FTX: Autosync is Missing Data, Koinly Doesn't Understand Short Trades

Koinly Support
1

Describe the problem:

My problem is two fold:

  1. Importing FTX via API leads to a mismatch between holdings and and calculated balances. When I do a manual import of traders, the numbers reconcile (I did this to test), but the more convenient Auto-Sync option fails, unfortunately.

  2. Koinly doesn’t seem to understand FTX short-selling of contracts. When there is a sell without a corresponding buy on -PERP or other futures, it gives an error about missing purchase history, and then books the sale as a pure gain on 0 cost basis. This leads to chaos in my books, because I have a lot of short-selling in history.

Which exchange/wallet is this regarding?
FTX

How did you import data into this wallet?
Auto-sync

What have you tried to fix this so far?
I did import manually in order to fix this, but then I lose all the helpful auto-syncing of other trading activity

2

We dont support margin trading on FTX at this time but are looking into ways of fixing this. Regarding the auto-sync issue, please email support@koinly.io and we can try to see what the API is missing.

3

is there any way to fix these transactions maybe with inserting a manual transaction prior to opening a short?

4

There doesn’t seem to be an answer from koinly regardin this issue. They are dead silent on every thread pointing this out. This is the first and last year I will be using Koinly

5

So they let you get day into importing your data and paying them lots of money until you find out there is no way to get an accurate report! My shorts and margin borrows are not accounted for properly (the former counts the short proceeds as gains!). Who knows what else they got wrong since they “don’t support margin trading on FTX (FTX is a margin trading platform!)”

Kind of a disaster.

6

I am in the same situation with them. Signed up only to find it is entirely unusable with FTX. Does anyone have a recommendation for another platform?

7

Hi
I am just going through as my tax report last year didn’t look right and also for this year. I took a margin trade on FTX in Nov 21 and closed out bit by bit into summer last year and wrongly assumed the Koinly report was correct. Did you guys resolve this at all or is it a case of going through each transaction manually?

8

Hi @Michelle1,

Thank you for your patience and inquiring about this! Regarding the FTX API, it stopped working in November 2022. For users connected via API prior to that time, your previous transaction data is safe and stored in Koinly.

Margin trades on FTX are imported as PnL so you will not see any actual trades, only the profit/loss from the trades. We have more details below on PnL and how they’re represented in the reports.
https://help.koinly.io/en/articles/4933122-futures-pnl

There may be another issue happening in the wallet that is contributing to the inaccuracies you’re spotting in the report. Would you please connect with our support team so that we can thoroughly investigate the wallet?

support@koinly.io

We look forward to hearing from you, Michelle!