Some constructive criticism on FTX UX & IUI.
One thing that needs to be way clearer is how the spot margin works. There are a few obvious flaws: (thread)
Conversation
1) Spot margin trades with borrows don't offer any calculator for what amounts to liquidation, there isn't an easy way to see a "position" and track it
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2) Borrowing can be very confusing. I'm still not quite sure what happened, but here's what I THINK happened. I enabled spot margin and entered a position in sport SRM with borrowed funds. After a successful trade I sold all my SRM, only to find out that I still have borrowed USD
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If I understand correctly, to enter a USDT position I ended up automatically borrowing USD, converting it to USDT and then when I sold, I sold to USDT so my borrowed funds weren't returned.
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But here's the frustrating part: There isn't a simple way to just 1-click return all borrowed funds. I had to agonize between the various screens. "Convert" didn't work because for some reason it won't let me convert the whole USDT wallet.
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I ended up having to go to USDT spot trading and sell there. It was a painful UX experience.
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What would help is:
1) An easy way to return all borrowed funds in one click
2) If borrowing for another coin and then selling, it should ideally offer to return borrowed funds
3) Borrowed funds should also be easily returnable from wallet (without having to go to spot markets)
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Replying to
weird!
1) did you buy on ftx.com/trade/SRM/USD and then sell on ftx.com/trade/SRM/USDT? If so that's how you ended up long USDT and short USD
2) we do automatically return borrows when you get spot; guessing you want a "sell enough so that you're not borrowing" button?
1) Yes. That was the mistake. Getting out of that situation was impossible via wallet (It wouldn't let me "convert"), only via Spot. It was agonizing.
2) Yes! That'd rock
3) Some way to track borrowed spot positions in a list and calculators. Right now too much data is hidden.