Bet - BiFi X Guide

Overview
One of the most popular use cases for DeFi collateralized lending protocols is leveraged trading. In order to maximize the leverage, you can repeat the process of depositing and borrowing. However, this requires you to repeat multiple transactions and pay high gas fees. Exiting the position also requires multiple transactions.
Bet lets you maximize your leverage for margin trading in a single transaction. It also lets you monitor the performance of your position and exit your position in a single transaction.
Video Tutorial
How it works
Long
For example, assume 1 ETH is trading at $2,000, and you believe ETH price will go up. You can take a long position with deposit 1 ETH and 4X boost. BiFi X adds 3 ETH in flash loan to deposit, borrow 6,000 USDT, swap USDT for 3 ETH on Uniswap to repay the flash loan. You have 4 ETH in deposits and 6,000 USDT in borrows.
If ETH price goes up to 3,000 USDT, you only need 2 ETH to pay back 6,000 USDT. You are left with 2 ETH worth $6,000. If you just held on to 1 ETH, that would be worth $3,000. In 50% price increase, you can net 200% in profit with leverage.
Short
If you believe ETH price will go down, you can take a short position by doing the opposite. You deposit 2,000 USDT and 3.3X boost. BiFi X adds 6,500 USDT in flash loan to deposit, borrow 2.3 ETH, swap ETH for USDT on Uniswap to repay the flash loan. You have 6,500 USDT in deposit and 2.3 ETH in borrows.
If ETH price goes down to $1000, you only need 3,000 USDT to pay back 3 ETH. You are left with 3,500 USDT. In 50% price decrease, you can net 150% in profit with leverage.
Final amounts of deposit and borrow may vary depending on the fees and slippage.
BiFi Rewards
You also get BiFi rewards on your deposit and borrow positions, increasing your profit even more. Allocation of BiFi Reward is calculated based on total liquidity of the market. Check the current rates here.
Start Bet
You can easily start a leveraged position for leveraged trading. To start, click Bet on BiFi X.
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Deposit APY
Current APY for deposits.
Borrow APY
Current APR for borrows.
BiFi Reward
Current BiFi Reward APY for deposit and borrow.
Net APY
Net APY of deposit, borrow, and BiFi reward.
Net LTV
Loan-To-Value Ratio (LTV) of your position, 
which is the ratio of the value of your deposits to the value of your borrows.
1. Select Long or Short.
Select Long if you think the price of an asset will go up, and Short if you think it will go down.
2. Select the asset. 
Click on the token symbol to select the asset you want to use for leveraged trading.
For long position, you have to deposit a non-stablecoin, like ETH, and borrow a stablecoin, like USDT. When the price of ETH goes up, the value of your USDT borrow will remain the same, making it cheaper to repay.
For short position, you have to deposit a stablecoin and borrow a non-stablecoin. When the price of ETH goes down, the value of your ETH borrow will be lower, making it cheaper to repay.
If the price does not move as you predicted, you can be subject to liquidation. "How does liquidation happen?"
3. Set amount. 
Input the amount you want to deposit. You can see the value of your deposit in USD based on the current price.
4. Set boost. 
Select the level of boost you want.
Maximum boost is determined by the collateral ratio of a particular asset. See Boost Multipliers by Collateral Ratio.
Boost
5. Review expected results.
Once you set the asset, amount, and boost, you can see the expected result.
6. Start position.
Click Start Bet.
If BiFi X detects a possible revert in transaction, it will not let you send the transaction. There are several reasons for a revert.
Fees
​Why can't I start/end my position?​
​What is slippage limit?​
7. Manage position.
Once the transaction is confirmed, you can now manage your position. 
Manage
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