diff --git a/freqtrade/exchange/exchange.py b/freqtrade/exchange/exchange.py
index 6edaf2661..88022e19c 100644
--- a/freqtrade/exchange/exchange.py
+++ b/freqtrade/exchange/exchange.py
@@ -191,7 +191,7 @@ class Exchange:
 
         # Converts the interval provided in minutes in config to seconds
         self.markets_refresh_interval: int = exchange_conf.get(
-            "markets_refresh_interval", 60) * 60
+            "markets_refresh_interval", 60) * 60 * 1000
 
         if self.trading_mode != TradingMode.SPOT and load_leverage_tiers:
             self.fill_leverage_tiers()
diff --git a/tests/exchange/test_exchange.py b/tests/exchange/test_exchange.py
index ef70c8ba1..f022a0905 100644
--- a/tests/exchange/test_exchange.py
+++ b/tests/exchange/test_exchange.py
@@ -633,21 +633,23 @@ def test__load_markets(default_conf, mocker, caplog):
     assert ex.markets == expected_return
 
 
-def test_reload_markets(default_conf, mocker, caplog):
+def test_reload_markets(default_conf, mocker, caplog, time_machine):
     caplog.set_level(logging.DEBUG)
     initial_markets = {'ETH/BTC': {}}
     updated_markets = {'ETH/BTC': {}, "LTC/BTC": {}}
-
+    start_dt = dt_now()
+    time_machine.move_to(start_dt, tick=False)
     api_mock = MagicMock()
     api_mock.load_markets = MagicMock(return_value=initial_markets)
     default_conf['exchange']['markets_refresh_interval'] = 10
     exchange = get_patched_exchange(mocker, default_conf, api_mock, id="binance",
                                     mock_markets=False)
     exchange._load_async_markets = MagicMock()
-    exchange._last_markets_refresh = dt_ts()
+    assert exchange._last_markets_refresh == dt_ts()
 
     assert exchange.markets == initial_markets
 
+    time_machine.move_to(start_dt + timedelta(minutes=8), tick=False)
     # less than 10 minutes have passed, no reload
     exchange.reload_markets()
     assert exchange.markets == initial_markets
@@ -655,12 +657,18 @@ def test_reload_markets(default_conf, mocker, caplog):
 
     api_mock.load_markets = MagicMock(return_value=updated_markets)
     # more than 10 minutes have passed, reload is executed
-    exchange._last_markets_refresh = dt_ts(dt_now() - timedelta(minutes=15))
+    time_machine.move_to(start_dt + timedelta(minutes=11), tick=False)
     exchange.reload_markets()
     assert exchange.markets == updated_markets
     assert exchange._load_async_markets.call_count == 1
     assert log_has('Performing scheduled market reload..', caplog)
 
+    # Not called again
+    exchange._load_async_markets.reset_mock()
+
+    exchange.reload_markets()
+    assert exchange._load_async_markets.call_count == 0
+
 
 def test_reload_markets_exception(default_conf, mocker, caplog):
     caplog.set_level(logging.DEBUG)