Cross-Exchange Account Asset Metrics
| Cross-Exchange Margin Mode | Single-Exchange Margin Mode | |
|---|---|---|
| Exchange | USDT, BNB, BTC, ETH, SOL, XRP, USDC, KRAKEN_USD, HYPERLIQUID_USDC can be used as cross-exchange margin assets, allowing margin to be shared across different exchanges. | Each exchange now supports more asset types (such as BTC, ETH, USDT, USDC, XRP, BNB, SOL) as single-exchange margin. You can select the most suitable asset for independent risk management as needed. |
| Asset Balance | Actual spot quantity | Same as left |
| Available Balance | = Asset Balance - Spot Frozen - ∑ Initial Margin of Isolated Contract Orders - ∑ Isolated Contract Margin; where Spot Frozen refers to the amount frozen due to spot pending orders | Same as left |
| Unrealized P&L of Asset | = ∑(Unrealized P&L of Cross Margin Contract Positions + Unrealized P&L of Leveraged Positions) | Same as left |
| Liabilities | = ABS( Min( Available Balance + Unrealized Cross Margin P&L, 0)) | Same as left |
| Asset Equity | = Asset Balance + Unrealized Cross Margin P&L - ∑ Initial Margin of Isolated Contract Orders - ∑ Isolated Contract Margin; non-margin assets are counted as 0 | Same as left |
| Initial Contract Margin of Asset | = ∑(Initial Margin of Cross Margin Contracts for each settlement asset + Initial Margin of Cross Margin Contract Pending Orders) | Same as left |
| Maintenance Contract Margin of Asset | = ∑(Maintenance Margin of Cross Margin Contracts for each settlement asset) | Same as left |
| Initial Borrowing Margin of Asset | = ∑(Initial Margin of each leveraged position + Initial Margin of leveraged trading pending orders) + Liabilities / Leverage Multiple of Asset | = Liabilities / Leverage Multiple of Asset |
| Maintenance Borrowing Margin of Asset | = ∑(Maintenance Margin of each leveraged position) + Liabilities * Borrow Maintenance Margin Rate | = Liabilities × Borrow Maintenance Margin Rate |
Cross-Exchange Account 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 |
| Business | Spot, USDT-margined contracts, cross margin leverage | Spot, USDT-margined contracts |
| Total Margin Balance | = ∑(Positive Asset Equity of Margin Assets * Index Price * Tiered Discount Rate) + ∑(Negative Asset Equity of Margin Assets * Index Price) - Spot Pending Order Loss | Same as left |
| Total Initial Margin | = ∑(Total Initial Margin of Asset * Asset USDT Valuation Index Price + Total Initial Borrowing Margin of Asset * Asset USDT Valuation Index Price) | Same as left |
| Total Maintenance Margin | = ∑(Total Maintenance Margin of Asset * Asset USDT Valuation 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 liquidation | Same as left |
| Total Available Margin | = Total Margin Balance - Account Initial Margin; the remaining available margin after deducting already occupied initial margin | Same as left |
Comparison of Cross Margin and Isolated Margin Modes
| Cross Margin | Isolated Margin | |
|---|---|---|
| Margin | All cross margin positions within the cross-exchange account share the account’s available margin | Each position is allocated margin individually and does not share with other positions in the cross-exchange account |
| Risk Scope | Losses from a single position consume the available margin of the cross-exchange account and impact other cross margin positions within the account | Losses from a single position are typically limited to the margin allocated to that position and do not affect other positions’ margin |
| P&L Offset | Unrealized P&L from all cross margin positions within the account are combined into account equity, collectively affecting the overall margin rate | Each position’s P&L is calculated independently and does not share or offset with other positions |
| Liquidation Criteria | Liquidation is triggered based on the overall margin rate of the cross-exchange account | When Isolated Margin + Unrealized P&L ≤ Maintenance Margin for the position, liquidation is triggered |
| Liquidation Impact | When liquidation is triggered, one or more cross margin positions within the account may be reduced or liquidated | When liquidation is triggered, only the corresponding position is processed and other positions are not affected |
Cross-Exchange Account Liquidation Risk Control Process
1. Auto-Cancel Orders
When the total initial margin rate < 100%, the system will automatically cancel pending orders to reduce the occupation of initial margin. Orders are canceled serially, starting with spot orders and ending with contract orders, as follows:
- Cancel spot buy orders, starting from the largest to the smallest order value
- Cancel leveraged pending orders, starting from those occupying the most initial margin
- When canceling contract pending orders, prioritize canceling opening orders with no position; if none, then cancel add-on orders with positions, starting from those occupying the most initial margin
Serial cancellation means after each cancellation, the system checks if the initial margin rate is ≥ 100%. If met, the cancellation process stops.
