I am reaching out regarding the section on how to calculate fees when “Using BNB Deduction” is enabled, as outlined in the Binance support page at https://www.binance.com/en/support/faq/how-to-use-bnb-to-pay-for-fees-and-earn-25-discount-115000583311.
In the explanation provided, it is mentioned that when converting the original fee to BNB, assets are first exchanged to BTC, even if there exists a pair with BNB. ETH is used as an example, and the formula for the calculation is outlined as follows:
Exchange ratio of ETH/BNB = ETH/BTC[market price] / (BNB/BTC[market price])
I have a few questions regarding this process:
- Must all conversions be taken to BTC first, even if a pair with BNB exists for the respective asset?
- What happens if an asset does not have a BTC pair? How is the conversion handled in such cases?
- How is the market price, as indicated in the calculation, obtained? Are there specific API endpoints used for this purpose?