FTX balance mismatch - probably due to collateral treatment

Hey there,

after importing my FTX account into accounting and seeing that all deposits, etc are correct I am noticing that the account balance is not showing up correctly.

FTX balance and accointing balance is far away from each other. This is most likely due to the fact that the deposited BTC works as collateral while gains and losses are being taken in form of an USD balance on the same account.

The actual BTC is only ever reduced when the USD balance (which in case of losses can be negative at any time) reaches a certain threshold and/or the account is liquidated. Only in this case the USD value is calculated against the BTC deposit / collateral

Is there currently some proper way of treating this fact within accointing in order to provide an accurate account balance?
Also I am not sure how this current status would affect a tax report.

Some help on this matter would be appreciated.

Regards,

MethorZ

Here are some other similar solutions, could you please check them:
Check the solution in this post: Portfolio Value graph incorrect
Also, can you send me a screenshot of your missing currencies under the Review tab?
Here is an article if prefer to read over watching that video. https://accointing.com/the-hub/2021/calculated-and-actual-balance/

Also keep in mind that Accointing takes the prices from CoinMarketCap, not from the exchanges themselves. Getting the prices from the exchanges themselves would take a ton of time and energy and may be possible in the future, but not at this time.

Are you trading Futures?

Hey there and thanks for the reply. The above link did not really help.

I am indeed trading futures on FTX. But I am now going through the data of the last 3 years in every aspect in order to find anything that is missing and validating data.

Allthough FTX seems to be consistent in itself

We will look into the issue to see if FTX sends spotty API for their futures data or if we missed something, thank you!

Hey Matt,

after spending 2 weeks fixing Binance and their really bad data I am now just left with fixing FTX in order to properly keep using Accointing for the future. :smiley:

I was analysing and trying to figure out how data is being handled, but so far I was not able to get anything consistent.
Note: I am using Cointracking as well as Accointing both together, as Cointracking in some cases is providing more / other data from the FTX (and Binance before that) API. I find this fact very interesting. :stuck_out_tongue:

Important: I am talking about FUTURES trading only here!

So heres what I found so far:

---- General usage of collateral and assets —

  • Deposited BTC is always used as a collateral for trading
  • Trading itself is always being done in USD, regardless of pair
  • For this it seems that internally they “convert” BTC to USD, while position size for example reflects this fact.
  • In the asset list I can always see my deposited BTC while at the same time trades executed count against the balance of USD. (The BTC collateral is NOT touched)
  • In case of losses on trades the USD balance is reduced and can go into a negative number.
  • BTC is only converted to cover the negative USD value in case of, for example, liquidation. In this case the collateral is used to cover the negative USD.

Docs to confirm this: https://help.ftx.com/hc/en-us/articles/360044411911-FTX-Features-Overview#h_45d8e38a-fb60-46dc-bd3a-aa98820afa32

— Discrepancies between Cointracking API import and Accointing —

Since I used both so far, I was able to compare the results from both of these and was able to find out that they dont really match in terms of imported transactions. I can see that CT is able to import at least double the amount of transactions (mostly Funding Payments alongside the PnL’s).

On Accounting’s side I mostly see margin gains (seems to match the PnL entries from CT, with minor discrepancies, probably due to fees).
The remaining entries (flagged: margin fees) imported from FTX for me personally seem to not relate / match at all. While this does not mean they are incorrect, I am not able to currently figure out what their composition is.

→ Maybe you could give me some insight in the imported trx marked as “Margin fee”? Also the timestamps from these imported trx seems to be a bit random. I would expect some scheme in them. For exmaple hourly, once a day for PnL or alike. Or on every trade performed.

Would really be great to get an accurate import here at some point :smiley:


Hope this helps a bit. If I can help you out somehow, feel free to contact me :+1:

Regards

Methorz

Vote here and leave comments as you see helpful here about FTX futures:

As of right now we have not fully supported the FTX Futures API.

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