Cross-Exchange Account Asset Metrics
| Cross-Exchange Margin Mode | Single-Exchange Margin Mode | |
|---|---|---|
| Exchange | USDT, BNB, BTC, ETH, SOL, XRP, and USDC can be used as cross-exchange margin assets, allowing them to be shared as margin across three different exchanges. | Each exchange now supports more assets (such as BTC, ETH, USDT, USDC, XRP, BNB, SOL) as single-exchange margin assets. You can choose the most suitable asset for independent risk management. |
| Asset Balance | Actual spot amount | Same as left |
| Available Balance | = Asset balance - Spot frozen; spot frozen refers to the amount frozen for spot orders | Same as left |
| Unrealized P&L | = ∑(Unrealized P&L from contract positions + Unrealized P&L from leveraged positions) | Same as left |
| Liabilities | -- | = ABS(Min(Available balance + Unrealized P&L, 0)), actual liabilities for the asset |
| Asset Equity | USDT asset equity = Asset balance + Unrealized P&L; non-USDT is 0 | Margin asset = (Asset balance + Unrealized P&L) × tiered discount rate; non-margin assets are 0 |
| Contract Initial Margin | = ∑(Initial margin for each contract + initial margin for contract orders) | Same as left |
| Contract Maintenance Margin | = ∑(Maintenance margin for each contract) | Same as left |
| Borrowing Initial Margin | = ∑(Initial margin for each leveraged position + initial margin for leveraged orders) | = Liabilities / asset leverage multiplier |
| Borrowing Maintenance Margin | = ∑(Maintenance margin for each leveraged position) | = Liabilities × borrowing 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 | = USDT equity - USDT frozen for spot buy orders | = ∑(Positive asset equity of margin assets × index price × tiered discount rate) + ∑(Negative asset equity of margin assets × index price) - spot order losses |
| Total Initial Margin | = ∑(Total initial margin for assets × asset index price) = USDT contract initial margin + USDT borrowing initial margin; total initial margin for each asset converted to USDT | Same as left |
| Total Maintenance Margin | = ∑(Total maintenance margin for assets × asset index price) = USDT contract maintenance margin + USDT borrowing maintenance margin; total maintenance margin for each asset converted to USDT | Same as left |
| Total Initial Margin Ratio | = Total margin balance / total initial margin, used to determine whether to auto-cancel orders | Same as left |
| Total Maintenance Margin Ratio | = 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; remaining available margin balance after deducting already occupied initial margin | Same as left |
Cross-Exchange Account Forced Liquidation Risk Control Process
1. Auto-Cancel Orders
When the total initial margin ratio < 100%, the system will automatically cancel orders to reduce the occupation of initial margin. Orders are canceled serially: spot orders first, then contract orders. The rules are as follows:
- Cancel spot buy orders, starting with the largest order value
- Cancel leveraged orders, starting with those occupying the most initial margin
- For contract orders, prioritize canceling opening orders with no position; if none, then cancel add-on orders for existing positions, starting with those occupying the most initial margin
Orders are canceled serially; after each cancellation, the system checks if the initial margin ratio is ≥ 100%. If so, the cancellation process ends.
When the account's total initial margin ratio < 100%, 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
When the total maintenance margin ratio ≤ 100%, the system initiates the forced liquidation process. If MMR > 100%, the liquidation process stops. The liquidation steps are as follows:
- Cancel all orders in parallel
- For leveraged positions, start liquidation with long positions first, then short positions, followed by liquidity ranking; liquidation fees are charged
- For dual-direction positions, directly hedge the smaller position at the mark price; liquidation fees are charged
- For each contract position, begin risk limit tier reduction, ranked by liquidity. Reduce to the tier that ensures MMR safety, send all reduction orders to the exchange until MMR is safe or all positions are at tier 1; liquidation fees are charged
- Directly take over positions and settle at bankruptcy price for the user, no liquidation fee charged. Internal system accounts take over the position and immediately sell at market price. If profitable, positive USDT balance is added to the internal insurance pool; if negative, the insurance pool covers the USDT deficit
3. Bankruptcy Price Calculation Rules
Long position: Bankruptcy price = Mark price at liquidation × (1 - maintenance margin rate for the position's risk limit tier)
Short position: Bankruptcy price = Mark price at liquidation × (1 + maintenance margin rate for 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 position tier - quick calculation amount + estimated full liquidation fee
Initial margin for leveraged position = Position value / leverage multiplier + estimated full liquidation fee
Initial margin for leveraged order = Order value / leverage multiplier + estimated closing fee + estimated transaction fee
2. Short Position
Maintenance margin for leveraged position = Position value × maintenance margin rate for position tier - quick calculation amount + estimated full liquidation fee
Initial margin for leveraged position = Position value × index price / leverage multiplier + estimated full liquidation fee
Initial margin for leveraged order = Order value / leverage multiplier + estimated closing fee + estimated transaction fee
No initial margin is required for platform-to-platform orders or reduction orders. Estimated fees are calculated at a rate of 0.075%.
Estimated closing fee: Refers to the fee required if the order increases position size and the platform needs to liquidate at the same price, which is included in the contract margin requirement.
Margin Requirements for Contract Trading
1. One-Way Position Mode
Maintenance margin for contract position = abs(position size) × mark price × maintenance margin rate for user's risk limit tier - quick calculation amount + estimated full liquidation fee
Initial margin for contract position = abs(position size) × mark price × 1 / leverage multiplier + estimated full liquidation fee
Initial margin for contract order = abs(open size) × order price × 1 / leverage multiplier + estimated closing fee + estimated transaction fee
No initial margin is required for platform-to-platform orders or reduction orders. Estimated fees are calculated at a rate of 0.075% (same below).
Estimated closing fee: Refers to the fee required if the order increases position size and the platform needs to liquidate at the same price.
2. Dual-Direction Position Mode
Maintenance margin for dual-direction position = sum(long position maintenance margin - quick calculation amount + estimated full liquidation fee, short position maintenance margin - quick calculation amount + estimated full liquidation fee)
Initial margin for dual-direction position = sum(long position initial margin + estimated full liquidation fee, short position initial margin + estimated full liquidation fee)
Initial margin for order = abs(order size) × order price × 1 / leverage multiplier + estimated closing fee + estimated transaction fee
No initial margin is required for platform-to-platform orders or reduction orders.
Currently, only USDT/USDC are used as margin assets, so both contract initial margin and maintenance margin requirements fall on USDT/USDC:
Total maintenance margin for USDT/USDC in contract positions = sum(maintenance margin for all contract positions)
Total initial margin for USDT/USDC in contract positions = sum(initial margin for all contract positions and orders)
Example of 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 | 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 | Liabilities | 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 tiered risk limits, meaning the notional value of the 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 × 0.03 + 1,500 × 2 × 0.00075 = 92.25
Assume the user has 20,000 USDT, no other assets or 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 Ratio | Initial Margin Rate | 23,000 / 12,700.25 ≈ 181.10% |
| Total Maintenance Margin Ratio | 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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