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Cross-Exchange Account Rules Explained | Gate

2026-08-28 (UTC)
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Coin-Level Metrics

Cross-Exchange Margin Mode Per-Exchange Margin Mode
Exchange USDT, BNB, BTC, ETH, SOL, XRP, USDC, KRAKEN_USD, and HYPERLIQUID_USDC serve as cross-exchange margin currencies and can be shared as margin across different exchanges. Each exchange now supports more currencies (e.g., BTC, ETH, USDT, USDC, XRP, BNB, SOL) as per-exchange margin. You can choose the most suitable currency based on your needs and manage risk independently.
Coin Balance Actual spot quantity Same as left
Available Balance = Coin Balance - Frozen Spot - Σ(Initial margin of isolated contract orders) - Σ(Isolated contract margin); where Frozen Spot is the amount frozen by spot open orders Same as left
Coin Unrealized PnL = Σ(Unrealized PnL of cross-margin contract positions + Unrealized PnL of leveraged positions) Same as left
Liability = ABS( MIN( Available Balance + Cross Unrealized PnL, 0)) Same as left
Coin Equity = Coin Balance + Cross Unrealized PnL - Σ(Initial margin of isolated contract orders) - Σ(Isolated contract margin); 0 for non-margin currencies Same as left
Contract Initial Margin of the Coin = Σ(Initial margin of cross-margin contracts + Initial margin of cross-margin contract open orders, across settlement currencies) Same as left
Contract Maintenance Margin of the Coin = Σ(Maintenance margin of cross-margin contracts, across settlement currencies) Same as left
Borrowing Initial Margin of the Coin = Σ(Initial margin of leveraged positions + Initial margin of leveraged open orders) + Liability / Coin Leverage Multiple = Liability / Coin Leverage Multiple
Borrowing Maintenance Margin of the Coin = Σ(Maintenance margin of leveraged positions) + Liability × Borrowing Maintenance Margin Rate = Liability × Borrowing Maintenance Margin Rate

Account-Level Metrics

Cross-Exchange Margin Mode Per-Exchange Margin Mode
Description In this mode, all exchanges are unified into a single account-level dataset In this mode, each exchange has its own account-level dataset, calculated separately
Business Spot, USDT-margined contracts, Cross leverage Spot, USDT-margined contracts
Total Margin Balance = Σ(Positive coin equity of margin currencies × Index price × Tiered discount rate) + Σ(Negative coin equity of margin currencies × Index price) - Spot open order losses Same as left
Total Initial Margin = Σ(Total initial margin of the coin × USDT-denominated index price of the coin + Total borrowing initial margin of the coin × USDT-denominated index price of the coin) Same as left
Total Maintenance Margin = Σ(Total maintenance margin of the coin × USDT-denominated index price of the coin) Same as left
Total Initial Margin Rate = Total Margin Balance / Total Initial Margin. Used to determine whether to automatically cancel orders. Same as left
Total Maintenance Margin Rate = Total Margin Balance / Total Maintenance Margin. Used to determine whether to trigger liquidation. Same as left
Account Total Available Margin = Total Margin Balance - Account Initial Margin. The remaining available margin after deducting the initial margin already in use. Same as left

Cross Margin vs. Isolated Margin

Cross Margin Isolated Margin
Margin Cross-margin positions in the current cross-exchange account share the account's available margin Each position is allocated margin separately and does not share margin with other positions in the current cross-exchange account
Risk Scope Losses from a single position consume the available margin of the cross-exchange account and affect other cross-margin positions in the account Losses from a single position are usually limited to the margin allocated to that position and do not consume margin from other positions
PnL Offset The unrealized PnL of cross-margin positions in the current cross-exchange account is combined into the account equity, jointly affecting the account's overall margin rate Each position's PnL is calculated independently and is not shared or offset against other positions
Liquidation Trigger Liquidation is triggered based on the overall margin rate of the current cross-exchange account Liquidation is triggered when Isolated Margin + Unrealized PnL ≤ Position Maintenance Margin
Liquidation Impact When triggered, one or more cross-margin positions in the current cross-exchange account may be reduced or liquidated When triggered, only the corresponding position is processed; other positions are not affected

Cross-Exchange Account Liquidation Risk Control Process

1. Automatic Order Cancellation

When the Total Initial Margin Rate falls below 100%, the system will automatically cancel open orders to reduce the initial margin occupied by open orders. Cancellation is performed sequentially: spot orders are canceled first, and contract orders are canceled last, according to the following rules:

  • Cancel spot buy orders, starting with the largest order value.
  • Cancel leveraged open orders, starting with those occupying the largest initial margin.
  • When canceling contract open orders, first cancel position-opening orders without an existing position; if there are none, cancel position-increasing orders with an existing position, starting with those occupying the largest initial margin.

