Kucoin Margin Loans (shorts) Incorrectly Calculating?

Koinly Support
#1

Describe the problem:
It seems as though for margin loans on Kucoin the actual gain/loss is not being calculated correctly. I’ve provided an example below to describe the exact issue:

  • There is an initial margin loan for 15,000 BAT.
  • That BAT is immediately traded for 11,656.58… USDT
    (For some reason, this is calculated as a loss here? There should only be the .1% trading fee and a .1% taker fee on this trade. The trade happens at the exact same second that the BAT is borrowed)
  • The sold BAT is purchased back for $11,107.93 ($548.65 less than was initially sold for)
  • BAT is repaid back (plus interest on the loan) worth $10,750.75
    (I would expect this to be a profit of $11,656.58 - $10750.75 - fees… I also have no idea where $12,397.38 cost basis is coming from, and not sure that’s calculating correctly??)

Anyway, this is pretty unexplainable and seems like it’s the reason for about an $80,000 P&L difference for me.

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Which exchange/wallet is this regarding?
Kucoin

How did you import data into this wallet?
API Sync

What have you tried to fix this so far?
I’m not sure I can fix this… it seems like a code issue after hours of looking into these transactions. But would be happy to be told there’s something I can do to fix it! Unfortunately this is thousands of trades, and not an easy manual fix.

1 Like
#2

Hello!

Alex from Koinly here :slight_smile:

This could be affected by the cost basis method that you have.
For example if you have bought any BAT at a different time/in a different wallet then it could be possible that it’s being included in the cost basis for these transactions.

But it’s a bit hard to say without checking closer, so could you please send us an email at [email protected] so we can give more detailed support? :slight_smile:

Best regards,
Alex

#3

I checked to make sure the ledger was correctly showing 0 BAT prior, but I’ll shoot over an email to you guys! I had opened a support ticket (not sure if they get routed to the same place?) but haven’t heard back in a few days.

#4

Have you gotten resolve on this? I am having the exact same problem. My gains are inflated by $36,000 because of this glitch

#5

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