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BINANCE MARGIN #ONE HOUR
Binance Margin is extending a new promotion for BTC, ETH, SOL, MATIC, XRP, FIL, WLD, LPT, DOGE, HBAR, VET, GRT, ARB, OP, LINK, FET and AGIX at 2024-02-27 09:00 (UTC).
Promotion Period: 2024-02-27 09:00 (UTC) to 2024-03-12 09:00 (UTC)
During the Promotion Period, all users who borrow any of these eligible cryptocurrencies on Binance Margin, will automatically receive a one-hour interest fee waiver.
Example:
User A and User B have each borrowed 10 BTC at 2024-02-27 09:20 (UTC). Both User A and User B then complete repayment on the same day at 10:15 (UTC) and 09:55 (UTC) respectively.
Given that interest on Binance Margin accrues at the start of every hour (e.g., at 09:00, 10:00, etc.), User A and User B should be charged for two hours and one hour of interest respectively under standard circumstances (i.e., outside of the Promotion Period).
Assuming that the hourly interest rate for borrowing BTC is 0.001%, User A will be charged an interest of [0.001% * 10 BTC * (2 - 1) hours] = 0.0001 BTC, since users will automatically receive a one-hour interest fee waiver during the Promotion Period.
On the other hand, since User B has completed repayment within the first hour of borrowing, there is no interest charged. The interest calculation is as follows: [0.001% * 10 BTC * (1 - 1) hours] = 0 BTC.
Binance Margin is extending a new promotion for BTC, ETH, SOL, MATIC, XRP, FIL, WLD, LPT, DOGE, HBAR, VET, GRT, ARB, OP, LINK, FET and AGIX at 2024-02-27 09:00 (UTC).
Promotion Period: 2024-02-27 09:00 (UTC) to 2024-03-12 09:00 (UTC)
During the Promotion Period, all users who borrow any of these eligible cryptocurrencies on Binance Margin, will automatically receive a one-hour interest fee waiver.
Example:
User A and User B have each borrowed 10 BTC at 2024-02-27 09:20 (UTC). Both User A and User B then complete repayment on the same day at 10:15 (UTC) and 09:55 (UTC) respectively.
Given that interest on Binance Margin accrues at the start of every hour (e.g., at 09:00, 10:00, etc.), User A and User B should be charged for two hours and one hour of interest respectively under standard circumstances (i.e., outside of the Promotion Period).
Assuming that the hourly interest rate for borrowing BTC is 0.001%, User A will be charged an interest of [0.001% * 10 BTC * (2 - 1) hours] = 0.0001 BTC, since users will automatically receive a one-hour interest fee waiver during the Promotion Period.
On the other hand, since User B has completed repayment within the first hour of borrowing, there is no interest charged. The interest calculation is as follows: [0.001% * 10 BTC * (1 - 1) hours] = 0 BTC.