During sequential cancellation, after each order is canceled, the system re-checks whether the Initial Margin Rate is ≥ 100%. Once the condition is met, the cancellation process stops.
When the account's Total Initial Margin Rate is below 100%, the account's available margin balance is negative. You cannot increase positions and can only place closing orders, because closing orders do not occupy initial margin.

2. Forced Liquidation

For cross-margin liquidation, when the Total Maintenance Margin Rate ≤ 100%, the system initiates the forced liquidation process. If MMR > 100%, the liquidation process is terminated. The process is as follows:

  • Cancel all open orders in parallel.
  • For leveraged positions, begin closing positions in the following priority order: long positions first, then short positions, followed by liquidity ranking. A liquidation fee is charged.
  • For positions in hedge mode, directly hedge the smaller position at the mark price. A liquidation fee is charged.
  • For each contract position, begin downgrading the risk limit tier, ordered by liquidity. Once the tier has been downgraded enough to bring MMR to a safe level, submit all position-reducing orders to the exchange until MMR is safe or all positions are at Tier 1. A liquidation fee is charged.
  • After all contract positions have been reduced to the first risk tier, the system may continue forced liquidation to reduce positions in order to minimize user losses. Liquidation stops when MMR > 100%, or the system may take over the positions directly and settle them at the bankruptcy price without charging a liquidation fee. After the internal system takeover account assumes the positions, it sells them directly at market price. If the sale results in a profit, the positive USDT balance is credited to the internal insurance pool; if it results in a loss, the insurance pool covers the negative USDT balance.

For isolated margin liquidation, when Isolated Margin + Unrealized PnL ≤ Position Maintenance Margin, the system initiates the forced liquidation process and charges a liquidation fee after execution.

  • If the position value is greater than 100,000, 20% of the position is closed each time until the entire position is closed or Isolated Margin + Unrealized PnL > Position Maintenance Margin, at which point liquidation stops.
  • If the position value is ≤ 100,000, the position is closed 100% at once.

3. Bankruptcy Price Calculation Rules

Long position: Bankruptcy price = Mark price at the time of liquidation × (1 - Maintenance margin rate of the position's risk limit tier)
Short position: Bankruptcy price = Mark price at the time of liquidation × (1 + Maintenance margin rate of the position's risk limit tier)

Margin Requirements for Leveraged Trading

1. Long Positions

Maintenance margin of a leveraged position = Position value × Maintenance margin rate of the position's tier - Tier offset + Estimated fee for fully closing the position
Initial margin of a leveraged position = Position value / Leverage multiple + Estimated fee for fully closing the position
Initial margin of a leveraged open order = Order value / Leverage multiple + Estimated closing fee + Estimated fill fee

2. Short Positions

Maintenance margin of a leveraged position = Position value × Maintenance margin rate of the position's tier - Tier offset + Estimated fee for fully closing the position
Initial margin of a leveraged position = Position value × Index price / Leverage multiple + Estimated fee for fully closing the position
Initial margin of a leveraged open order = Order value / Leverage multiple + Estimated closing fee + Estimated fill fee

The platform does not impose initial margin requirements on platform orders or position-reducing orders. Estimated fees are calculated at a rate of 0.075%.
Estimated closing fee: the fee required to close at the same price the increased position that would result if the open order were filled.

Margin Requirements for Contract Trading

1. One-Way Position Mode

Maintenance margin of a contract position = ABS(Position size) × Mark price × Maintenance margin rate corresponding to the user's risk limit tier - Tier offset + Estimated fee for fully closing the position
Initial margin of a contract position = ABS(Position size) × Mark price × 1 / Leverage multiple + Estimated fee for fully closing the position
Initial margin of a contract open order = ABS(Order size) × Order price × 1 / Leverage multiple + Estimated closing fee + Estimated fill fee

The platform does not impose initial margin requirements on platform orders or position-reducing orders. Estimated fees are calculated at a rate of 0.075% (the same applies below).
Estimated closing fee: the fee required to close at the same price the increased position that would result if the open order were filled.

