Trading Rules
Isolated Margin for Spot and Futures
When users trade in isolated margin mode for spot and futures, the available balance of the currency must be greater than or equal to the order's required amount in the same currency.
Multi-Currency Isolated Margin
For multi-currency isolated margin mode, the adjusted account equity must be greater than or equal to the held equity of pending orders, and the available balance of the currency must meet the order's requirement.
Isolated Margin Mode Mechanics
1. Margin Position Display
In isolated margin mode, traded margin pairs appear as margin positions:
| Term | Explanation | API Parameter |
|---|---|---|
| Asset | Quantity of purchased crypto (after fees) | pos |
| Debt | Borrowed amount including interest | liab |
| Margin | Margin used for the position | margin |
| Entry Price | Average entry price of the position | avgPx |
| Estimated Liquidation Price | Calculated based on debt, interest, and margin requirements | liqPx |
| Floating P&L | Unrealized profit/loss | upl |
| Floating P&L % | Floating P&L / Initial Margin | uplRatio |
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2. Pending Positions
Pending orders reflect assets, debt, and margin in an isolated position. Display varies between old and new isolated margin modes.
Example Positions:
- Buy 1 BTC at $100,000 with 10x leverage
- Sell 1 BTC at $100,000 with 10x leverage
| Position Type | Base Currency as Margin | Quote Currency as Margin |
|---|---|---|
| Buy | Old mode: 1.1 BTC asset, -100k USDT debt | 1 BTC asset, -100k USDT debt |
| Sell | 100k USDT asset, -1 BTC debt | Old mode: 110k USDT asset, -1 BTC debt |
3. Closing Positions
| Action | Base Currency Margin | Quote Currency Margin |
|---|---|---|
| Buy Position | Full repayment of quote debt | Sell all base assets |
| Sell Position | Sell all quote assets | Full repayment of base debt |
Closing Methods:
- Market Close All: System auto-calculates required trades
- Limit/Market Orders: Manual order placement
- Reduce-Only: Similar to market close
- Non-Reduce-Only: Closes position and may open reverse position
Perpetual/Futures in New Isolated Margin Mode
Supports both Hedge Mode and One-Way Mode.
| Metric | Definition |
|---|---|
| Total | Net position size |
| Available | Only in Hedge Mode: Total - Pending Close Orders |
| P&L | Unrealized profit/loss |
| P&L Ratio | P&L / Initial Margin |
| Liquidation Price | Price where position becomes at risk |
| Margin Balance | Initial margin ± adjustments |
| Maintenance Margin | Minimum required margin |
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Isolated Margin Options
Options positions display:
| Metric | Definition |
|---|---|
| Total | Net position size |
| Option Value | Position × Mark Price × Contract Multiplier |
| P&L | (Mark Price - Avg Entry Price) × Position Size |
| Margin Level | Margin Balance / (Maintenance Margin + Liquidation Fee) |
Risk Evaluation
Isolated positions are risk-evaluated separately from cross positions. Liquidation warnings trigger at:
- 300% Margin Level: Early warning
- 100% Margin Level: Forced reduction/liquidation
Liquidation Examples:
BTC/USDT Margin Buy:
- If position tier ≥2 and margin <100%, partial liquidation occurs
- Tier 1 positions liquidate fully if margin <100%
BTCUSD Perpetual:
- Tier ≥3 positions undergo partial liquidation first
- Lower tiers liquidate fully if margin remains <100%
ETH Options:
- Partial liquidation reduces position tier
- Full liquidation if margin stays <100% at lowest tier
FAQ
What's the difference between isolated and cross margin?
Isolated margin restricts risk to single positions, while cross margin shares risk across all positions.
How is liquidation price calculated?
It depends on:
- Debt amount
- Interest
- Maintenance margin rate
- Trading fees
- Asset type (base/quote currency)
Can I change margin modes after opening a position?
No, margin mode must be selected before position opening and cannot be changed afterward.
Why does my position show different P&L in old vs new isolated mode?
The new mode calculates P&L without including margin in the asset value, providing clearer profit metrics.