As far as I can tell the price was roughly $113 when you placed the order and $121 when you received your refund. These values will be slightly off as Silk Road uses a 24 hour moving average to calculate Bitcoin's value on the site rather than hourly values. 1.99 BTC @ $113 = $224.87 1.50 BTC @ $121 = $181.50 Difference = $43.37 Hedging fee on $224.87 @ 4% = $8.99. Note that this can be more, and can be less - from the Seller's Guide: However, we'll assume 4% for now. $224.87 - $8.99 = $215.88 $215.88 / $181.50 = 1.189 (which is the difference between the two) $113 * 1.189 = $134.357, which is the price Bitcoin would have to hit to result in a refund of 0.5 BTC less than you received. Bitcoin has not been at that price since May 1st. Again though, the calculations are certainly off a little due to the fact that Silk Road uses a 24 hour moving average. Just two more questions that will help me determine what has occurred: How much is the listing that you bought (in USD), including shipping? And do you recall exactly how much your refund was in USD when you received it back? Libertas