synonymdev
Fee estimation in Bitkit is incorrect (we are potentially overpaying x3 the current market rate)
Describe the bug
when we try and send funds (20,000 sats) to each other via contact payment feature - we get either $0.14 to $0.18 cents potentially overpaying up to x3 ($11 or 18,000) the current market rate (currently below $6) - please see video below.
JC and Pav experience this issue.
Reproduce
- Go to '...'
- Click on '....'
- Scroll down to '....'
- See error
Screenshots / Recording
https://github.com/synonymdev/bitkit/assets/119061223/4b5f2950-1e28-458e-b13f-a1f905ebf150
Operating system
Graphene OS Pixel 6A
Bitkit version
v114
Log output
No response
I overpaid x3 when closing a channel https://mempool.space/tx/808520f7ecf2ccd9d46c3d0011fcd04eea6aaa691592cc4752cf0619ce9ffb34
we get either $0.14 to $0.18 cents
This issue is separate and covered by https://github.com/synonymdev/bitkit/issues/1619
I try and send 20k sats back to JC - current fee rate is around 47 sats / vbyte, I tried setting up a custom amount of 50 sats /vbyte but instead of $4.40 I get almsot $13 bucks (20k sats or so)
https://github.com/synonymdev/bitkit/assets/119061223/72756fce-44ed-423f-bde5-21676b5301e8
Pav and I just experienced BT overpaying by x8 for closing LN channel. We are both using V115 https://github.com/synonymdev/bitkit/commit/9ff423802faacd24a2e5f8fac7e31edd381c5ba6.
Can you please check and relay what your fee estimates are in Settings?
@coreyphillips my Default Transaction Speed is set to Normal. The values in "Override Fees" are: Minimum 6 Slow 33 Normal 37 Fast 41 Override is disabled.
Thanks! That looks about right. I'm going to look into how we pass these fees off to LDK to ensure we're doing it correctly. It is possible that LDK determines this regardless of what we provide. If that's the case we'll need to look into if there's a way to override that behavior in order to bring these channel close fees down.
@Jasonvdb, think we could be overpaying due to this setting? If I remember correctly, don't we have that one configured quite a bit higher to ensure it doesn't cause a force close?
@coreyphillips no that setting is for regular channels which we don't use anymore. The setting below is for the anchor channels. Maybe the tx there is the sweeping which is the fast fee that might have been briefly very high?
Why should the client be allowed to determine the price the LSP has to pay for a channel closure?