA residents
Please share any other exchange available to USA residents for margin trading.
Maybe Gemini? But I seen so many flash crashes on that exchange I wouldn’t touch it with a 10 foot poll