Warning 1: When entering a position with Cryptolend bot, you accept to short Bitmex XBTUSD derivatives. Your bitcoins will be changed into USD equivalent value, so the loss in BTC value can be substantial. There is a high risk of losing your capital or getting negative interest, depending on your strategy and on the bitcoin trend. Please document yourself a lot and use with extreme caution.
Warning 2: Bitmex fees for opening or closing a position is 0.075%. So don't activate and disable funding too many times.
Warning 3: Beta version. We are still doing modification on this feature. We will detail any change in the Annoucements page.
Cryptolend automates the process described in the Bitmex blog, to help you focus on earning interest.
First, deposit funds to Bitmex and create an API with only Order rights (uncheck Withdraw rights). Come back here and fill in your API key in the section Account, then activate the funding in the section Strategy.
The button Activate funding will sell XBTUSD contracts with your full BTC balance (1x leverage). For instance, if your balance is 1 BTC, and the price is 500$, then it will short XBTUSD with 500 contracts. Monitor the interest earned in the section Loans. For each $ earned, our engine will automatically increase your position with 1 XBTUSD contract, so the interest will be compounded. Our engine will also close your position if rates become too low.
In the Expert mode in the section Strategy you can change the following settings:
The button Disable funding will close your position by rebuying all XBTUSD contracts and disable the strategy. You can then withdraw your funds from Bitmex if needed.
We are really interested by your remarks or feature request. Please contact us here