Earning Interest Income Using XBTUSD (de la lista de correo de BitMEX)


#1

En el último boletín de BitMEX hay una sección que titulan “Earning Interest Income Using XBTUSD” que parece bastante interesante como alternativa a ganar un pasivo prestando dinero en Bitfinex, Poloniex o similares, pero no consigo entender bien el funcionamiento de la estrategia. Os copio esa parte del boletín y si alguno puede explicarlo se lo agradecería. No es un problema de idioma, es un problema de entender la estrategia, no veo de donde viene el interes que recibes.

Bitfinex has the most robust Bitcoin margin trading platform globally. Their USD and Bitcoin borrow market is the secret sauce. Users desiring passive income deposit USD and Bitcoin. Traders who wish to go long or short with leverage borrow these funds.

The biggest risk for lenders is if Bitfinex steals their funds, or the auto-liquidation process does not work correctly and lenders suffer a loss of principal. Because of the deflationary nature of Bitcoin and the unlimited upside potential, USD rates are usually higher than Bitcoin ones.

What if there was a way to earn the high spread between USD and Bitcoin rates with minimal counterparty risk? The trading strategy below accomplishes this goal.

The BitMEX XBTUSD Swap

The key piece to this strategy is the BitMEX Bitcoin / USD swap product, XBTUSD. XBTUSD allows traders to go long or short the Bitcoin / USD rate with up to 100x leverage and does not expire. Each XBTUSD contract is worth $1 of Bitcoin. To learn more about the swap structure, please read Swaps 101. Henceforth I will assume readers understand the mechanics of XBTUSD.

If the USD rate is greater than the Bitcoin rate, sellers of XBTUSD will receive daily Bitcoin interest income. Going naked short XBTUSD to earn interest income exposes your portfolio to Bitcoin price risk. The solution is to hedge your short XBTUSD position with a long spot Bitcoin position.

Trade Flow:

With $10,000, buy 20 Bitcoin at a price of $500.
Transfer a minimum of 0.2 Bitcoin as margin to BitMEX, then sell 10,000 XBTUSD contracts at $500.
Store the remaining Bitcoin securely in cold storage.
Each day you will receive the USD Rate – Bitcoin Rate.
Counterparty Risk

By leaving your money with Bitfinex, 100% of your capital is exposed to counterparty risk. By trading XBTUSD, you can reduce your BitMEX counterparty risk to 1% of your capital. However, using high leverage for this strategy is not advised.

You don’t have to use the maximum 100x leverage. The less leverage you use, the less you need to monitor your XBTUSD position. If the price rises, you must deposit additional margin so that your position is not liquidated.

Bitcoin Price Risk

Each XBTUSD contract is worth $1 of Bitcoin. Selling 10,000 XBTUSD contracts at $500 locks in the value of 20 Bitcoin at $10,000. Whether the price goes up or down, you will have $10,000 worth of Bitcoin.

Interest Income

Your daily interest income will be paid in Bitcoin. You are free to withdraw the Bitcoin interest income at any time.

This strategy is perfect for those traders who do not have a view on the future price of Bitcoin, but want to capitalise on the high rates of interest charged for margin trading.


#2

Si no tienes problemas aqui encontraras la explicacion:

https://blog.bitmex.com/swaps-101/
"…
BitMEX Swap Basics

BitMEX swaps mimic the exchange of cash flows and price performance inherent in trading any currency pair. Every currency pair consists of a base and quote currency. The base currency comes first then the quote currency in any currency pair code. For ETHXBT, ETH is the base currency and XBT is the quote currency.

Imagine you want to buy ETH. You first need to borrow XBT to exchange it for ETH. The person lending you XBT will charge you a rate. Once you have purchased ETH, you can lend it out to someone else.

In this example, as a buyer of ETHXBT, you pay the XBT (quote currency) rate and receive the ETH (base currency) rate. The opposite is true if you wished to sell ETHXBT.

To perfectly replicate the action of borrowing and lending the base and quote currency, buyers of BitMEX swaps must pay the quote currency rate and receive the base currency rate. Sellers of swaps must pay the base currency rate, and receive the quote currency rate.

BitMEX does not operate a lending market for either the base or quote currency, so the rates reference an external third party market.

Buyers and sellers swap interest rate payments for exposure to the underlying asset. Buyers of ETHXBT are long and profit from a rise in price; sellers of ETHXBT are short and profit from a decline in price.

The net of the base and quote interest rates is the Funding Rate. The Funding Rate is charged each day at the Funding Timestamp based on the value of the position. It’s just like a bond. If you hold the bond on the coupon date, you get a payment. If you do not, you get nothing. If you buy ETHXBT and sell it before the Funding Timestamp, you are not eligible to pay or receive the Funding Rate.
Swap Boxes And Arrows

BitMEX Swaps Flow

The diagram above shows the interest payments and performance obligations for buyers and sellers of ETHXBT.
…"


#3

A simple vista diría que me parece un interés ridiculo el que recibes. (Edit: Ya me vale, no es tan ridiculo, hay que multiplicar el interes diario por 365 dias que tiene el año. en este caso 0,0325x365=11,7% anual. Asi suena mejor)
Mi opinión personal es que seguramente, el que siempre gana es ‘la banca’, en este caso BitMEX, vendiendo su producto…

"XBTUSD is a XBT/USD swap contract priced on the .XBT Index. Each contract is worth $1 of Bitcoin.

Funding pays out each day at 14:00 (12:00 UTC). Buyers receive the .XBTBON24H Index interest rate and pay the .USDBON24H Index interest rate. Sellers receive the .USDBON24H Index interest rate and pay the .XBTBON24H Index interest rate.

Today, longs will pay 0.0325%, and shorts will receive 0.0325% at 14:00 (12:00 UTC). BitMEX does not charge fees on funding payments.
…"
https://www.bitmex.com/app/contract/XBTUSD


#5

Gracias, aún no he leído propiamente tu post pero durante esta semana me pongo y hago una prueba arriesgando poco.

El interés ridículo, si es comparable al de bitfinex ya me vale. Todo lo que este por encima de un 0.025% diario es bueno en crypto IMO, y por diversificar y arriesgar menos cantidad en exchange ya va bien.


#6

¿Lo has probado kaene? Yo he entrado para echar un vistazo y no entiendo dónde habría que hacer en “funding” para prestar para esos swaps. Tal vez es que no he entendido cómo funciona…


#7

Vale, ya he entendido cómo funciona, no me interesa.


#8

finalmente realizasteis la estrategia? ahora mismo debéis estar perdiendo dinero no?


#9

estoy interesado en que alguien que lo haya utilizado comente un poco . gracias!


#10

hay una manera de ahorrar en las tarifas de bitmex, puedo publicar si estás interesado