/biz/ - Business & Finance

Could someone explain to me how Margin/Leverages trading actually works?
I read the FAQ of ByBit's page but it's very over the head stuff numbers and percentages without proper examples given to a basic newbie.

Say I have $1000 and decide to buy BTC with x3 leverage, how bad are the maintenance fees? Do I have to have money on account balance where it's taken or is the money taken directly from long position investment holding?
And basically that buying with leverages in mind is race against the clock hoping for good growth before shorting, do I understand that right?

There was some beginner's thread to crypto week ago or so which makes me realize how little there is to help truly new people into trading, which seems counterintuitive from what people want aka growth.