2. Hedge Mode

Maintenance margin of hedge-mode positions = SUM(Maintenance margin of the long position - Tier offset + Estimated fee for fully closing the position, Maintenance margin of the short position - Tier offset + Estimated fee for fully closing the position)
Initial margin of hedge-mode positions = SUM(Initial margin of the long position + Estimated fee for fully closing the position, Initial margin of the short position + Estimated fee for fully closing the position)
Initial margin of an open order = ABS(Order size) × Order price × 1 / Leverage multiple + Estimated closing fee + Estimated fill fee

The platform does not impose initial margin requirements on platform orders or position-reducing orders.
Since the current margin currencies are only USDT / USDC, the initial margin and maintenance margin requirements for contracts are allocated to the USDT / USDC currencies:
Total maintenance margin of USDT / USDC currencies for contracts = SUM(Maintenance margin of all contract positions)
Total initial margin of USDT / USDC currencies for contracts = SUM(Initial margin of all contract positions and open orders)

Cross-Exchange Margin Mode Example

Suppose a user is in Cross-Exchange Margin Mode and holds two contract positions, as follows:

Trading Pair Leverage Position Size Entry Price Mark Price Notional Value Unrealized PnL
BINANCE_FUTURE_BTC_USDT 5 0.5 100,000 110,000 55,000 5,000
OKX_FUTURE_ETH_USDT 10 -2 4,000 4,500 9,000 -1,000

A leveraged short position, as follows:

Trading Pair Leverage Position Assets Liability Index Price Unrealized PnL
BINANCE_MARGIN_XRP_USDT 4 2000 USDT 1500 XRP 2 -1,000

Risk limits for BINANCE_FUTURE_BTC_USDT:

Tier Min Risk Limit Value Max Risk Limit Value Max Leverage Maintenance Margin Rate Tier Offset
1 0 10,000 20 0.0065 0
2 10,000 90,000 10 0.01 35
3 90,000 2,000,000 16 0.02 935

Risk limits for OKX_FUTURE_ETH_USDT:

Tier Min Risk Limit Value Max Risk Limit Value Max Leverage Maintenance Margin Rate Tier Offset
1 0 10,000 20 0.008 0
2 10,000 50,000 10 0.02 120

Borrowing tier limits for BINANCE_MARGIN_XRP_USDT:

Tier Min Risk Limit Value Max Risk Limit Value Max Leverage Maintenance Margin Rate Tier Offset
1 0 8,000 9 2% 0
2 8,000 15,000 3 3% 80

CrossEx uses tiered risk limits: the maintenance margin rate of the tier in which the position's notional value falls is applied directly. The margin requirements for the positions are calculated as follows:

  • BINANCE_FUTURE_BTC_USDT
    Initial margin: 55,000 × 1 / 5 + 55,000 × 0.00075 = 11,041.25
    Maintenance margin: 55,000 × 0.01 - 35 + 55,000 × 0.00075 = 556.25
  • OKX_FUTURE_ETH_USDT
    Initial margin: 9,000 × 1 / 10 + 9,000 × 0.00075 = 906.75
    Maintenance margin: 9,000 × 0.008 + 9,000 × 0.00075 = 78.75
  • BINANCE_MARGIN_XRP_USDT
    Initial margin: 1,500 × 2 / 4 + 1,500 × 2 × 0.00075 = 752.25
    Maintenance margin: 1,500 × 2 × 0.02 + 1,500 × 2 × 0.00075 = 62.25

Assume the user has 20,000 USDT and no other currencies or open orders. Based on the above, the user's account-level information is as follows:

Field API Field Value
Total Margin Balance Margin Balance 20,000 + 5,000 - 1,000 - 1,000 = 23,000
Total Initial Margin Initial Margin 11,041.25 + 906.75 + 752.25 = 12,700.25
Total Maintenance Margin Maintenance Margin 556.25 + 78.75 + 92.25 = 697.25
Total Initial Margin Rate Initial Margin Rate 23,000 / 12,700.25 ≈ 181.10%
Total Maintenance Margin Rate Maintenance Margin Rate 23,000 / 727.25 ≈ 3,298.67%
Account Total Available Margin Available Margin 23,000 - 12,700.25 = 10,299.75

USDT and USDC Margin Calculation in a Gate-Hyperliquid Hedging Scenario

Assume a user in Cross-Exchange Margin Mode holds a long position on Gate and a nearly equal short position on Hyperliquid, forming a cross-exchange hedge. After the market rises:

  • Gate side: The long position's floating profit increases.
  • Hyperliquid side: The short position's floating loss widens.

