I'll never forget yesterday in a hurry as it's the first time I experienced this as I decided to short Hive on Bybit. I had been watching the market for weeks, and I was convinced that the price was due for a correction due to fvg created yesterday on the 1hr TF . I set up my short position, confident that I would make a tidy profit as the price fell.
But little did I know, I was in for a rude awakening. As the hours ticked by, I noticed that my position was being drained by high funding fees. I had set my leverage too high, and the fees were eating away at my margin like a hungry beast.
At first, I thought it was just a minor setback. I adjusted my position, hoping to mitigate the damage. But the fees just kept coming, like a never-ending nightmare. I was being charged every hour, and the amount was staggering, as I kept checking my account balance trying to balance it up but only to notice it keep reducing even after make little profit trading other assets
I tried to close my position, but the fees were too high. I was trapped, unable to escape the vicious cycle of funding fees. My account was being drained, and I was powerless to stop it.
As the day went by, I watched in horror as my balance dwindled to 27$. The funding fees had stolen my money while it was sitting at 0.66% per hour , leaving me with a mere fraction of my original investment. I was devastated, feeling like I had been robbed blindly although I still held the position with the hope of recovering some of the stolen funds
I learned a valuable lesson since yesterday to never underestimate the power of funding fees. They can be a silent killer, draining your account without you even realizing it. I vowed to be more careful in the future, to always keep a close eye on my fees and to never again fall victim to the funding fee Fiasco. As I am patiently waiting for pull back to exit my position and restrategies.
If you're a trader on Bybit, beware of the funding fees. They may seem small at first, but they can add up quickly, stealing your money and leaving you with nothing. Be cautious, be careful, and always keep a close eye on your fees. Don't let the funding fee fiasco happen to you.
What are your thoughts on funding fees? Have you ever fallen victim to high fees
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