Token-Level Metrics
| Cross-Exchange Margin Mode | Single-Exchange Margin Mode | |
|---|---|---|
| Supported Exchanges | USDT, BNB, BTC, ETH, SOL, XRP, USDC, KRAKEN_USD, and HYPERLIQUID_USDC can be used as cross-exchange margin assets, allowing margin to be shared across different exchanges. | Each exchange now supports more tokens (such as BTC, ETH, USDT, USDC, XRP, BNB, SOL) as single-exchange margin assets. You can select the most suitable token for independent risk management as needed. |
| Token Balance | Actual spot quantity | Same as left |
| Available Balance | = Token balance - Spot frozen - ∑ Initial margin for isolated contract orders - ∑ Isolated contract margin; where spot frozen refers to the amount frozen by spot orders | Same as left |
| Token Unrealized P&L | = ∑ (Unrealized P&L of cross margin contract positions + Unrealized P&L of margin positions) | Same as left |
| Liabilities | = ABS(Min(Available balance + Cross margin unrealized P&L, 0)) | Same as left |
| Token Equity | = Token balance + Cross margin unrealized P&L - ∑ Initial margin for isolated contract orders - ∑ Isolated contract margin; for non-margin tokens, this is 0 | Same as left |
| Token Contract Initial Margin | = ∑ (Initial margin of cross margin contracts for each settlement token + Initial margin for cross margin contract orders) | Same as left |
| Token Contract Maintenance Margin | = ∑ (Maintenance margin of cross margin contracts for each settlement token) | Same as left |
| Token Borrow Initial Margin | = ∑ (Initial margin for each margin position + Initial margin for margin trading orders) + Liabilities / Token leverage multiplier | = Liabilities / Token leverage multiplier |
| Token Borrow Maintenance Margin | = ∑ (Maintenance margin for each margin position) + Liabilities × Borrow maintenance margin rate | = Liabilities × Borrow maintenance margin rate |
Account-Level Metrics
| Cross-Exchange Margin Mode | Single-Exchange Margin Mode | |
|---|---|---|
| Description | In this mode, all exchanges are unified into a single account-level data set | In this mode, each exchange has its own account-level data, calculated separately |
| Services | Spot, USD-margined contracts, cross margin | Spot, USD-margined contracts |
| Total Margin Balance | = ∑ (Positive token equity of margin tokens × index price × tiered discount rate) + ∑ (Negative token equity of margin tokens × index price) - Spot order loss | Same as left |
| Total Initial Margin | = ∑ (Total initial margin of tokens × token's USDT index price + Total borrow initial margin of tokens × token's USDT index price) | Same as left |
| Total Maintenance Margin | = ∑ (Total maintenance margin of tokens × token's USDT index price) | Same as left |
| Total Initial Margin Rate | = Total margin balance / Total initial margin, used to determine whether to auto-cancel orders | Same as left |
| Total Maintenance Margin Rate | = Total margin balance / Total maintenance margin, used to determine whether to trigger forced liquidation | Same as left |
| Total Available Margin | = Total margin balance - Account initial margin; this is the remaining available margin after deducting already occupied initial margin | Same as left |
Comparison: Cross Margin vs. Isolated Margin
| Cross Margin | Isolated Margin | |
|---|---|---|
| Margin | All cross margin positions within the current cross-exchange account share the account's available margin | Each position is allocated margin individually 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 typically limited to the margin allocated to that position and do not use margin from other positions |
| P&L Offsetting | Unrealized P&L from all cross margin positions in the cross-exchange account are combined into account equity, collectively impacting the overall margin rate | P&L for each position is calculated independently and is not shared or offset with other positions |
| Liquidation Trigger | Liquidation is triggered based on the overall margin rate of the cross-exchange account | Liquidation is triggered when isolated margin + unrealized P&L ≤ position maintenance margin |
| Liquidation Impact | When liquidation is triggered, one or more cross margin positions in the cross-exchange account may be reduced or liquidated | When liquidation is triggered, only the corresponding position is processed, with no impact on other positions |
Cross-Exchange Account Liquidation Risk Control Process
1. Auto-Cancel Orders
When the total initial margin rate < 100%, the system will automatically cancel open orders to reduce the initial margin occupied by these orders. Order cancellations are processed serially: spot orders are canceled first, followed by contract orders, according to the following rules:
- Cancel spot buy orders, starting from the largest to the smallest order value
- Cancel margin orders, starting from those occupying the most initial margin
- When canceling contract orders, priority is given to opening orders without positions; if none, then to add-on orders with positions, again from the largest to the smallest initial margin occupied
After each serial cancellation, the system checks whether the initial margin rate is ≥ 100%. If so, the cancellation process stops.
