Record of 20250311-Binance Subscription BMT

Process: Buy 3.01 BNB on Binance and open an equivalent short hedge, transfer to Binance non-custodial wallet, subscribe using BNB within the limited time, then obtain BMT and the BNB returned from oversubscription, convert BMT to USDT, and finally transfer BNB and USDT back to Binance to close all positions.

This subscription was very popular, with a subscription rate of only 0.741%, but the subscribed portion made a profit of 675% or 83.46 USDT (sold at a good price, around 0.17, with a peak at 0.18+).

After expenses, the profit is 78.10 USDT, with capital used around 2,000 USDT, a return rate of about 3.905%, opportunity cost of about 0.00228% or 0.0457 USDT, and excess return of about 3.903% or 78.05 USDT.

In terms of losses, various fees totaled 1.97 USDT, with a net loss of 3.17 USDT from the contract and spot price difference. Regarding fees, spot accounted for the bulk, contracts followed, while on-chain transaction fees were relatively low, totaling only 0.31 USDT. Some trading fees have been reduced through rate discount trading pairs, such as free spot orders for BNB-FDUSD and free contract orders for USDC, but there is still room for improvement. The issue of spot and contract price differences is quite difficult to resolve, considering future borrowing to acquire platform tokens.