Simple interest is calculated according to the hourly interest rate. The interest calculation hour is calculated based on the actual borrowing time of the user. Every 60 minutes is counted as 1 hour (calculated from the time when the loan is successful, and less than 60 minutes is calculated as 1 hour), and the interest is calculated once when the loan is successful. Interest will be charged every 1 hour thereafter.
When the user’s loan assets are returned, the loan order is used as the unit, and the principle (including currency financing and interest) is to be returned in the currency for which the loan is applied.
Interest calculation
For example: If the user borrows 0.1 BTC through a principal of 1000 USDT in the margin account, the hourly interest rate is 0.0033%. When the user returns within one hour, he needs to return 0.1 * (1+0.0033%*1) = 0.1000033 BTC. At this time, if the BTC in the account is less than 0.1000033, the user needs to convert USDT into BTC or recharge BTC to repay successfully. When the user returns in the 19th hour (not exceeding 20 hours), he needs to return 0.1 * (1+0.0033%*20) = 0.100066 BTC.
Interest Modes
In the normal mode, the user needs to repay the coins manually, please return the loan and interest in time to avoid the loss of funds caused by forgetting.
In the auto mode, the user does not need to borrow/return the crypto manually, the system will automatically determine whether the user needs to borrow crypto according to the user’s available assets and the number of orders placed. When placing an order, it starts to calculate the interest at the same time; if the user cancels the order when the order is not filled or partially filled, the system will automatically repay the crypto to reduce the interest generated by the user’s loan funds.
Start your travel on MEXC
