How to calculate BitMart contract transaction fees

How to Calculate BitMart Contract Transaction Fees

BitMart is a cryptocurrency exchange that offers a variety of trading options, including spot trading, margin trading, and futures trading. When trading futures contracts on BitMart, it's important to understand how transaction fees are calculated.

1. Understanding Contract Transaction Fees

Contract transaction fees on BitMart are calculated based on the following factors:

• Trading volume: The higher the trading volume, the higher the transaction fee.
• Maker or taker fees: Makers are users who place orders that add liquidity to the order book, while takers are users who place orders that remove liquidity from the order book. Makers typically pay lower fees than takers.
• VIP level: BitMart offers a VIP program that provides discounts on transaction fees. The higher the VIP level, the greater the discount.

2. Calculating Contract Transaction Fees

To calculate the contract transaction fee for a given trade, follow these steps:

-Identify the trading volume. This is the total value of the contract being traded.-Determine whether you are a maker or taker. If you are placing an order that adds liquidity to the order book, you are a maker. If you are placing an order that removes liquidity from the order book, you are a taker.-Check your VIP level. If you are a VIP member, you are entitled to a discount on transaction fees.-Refer to the fee schedule to determine the applicable fee rate.

3. Fee Schedule

BitMart's fee schedule for contract transaction fees is as follows:

-Makers: 0.02%-Takers: 0.06%-VIP 1: 0.015% (10% discount)-VIP 2: 0.012% (20% discount)-VIP 3: 0.01% (30% discount)-VIP 4: 0.008% (40% discount)-VIP 5: 0.005% (50% discount)

4. Example Calculation

Let's say you want to trade a contract worth $10,000. You are a maker and a VIP 2 member. The transaction fee would be calculated as follows:

-Trading volume: $10,000-Fee rate (for makers and VIP 2 members): 0.012%-Transaction fee: $10,000 x 0.012% = $1.20

5. Additional Considerations

In addition to the transaction fee, you may also need to pay a funding fee. Funding fees are paid by traders who hold positions overnight. The funding rate is determined by the demand and supply of the contract.

6. Minimizing Contract Transaction Fees

There are a few ways to minimize your contract transaction fees on BitMart:

-Become a maker. Makers pay lower fees than takers.-Increase your trading volume. The higher your trading volume, the lower your effective fee rate.-Join the VIP program. VIP members receive discounts on transaction fees.