- 0
Charged 3 days interest for index CFD despite closing positions before 10pm cut-off time
Asked by
elbak283,
-
Posts
-
By cryptostar · Posted
Ethena’s USDe skyrockets to become the third-largest stablecoin, surpassing DAI with a $5.5 billion market cap. Backed by BTC and ETH, its yield of 27% attracts massive investor interest. Recent growth fueled by USDe’s Aave integration highlights its dominance in the DeFi space. The market has also been thriving, now exceeding $200 billion. Tether leads with $138 billion in circulation, followed by USDC at $40.7 billion. USDe’s rise outpaced competitors, with a supply increase of $3 billion in under two months. Ethena Labs’ USDe, surpassed the Maker DAO’s DAI. With a market cap of $5.5 billion, USDe is now behind only Tether (USDT) and USD Coin (USDC), which dominate the stablecoin market. This rise is attributed to USDe’s impressive growth of nearly 90% since November 1, driven by its unique yield-bearing features. The integration of staked USDe (sUSDe) on Aave last month was a game-changer, enabling users to leverage its yield by borrowing other stablecoins, further boosting demand. Aave confirmed sUSDe as its fastest-growing asset, sparking significant interest across the DeFi space. The rise of Ethena's USDe stablecoin has positively impacted ENA's market sentiment, positioning it for long-term growth. Ethena's ENA token has experienced considerable growth in recent months, with a notable surge in its market cap. While it currently trades at around $0.40, projections for 2024 suggest moderate gains, with a potential range between $0.60 to $1.00. source - Coinpedia market For the latest Ethena price prediction and its potential growth, refer to multiple sources for accurate analysis, including recent market trends and expert forecasts. Ethena's USDe has quickly ascended to become the third-largest stablecoin, surpassing DAI with a market cap of $5.5 billion, thanks to its impressive growth and Aave integration. This surge has positively impacted Ethena's ENA token, positioning it for long-term growth. With market predictions for ENA showing potential gains, Ethena's future looks promising. -
By tradinglounge · Posted
FTNT Elliott Wave Analysis Trading Lounge Fortinet Inc., (FTNT) Daily Chart FTNT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave (3). DIRECTION: Upside within wave 5 of (5). DETAILS: We are looking for a bottom in wave 4 as we have approached TradingLevel1 a 100$. Fortinet Inc., (FTNT) 1H Chart FTNT Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave {c} of 4. DIRECTION: Bottom in wave {c}. DETAILS: Looking for one more leg lower into wave 4 to then turn higher. Equality of {c} vs. {a} stands at 89$ while another feasible target is at 93$ which is 0.618 {c} vs. {a}. In this Elliott Wave analysis, we will review the trend structure of Fortinet Inc., (FTNT) using both the daily and 1-hour charts to assess the current wave position and potential price movements. * FTNT Elliott Wave Technical Analysis – Daily Chart* Fortinet (FTNT) appears to be in wave 5 of (5). Currently, it is finding support as it approaches TradingLevel1 at $100, which coincides with the expected completion of wave 4. Once wave 4 forms a bottom, the analysis suggests further upside potential as wave 5 unfolds. * FTNT Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, FTNT is in the final stages of wave {c} of 4, which could complete the wave 4 correction. The next leg lower is anticipated to end around $89 (equality of {c} vs. {a}) or $93, which corresponds to the 0.618 Fibonacci retracement of {c} vs. {a}. After this, we expect a turn higher, marking the beginning of wave 5. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here! -
BGB has been absolutely killing it this year, and I think a lot of it comes down to Bitget consistently giving holders solid reasons to stay invested. I’ve been holding BGB since it was around $0.8, and seeing it hit $2.9 has been a wild ride. Features like Launchpool and Candybomb have made it easier to earn while holding, and honestly, the trust that the exchanger has built with that $643M protection fund makes me feel even more secure. If this momentum keeps up, I wouldn’t be surprised to see it hit $5 soon
-
Question
elbak283
Hi,
Last Friday, I wanted to hold an index CFD cash short for a longer period of time, so I closed the short and immediately opened a short CFD futures on the equivalent index for the equivalent exposure. I did this because I specifically wanted to avoid overnight funding interest charges, which according to IG's website, will apply in the following circumstance:
"Please note that open positions held through 10pm (UK time) on Fridays will be adjusted for three days’ worth of funding to cover the weekend."
Source: https://www.ig.com/au/help-and-support/cfds/fees-and-charges/why-is-overnight-funding-charged-and-how-is-it-calculated-
I had taken out 40 US 500 Cash (A$1) short contracts at the beginning of the week last week, and closed it out on Saturday 14 Aug at 2:11 am Australian Eastern Standard Time. This is approx Friday 13 Aug at 5:11pm in UK time (Australia is approx 9 hours ahead of the UK). The short was the only active position on my CFD account. I then opened a short SEP-21 futures contract.
I went to bed thinking that because I closed my position 4 to 5 hours before the 10pm Friday UK time cut-off date, I had avoided overnight interest charges.
This morning, I go to check my transaction history, and find that I've been charged A$43.20 under description of "short interest for 13/08/21 to 15/08/21".
Can anyone help me understand why I've been charged overnight funding interest for 3 days, when I closed my index CFD on Friday afternoon UK time? I thought I did everything right - switching to futures from cash contracts before the cut-off time avoid overnight funding, but apparently this is not the case.
Any help appreciated.
4 answers to this question
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now