Hello. Bitcoin is repeatedly trading sideways around 20k, but many people are trading futures because they can’t sell (short) in kind in the bear market. Let’s talk about how to do futures trading on the bi-bit exchange. Bybit Exchange Event 바이비트 대회 Bybit is distributing several coupons to new members, and you can get up to 3,000 usdt coupons if you are new to futures trading, 10 usdt coupons if you are new to spot trading, 5 usdt coupons if you follow Vibit, and up to 3,000 usdt if you are staking. I’m also using usdc stablecoin deposit interest, which is almost risk-free.
Currently, domestic exchanges, including Upbit, have to match account information with overseas exchanges due to travel rules, and can only be deposited as Bibit after completing Kyc certification.
1. Match upbit and bi-bit account information
2. Complete all KYC (identity) certification steps 1
If you meet these two conditions, you can transfer money from Upbit to an overseas exchange.
2. Click deposition in assets
First of all, the lower menu, assets, is a wallet. You can literally see the details of your coins in your wallet. Enter the assets and press depsit.
When making a deposit or withdrawal, you usually use Tron or Ripple Coin, but the deposit and withdrawal fee for two coins is low, and the transmission speed is very fast because it takes less than 5 minutes. The deposit address will appear in English, so press copy to copy it.
The Upbit Exchange buys enough Tron coins for futures trading. Here, if you withdraw Tron at 990,000 won for less than 1 million won, you can do the same as usual. If you withdraw more than 1 million won, select the exchange as bi-bit, and the account information matches the overseas exchange and withdraws only when you complete kyc certification.
You can now withdraw the purchased Tron by Vibit. Click Deposit and Deposit and select Tron. You can make the withdrawal quantity to the maximum.
Once you have completed the Kakao Pay authentication, we will move on to the next screen.
Now, you can paste the copied Tron deposit address by pressing copy on the byte to the recipient’s address. Once authenticated, the withdrawal will be completed in five minutes
Click sell TRX on trx/usdt in the bi-bit search box and sell it all.
It literally means selling trx as usdt, so if you sell it, it’s all converted to usdt.
If you sell Tron in Upbeat, it becomes won, right? You can think of it as usdt, not won.
Click transfer in assets
Now that we’ve changed all the trons to usdt, we’ll have usdt when we go into the assets screen. You can move this from the spot wallet to the gift wallet. For example, if you have 1 million won in your spot wallet and I’m going to trade 500,000 won as a gift, you can just send me 50%. Click transfer.
usdt Send from spot wallet to gift wallet
Spot account is a spot account, and derivatives account is a gift account.
For from, select spot account and derivatives account for to, and then select coin type as usdt.
You can enter the amount of usdt as much as you want to trade in futures and click Confirm.
Usdt is a stable coin that allows you to trade futures, which is linked to the value of one dollar. If you need to convert the won accurately,
You can type usdt calculator on Google.
If you click derivatives in the assets, the usdt you transferred is in the gift wallet. Now you can use this to trade futures. You can think of usdt as an upbeat won.
Click home and click on the search window. Here, the gray letter below that says spot in small letters is spot transaction. You have to choose the one with usdt perpetual on the back to make a futures transaction. usdt perpetual is a usdt indefinite futures contract.
Since it is a futures contract without an expiration date, the position will continue to be maintained unless it is liquidated or terminated directly.
On this screen, you can set up chart auxiliary indicators or notifications and select long or short.
Let’s start with the most basic long and short concept of futures trading.
You can enter the long position when long is expected to rise above the current price. There is a concept of liquidation because there is a profit if it rises just like spot transactions, and there is a loss or leverage if it falls, there is a concept of liquidation.
You can enter the short position when you expect the short to fall below the current price. You can think of it as a short selling concept. If it falls below the transaction price, it’s a profit, if it rises, it’s a loss.
The funding fee is a kind of fee concept to match the ratio of long position and short position as above.
When a short position is concentrated in a long position, a funding fee is paid to Long->Short, and when a short position is concentrated in a short position, a funding fee is paid to Short->Long.
The funding fee will be charged every 8 hours from the total size amount you bet.
If you don’t know, refer to this article and it explains how to calculate the funding fee in detail.
Click isolated on the screen above to set the cross and isolation leverage.
Leverages can be set up to 100 times based on the bi-bit exchange.
What is leverage?
Example: 10x Long Position
Currently, the investment of 1 million won is 10 times longer
If the price of Bitcoin increases by 10%, it is 100,000 won in profit for spot transactions, but since futures transactions have doubled by 10 times, it is 1 million won in profit. If it’s 100 times higher, it’s 100% profit, so it’s 1 million won profit, right?
The only thing to note here is liquidation.
Liquidation is the most dangerous thing in futures trading.
Since he hit 10 times, if he falls 10% rather than 10% higher, all the 1 million won he bet on is a loss. The spot transaction can survive if it survives, but if the bet of 1 million won is 100% liquidated, even if it rises again, it is already liquidated, so it is a definite loss.(Laughing)
Cross and Isolation
He moved 1 million won from the spot wallet to the gift wallet and bet twice 100,000 won on Bitcoin Let’s assume.
If you enter isolation here, the maximum loss is 100,000 won because you bet only 100,000 won even if you lose. However, the scope of liquidation is narrower than that of the cross, so if it falls due to the whipsaw, it can be quickly liquidated.
Example: $20,000 entry liquidation price: $18,000 so if Bitcoin reaches $18,000, it will be liquidated and only 100,000 won will be lost.
If you enter the cross, the risk of liquidation is relatively low because the scope of the liquidation price is widened instead of holding the security money in the entire 1 million won in the futures wallet. Instead, if it falls more than you think, the maximum loss will be 1 million won.
For example, the liquidation price entered at $20,000: $10,000 and Bitcoin at $10,000 will be liquidated and all 1 million won in the futures wallet will be lost
Finally, you can change the purchase price unit from btc to Usdt at order by cost
Since it is inconvenient to convert the price of btc, I set it as usdt because it is convenient to see it as usdt.
Once you have entered the position, the position window below appears as above.
Position size is the amount you entered.
Entry price is your evaluation price.
Mark price is the current bitcoin price
If the market price is higher than your own evaluation price because it’s short, you’re losing it, right?
The most important Liq price is liquidation price. If the Bitcoin mark price becomes $32,359, all the positions you entered will be liquidated because you entered quarantine. If it’s a cross, the liq price will be high instead of being robbed of the gift wallet, right?Hah!
So far, we’ve learned how to sign up for Vibit and trade futures!
[Source] How to sign up for a bi-bit exchange and trade futures | Author Schutzby