How to trade on Bitsnap?
Last updated
Last updated
Trading on Bitsnap is very simple. You can go long or short on a cryptocurrency, using BTC as an example:
The candlestick chart here is a 30s candle. Each round consists of 2 sessions, Trade session and Result session, each session corresponds to 1 candle.
Trade session (30s): user creates 1 or more orders with 2 inputs: Trade amount + prediction result (Up/Down).
Result session (30s): user waits for the result to see if win/lose/tie.
Users can open orders at any time during 1-30 seconds of the Trade session, with Bitsnap using the price at the 30-second mark as the Base price.
During 1-30 seconds of the Result session, users need to wait for the result, and Bitsnap will use the price at the 30-second mark of the Trade session as the Result price.
The Trade session and Result session together take a total of 1 minute.
Bitsnap compares the Base price with the Result price to determine whether the user wins, loses, or ties.
The platform charges some fees on every transaction amount.
Bitsnap's price index sources include spot and contract trading prices from Binance, Coinbase, Bitmex, OKX, Deribit, and Upbit. Bitsnap opens positions in perpetual contracts and options on these exchanges at the 30-second mark based on users' net positions, and closes them at the next 30-second mark.
You place a 100 USDT long order on BTC at the 20th second of the trading session. At the 30th second, BTC's value is 60,000, which will be set as the base price. At this point, you will stop placing orders and enter the results session. Bitsnap will use your net position of 96 USDT (after deducting the 4 USDT fee) to execute a hedging trade on other exchanges.
If the price at the 30th second of the results session is 61,000. Since 61,000 > 60,000, your long position is successful. You will profit 96 USDT, and the system will return your initial 100 USDT plus 96 USDT in profit, totaling 196 USDT.
If the price at the 30th second of the results session is 59,000. Since 59,000 < 60,000, your long position fails, and you will lose 96 USDT.
If the price at the 30th second of the results session remains 60,000. Since 60,000 = 60,000, it is a tie. The system will return the 96 USDT to your account.
Bitsnap will compare the Base price from the Trade session with the Result price from the Result session and display the results using Bead Plate and Big Road formats.
Bead Plate: Records each round's result as either Up, Down, or Tie.
Big Road: A visual representation of winning streaks and patterns.