For ease of understanding, the following illustrative data is used (the order of magnitude is similar to a real cross-exchange hedging account, with figures rounded). The risk limit tiers and borrowing parameters for each trading pair are subject to GET /crossex/rule/risk_limits and the latest platform rules.

Coin-Level Metrics

Currency Balance Unrealized PnL Coin Equity Liability Contract Initial Margin Contract Maintenance Margin Borrowing Initial Margin Borrowing Maintenance Margin
USDT 400,000 340,000 740,000 0 160,000 55,000 0 0
HYPERLIQUID_USDC 3,500 -340,000 -336,500 336,500 195,000 99,000 67,300 33,650

USDT / USDC coin leverage multiple = 5
USDT / USDC borrowing maintenance margin rate = 10%

Account-Level Metrics

Field API Field Calculation
Total Margin Balance Margin Balance 740,000 + (-336,500) = 403,500
Total Initial Margin Initial Margin 160,000 + 195,000 + 67,300 = 422,300
Total Maintenance Margin Maintenance Margin 55,000 + 99,000 + 33,650 = 187,650
Total Initial Margin Rate Initial Margin Rate 403,500 ÷ 422,300 ≈ 95.5%
Total Maintenance Margin Rate Maintenance Margin Rate 403,500 ÷ 187,650 ≈ 215%
Account Total Available Margin Available Margin 403,500 - 422,300 ≈ -18,800

Note: CrossEx uses tiered risk limits: the maintenance margin rate and tier offset of the tier in which the position's notional value falls are applied.

Scenario Analysis

Sharing improves capital efficiency at the account level, but it does not mean USDT and USDC are automatically interchangeable, nor does it mean that margin usage on both sides offsets each other.

When Hyperliquid's floating loss makes the HYPERLIQUID_USDC equity negative, please note:

  • A coin liability is created. Liability ≈ ABS(MIN(Balance + Unrealized PnL, 0)) = ABS(MIN(3,500 + (-340,000), 0)) = 336,500
  • The liability additionally occupies borrowing margin.
Item Formula This Example
Borrowing Initial Margin Liability ÷ Coin leverage multiple 336,500 ÷ 5 = 67,300
Borrowing Maintenance Margin Liability × Borrowing maintenance margin rate 336,500 × 10% = 33,650
  • This portion is included in the account's total IM along with the contract initial margin.

  • The following situation may occur: MMR remains safe, but IMR < 100%.

    • MMR ≥ 100%: No liquidation is triggered for now.
    • IMR < 100%: Available margin is negative. You cannot increase positions and can only place closing orders, because closing orders do not occupy initial margin. This is common when the hedge's net equity does not change much, but a price increase pushes up the notional value and IM on both sides, or when Hyperliquid liabilities push up the borrowing IM.
  • When the liability is large, the portion exceeding the platform's rule threshold may accrue interest and continue to occupy borrowing margin, affecting returns and available capacity to open positions. You can supplement USDC through instant conversion or transfer to repay the liability, or reduce margin usage by reducing positions via hedging.

Disclaimer

The content provided herein is for reference and educational purposes only and does not constitute any financial, investment, trading, or legal advice, nor does it constitute an offer or solicitation to buy or sell any digital assets. Gate makes no express or implied representations or warranties regarding the accuracy, completeness, or timeliness of the information contained herein. Product features, interfaces, rules, and fee structures may be updated or adjusted at any time. Please refer to the latest announcements and the actual information displayed on the Gate platform for the most accurate details.
Digital asset investments involve significant risk, and prices may fluctuate substantially. You may lose the entire amount of your investment. Please make decisions cautiously based on your own financial situation and risk tolerance after fully understanding the associated risks. If necessary, you are advised to consult an independent professional financial or legal advisor.
For more information about potential risks, please refer to Gate's Risk Disclosure and User Agreement.

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