How to close BitFlyer contracts

When closing a contract on BitFlyer, it is important to monitor the order and account for potential slippage, fees, and tax implications.

Nov 11, 2024 at 08:15 am

How to Close BitFlyer Contracts

Step 1: Choose the Contract You Want to Close

The first step is to choose the contract you want to close. BitFlyer offers a variety of contracts, including futures, options, and swaps. Once you have selected the contract you want to close, you need to decide whether you want to close it out partially or fully.

If you want to close out the contract partially, you need to specify the number of contracts you want to close. If you want to close out the contract fully, you do not need to specify the number of contracts.

Step 2: Select the Close Option

Once you have selected the contract you want to close, you need to select the close option. There are two ways to close a contract on BitFlyer:

• Market Close: This option will close the contract at the current market price.
• Limit Close: This option will close the contract at a specified price.

If you select the market close option, the contract will be closed immediately at the current market price. If you select the limit close option, the contract will be closed when the market price reaches the specified price.

Step 3: Set the Close Price (Optional)

If you have selected the limit close option, you need to set the close price. The close price is the price at which you want the contract to be closed.

The close price can be set to any price within the range of the current market price. If the close price is set to a price that is outside of the range of the current market price, the contract will not be closed.

Step 4: Confirm the Close Order

Once you have set the close price (if necessary), you need to confirm the close order. To confirm the close order, you need to click the "Close" button.

Once you click the "Close" button, the close order will be sent to BitFlyer. BitFlyer will then process the close order and close the contract.

Step 5: Monitor the Close Order

Once you have submitted the close order, you need to monitor the order to make sure that it is processed successfully. You can monitor the close order by going to the "Orders" tab in your BitFlyer account.

The close order will be displayed in the "Orders" tab with a status of "Pending" until it is processed. Once the close order is processed, the status will change to "Closed".

Additional Considerations

• Slippage: When you close a contract on BitFlyer, there is a possibility that the contract will be closed at a price that is different from the price you specified. This is known as slippage. Slippage can occur due to a number of factors, including market volatility and the liquidity of the contract.
• Fees: BitFlyer charges a fee for closing contracts. The fee is based on the type of contract and the size of the contract. You can find more information about BitFlyer's fees in the Fee Schedule.
• Taxes: You may be responsible for paying taxes on the profits you earn from closing contracts on BitFlyer. The amount of taxes you owe will depend on your tax residency and the tax laws in your jurisdiction.