When the account’s total initial margin rate < 100%, the available margin balance is negative. You cannot open new positions, only place closing 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 liquidation steps are as follows:
- Cancel all pending orders in parallel
- For leveraged positions, start liquidation, prioritizing long positions over short positions, then sorting by liquidity, and collect liquidation fees
- For dual positions, directly hedge the smaller position at the mark price and collect liquidation fees
- For each contract position, start risk limit tier downgrading, sort by liquidity, and downgrade to the tier where MMR becomes safe. Send all reduction orders to the exchange until MMR is safe or all positions are at the first tier, collecting liquidation fees
- When all contract positions are downgraded to the first risk tier, to minimize user losses, liquidation and reduction may continue. When MMR > 100%, liquidation stops, or positions are directly taken over and settled at bankruptcy price for the user, without liquidation fees. After internal system takeover, positions are sold at market price. If profitable, positive USDT balance is subsidized to the internal insurance pool; if there is a deficit, the insurance pool covers the negative USDT balance
For isolated margin liquidation, when Isolated Margin + Unrealized P&L ≤ Maintenance Margin for the position, the system initiates forced liquidation and collects liquidation fees upon execution.
- If position value exceeds 100,000, liquidate 20% each time until fully liquidated or Isolated Margin + Unrealized P&L ≤ Maintenance Margin, then stop liquidation
- If position value is less than 100,000, liquidate 100% at once
3. Bankruptcy Price Calculation Rules
Long position: Bankruptcy Price = Mark Price at liquidation × (1 - Maintenance Margin Rate of the position’s risk limit tier)
Short position: Bankruptcy Price = Mark Price at liquidation × (1 + Maintenance Margin Rate of the position’s risk limit tier)
Margin Requirements for Leveraged Trading
1. Long Position
Maintenance Margin for leveraged position = Position Value × Maintenance Margin Rate for the tier - Quick Calculation Amount + Estimated Full Close Fee
Initial Margin for leveraged position = Position Value / Leverage Multiple + Estimated Full Close Fee
Initial Margin for leveraged pending order = Order Value / Leverage Multiple + Estimated Close Fee + Estimated Execution Fee
2. Short Position
Maintenance Margin for leveraged position = Position Value × Maintenance Margin Rate for the tier - Quick Calculation Amount + Estimated Full Close Fee
Initial Margin for leveraged position = Position Value × Index Price / Leverage Multiple + Estimated Full Close Fee
Initial Margin for leveraged pending order = Order Value / Leverage Multiple + Estimated Close Fee + Estimated Execution Fee
There is no initial margin requirement for platform-to-platform pending orders or reduction pending orders. Estimated fees are calculated at a rate of 0.075%.
Estimated Close Fee: Refers to the fee required if the pending order increases position size and the platform needs to close at the same price, affecting contract margin requirements.
Margin Requirements for Contract Trading
1. One-Way Position Mode
Maintenance Margin for contract position = abs(Position Size) × Mark Price × Maintenance Margin Rate of the user’s risk limit tier - Quick Calculation Amount + Estimated Full Close Fee
Initial Margin for contract position = abs(Position Size) × Mark Price × 1 / Leverage Multiple + Estimated Full Close Fee
Initial Margin for contract pending order = abs(Open Size) × Order Price × 1 / Leverage Multiple + Estimated Close Fee + Estimated Execution Fee
No initial margin requirement for platform-to-platform pending orders or reduction pending orders. Estimated fees are calculated at a rate of 0.075% (same below).
Estimated Close Fee: Refers to the fee required if the pending order increases position size and the platform needs to close at the same price.
2. Dual Position Mode
Maintenance Margin for dual positions = sum(Maintenance Margin for long position - Quick Calculation Amount + Estimated Full Close Fee, Maintenance Margin for short position - Quick Calculation Amount + Estimated Full Close Fee)
Initial Margin for dual positions = sum(Initial Margin for long position + Estimated Full Close Fee, Initial Margin for short position + Estimated Full Close Fee)
Initial Margin for pending order = abs(Order Size) × Order Price × 1 / Leverage Multiple + Estimated Close Fee + Estimated Execution Fee
No initial margin requirement for platform-to-platform pending orders or reduction pending orders.
Since currently only USDT / USDC are used as margin assets, both initial and maintenance margin requirements for contracts are applied to USDT / USDC assets:
Total Maintenance Margin for USDT / USDC assets in contract positions = sum(Maintenance Margin for all contract positions)
Total Initial Margin for USDT / USDC assets in contract positions = sum(Initial Margin for all contract positions and pending orders)
Example of Cross-Exchange Margin Mode
Suppose a user is using cross-exchange margin mode and holds two contract positions as follows:
| Trading Pair | Leverage | Position Size | Opening 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 |
A leveraged 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 limit tiers 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 limit tiers 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 position’s notional value falls into a specific tier and the maintenance margin rate for that tier is used. Here’s how to calculate 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 × 0.03 + 1,500 × 2 × 0.00075 = 92.25
Suppose the user has 20,000 USDT and no other assets or pending orders. In summary, the user’s account-level information is:
| 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 = 727.25 |
| 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 ≈ 3,162.59% |
| Total Available Margin Balance | Available Margin | 23,000 - 12,700.25 = 10,299.75 |
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