Deposit limits are calculated over a rolling 30-day period. Once a deposit limit has been set, Underdog cannot adjust this limit for 90 days per terms of service.
A deposit that has been made to the account but refunded does count toward the deposit limit. The limit is specifically for all transactions (deposits) made to the account during the 30-day rolling timeframe. You can verify the deposited totals by clicking on your 'Account' tab and then selecting 'Transaction History'.