When the account's total initial margin rate < 100%, the available margin balance is negative. In this case, you can only place closing orders, not opening orders, since 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 stops. The process is as follows:
- Cancel all open orders in parallel
- For margin positions, start closing positions; priority is given to long positions first, then short positions, and then by liquidity. Liquidation fees are charged.
- For dual positions, directly offset the smaller position at the mark price. Liquidation fees are charged.
- For each contract position, begin risk limit tier downgrading, sorted by liquidity. Downgrade the risk tier until MMR is safe, sending all reduction orders to the exchange until MMR is safe or all positions are at the first tier. Liquidation fees are charged.
- Once all contract positions are at the lowest risk tier, to minimize user losses, forced liquidation may continue. Once MMR > 100%, forced liquidation stops, or the system may take over the position and settle it at the bankruptcy price for the user, with no liquidation fee. After internal system takeover, the position is immediately sold at market price. If there is a profit, the positive USDT balance is added to the internal insurance fund; if there is a loss, the insurance fund covers the negative USDT balance.
For isolated margin liquidation, when isolated margin + unrealized P&L ≤ position maintenance margin, the system initiates forced liquidation and charges a liquidation fee after execution.
- If the position value > 100,000, 20% of the position is liquidated each time until fully closed or until isolated margin + unrealized P&L > position maintenance margin, at which point liquidation stops
- If the position value ≤ 100,000, the entire position is liquidated at once
3. Bankruptcy Price Calculation Rules
Long position: Bankruptcy price = Mark price at liquidation × (1 - maintenance margin rate of the position's risk tier)
Short position: Bankruptcy price = Mark price at liquidation × (1 + maintenance margin rate of the position's risk tier)
Margin Requirements for Margin Trading
1. Long Positions
Margin position maintenance margin = Position value × position tier maintenance margin rate - quick calculation amount + estimated full close fee
Margin position initial margin = Position value / leverage + estimated full close fee
Margin order initial margin = Order value / leverage + estimated close fee + estimated execution fee
2. Short Positions
Margin position maintenance margin = Position value × position tier maintenance margin rate - quick calculation amount + estimated full close fee
Margin position initial margin = Position value × index price / leverage + estimated full close fee
Margin order initial margin = Order value / leverage + estimated close fee + estimated execution fee
There are no initial margin requirements for platform-to-platform orders or reduction orders. The estimated fee is calculated at a rate of 0.075%.
Estimated close fee: This refers to the fee required if the order increases position size upon execution, and the margin requirement for contracts at the same price on the platform.
Margin Requirements for Contract Trading
1. One-Way Position Mode
Contract position maintenance margin = abs(position size) × mark price × maintenance margin rate of the user's risk tier - quick calculation amount + estimated full close fee
Contract position initial margin = abs(position size) × mark price × 1 / leverage + estimated full close fee
Contract order initial margin = abs(open order size) × order price × 1 / leverage + estimated close fee + estimated execution fee
There are no initial margin requirements for platform-to-platform orders or reduction orders. The estimated fee is calculated at a rate of 0.075% (same below).
Estimated close fee: This refers to the fee required if the order increases position size upon execution, and the margin requirement for contracts at the same price on the platform.
2. Dual Position Mode
Dual position maintenance margin = sum(long position maintenance margin - quick calculation amount + estimated full close fee, short position maintenance margin - quick calculation amount + estimated full close fee)
Dual position initial margin = sum(long position initial margin + estimated full close fee, short position initial margin + estimated full close fee)
Order initial margin = abs(order size) × order price × 1 / leverage + estimated close fee + estimated execution fee
There are no initial margin requirements for platform-to-platform orders or reduction orders.
Currently, only USDT/USDC are accepted as margin assets, so both the initial and maintenance margin requirements for contracts are accounted for in USDT/USDC:
Total maintenance margin for USDT/USDC in contract positions = sum(all contract position maintenance margins)
Total initial margin for USDT/USDC in contract positions = sum(all contract position and order initial margins)
Example: Cross-Exchange Margin Mode
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 P&L |
|---|---|---|---|---|---|---|
| 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 |
And a margin short position as follows:
| Trading Pair | Leverage | Position Asset | Liability | Index Price | Unrealized P&L |
|---|---|---|---|---|---|
| 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 | Quick Calculation Amount |
|---|---|---|---|---|---|
| 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 | Quick Calculation Amount |
|---|---|---|---|---|---|
| 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 | Quick Calculation Amount |
|---|---|---|---|---|---|
| 1 | 0 | 8,000 | 9 | 2% | 0 |
| 2 | 8,000 | 15,000 | 3 | 3% | 80 |
CrossEx uses a tiered risk limit system, meaning the notional value of a position determines which tier's maintenance margin rate applies. Here’s how to calculate the margin for each position:
- 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 tokens or open orders. Summarizing, 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% |
| Total Available Margin Balance | Available Margin | 23,000 - 12,700.25 = 10,299.75 |
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