Closing a position means repaying what you borrowed. You have three ways to do it. In all of them, the incoming amount pays accrued interest first, then the borrowed amount. Whatever is left is yours.

Option 1: Normal mode

On the margin order form, keep the mode set to Normal and place a regular order in the opposite direction of your position. To close a long, sell the asset. To close a short, buy back the asset you owe.

This option gives you the most control: you choose the size, type, and price of the order. In exchange, you size the order yourself. If it is smaller than your debt, part of the position stays open and keeps accruing interest. If it is larger, you can open a position in the opposite direction.

Example: you are long 0.03 Bitcoin (BTC) and owe 2,000 Tether (USDT) plus interest. You sell 0.05 BTC, which is more than you hold. The proceeds cover the interest and the 2,000 USDT, and the rest stays in your Margin Wallet. But since you sold 0.02 BTC more than you had, Bitso lent you that amount: the long is closed and you have opened a 0.02 BTC short position, which also accrues interest until you close it.

Option 2: Repay mode

On the margin order form, switch the mode to Repay. The form shows exactly what you owe on that pair, the borrowed amount plus accrued interest, and caps your order at that total. If you owe 200.58 US dollars on the Bitcoin against dollar pair, that is the ceiling for the order.

You keep the flexibility of a regular order, including limit orders so you can choose your price, with a built-in guardrail: you cannot repay more than you owe, so there is no risk of opening an opposite position by accident. Repay mode is only available when you have something to repay on that pair.

Option 3: Quick Repay, from your Portfolio

This is the fastest way to clear everything you owe in one currency, with a single confirmation. In your Portfolio, under the Margin Wallet, assets you owe appear with a negative balance and a Repay button next to them.

1. Select Repay on the asset you owe.
2. Review the summary: borrowed amount, estimated conversion fees, amount converted from your positions, and funds released from cancelled limit orders.
3. Confirm.

You do not size or place any order: Bitso converts the assets needed and repays everything you owe in that currency. You pay the conversion fee, and the final amount can vary with market conditions. To free up the funds, open limit orders on pairs of that currency are cancelled, and orders on other pairs are not affected. The repayment runs in the background: the confirmation screen means your request was received, and the final result arrives in the app and by email within a few minutes. The summary numbers are estimates.

Example: you owe 200.14 US dollars. The summary shows a borrowed amount of 200.14, estimated conversion fees of 2.00, and a total to repay of 202.14. You confirm and, a few minutes later, you get confirmation that the debt was repaid and your positions were closed.

Didn't work? Here's what to do

• The order filled but the position is still open. The order was smaller than your debt. Place another order for the remaining amount, or use Quick Repay to clear it in one go.
• I closed the position and now I have one in the opposite direction. In Normal mode, the order was larger than the debt. Close the new position and, next time, use Repay mode, which prevents this.
• Repay mode does not appear. It is only available when you have something to repay on that pair. Check that you are on the right pair.
• The limit order did not fill. It rests on the order book until the market reaches your price, and interest keeps running in the meantime. Adjust the price or use Quick Repay.
• The order was rejected. If your account is in liquidation, new orders are blocked until the process finishes.

If Quick Repay was confirmed and the result never arrived, or if the action keeps being rejected with none of the reasons above applying, contact our support team.