I think I’ve made a mistake. Luckily, I only funded my account with a small amount to guard against this, but I’d like to figure out what’s going on.
I’m holding bitcoin. Noticing that the futures price was much lower than the spot price, I bought September XBT futures intending to hold until resolution and make a small profit compared to just holding bitcoin.
I bought using cross margin, and accidentally used 0.5x leverage instead of 1. I bought at 6020 and the price is now 5980. However, the “unrealized PNl” says -56%. Did I lose 60% of my investment? How?