Today a brother said that the trading fees for contracts are too high.
You can see that the profit is 66, and the fee accounts for 50. In fact, this is just the fee charged when closing the position, the fee for opening the position hasn't been calculated yet, and when calculated, it's still a loss.
You can see that the transaction type is market price, Binance's market price fee rate is 0.05%, and you can calculate how much the opening and closing fees are at the time of opening.
The number of transaction coins is 40, and the average opening price is 2523.46u.
The value of the position is 40×2523.46＝100938.4u.
Market price fee rate is 0.05%, the fee required for opening a position is 100938.4×0.05%=50.469u.
The total opening and closing fees are 50.469×2=100.938u.
How can we reduce the fees?
Types of opening and closing positions.
The types for opening and closing positions are divided into limit orders (limit price) and market orders (market price). The fee for limit orders (limit price) is 0.02%, while for market orders (market price) it's 0.05%. It's best to use limit orders (limit price) for transactions, but this might lead to inability to execute.
BNB deduction.
On platforms like Binance, you can use platform coins for deduction, with spot deductions at 25% and contract deductions at 10%. Note that for spot deductions, you need to have BNB in the spot account and confirm that deductions are enabled. For contract deductions, you need to have BNB in the contract account and confirm that deductions are enabled.
VIP discounts
Upgrading to a VIP level can lower the rates, but the cost is much higher.
Bind invitation relationship.
You only need to bind an invitation ID to receive a proportionate rebate on the fees incurred, this is the most direct way.