Margin
All Margin Trade accounts currently use cross margin only.
Cross Margin means your entire account balance acts as shared collateral across all open positions within your trading account.
Support for Isolated Margin will be introduced in a later release.
Leverage lets you control a larger position than your deposited collateral. It also increases liquidation risk.
Margin Modes
Cross Margin (Default)
In cross margin mode, all positions within your account share a single pool of USDC collateral.
Profits from one position can offset losses in another.
Liquidation risk is calculated based on your total account equity (collateral + unrealized PnL).
Depositing or withdrawing USDC affects the available margin for all open positions.
This design provides maximum capital efficiency for active traders but also means that a loss in one position can impact your overall account health.
Isolated Margin (Coming Soon)
Isolated margin confines collateral to an individual position. Losses in one market do not affect other positions, and margin can be adjusted independently. This feature will be available in a future update.
Initial Margin
Initial Margin is the amount of collateral required to open a leveraged position. It is determined by the following formula:
Example: If you open a $10,000 BTC-USDC position at 10× leverage, your initial margin requirement is $1,000.
You must maintain at least this level of margin to open or expand a position. If your available margin is lower, the platform will reject the order.
Maintenance Margin
Maintenance Margin is the minimum equity required to keep a position open. If your total account value (collateral + unrealized PnL) falls below this threshold, your positions will be liquidated to protect against negative balances.
The maintenance margin rate depends on the market. In most cases, it is roughly half of the initial margin rate at max leverage.
Maintenance margin scales dynamically with position size and leverage used.
Leverage Limits
Each market has its own maximum leverage, tick size, and risk limits. Use Markets as the source of truth for current values.
Liquidation Process
If your account’s equity (collateral + unrealized PnL) falls below the maintenance margin requirement, liquidation will begin.
The system automatically closes positions to restore margin health.
Full liquidation will occur when the account is underwater.
Liquidation prices are determined using the mark price, not the last traded price, to ensure fairness.
See Liquidations for the full liquidation flow.
Managing Margin
Because all Margin Trade accounts use cross margin, any changes to your account equity — including PnL from open positions — affect your available margin globally.
You can:
Deposit USDC to increase your available margin
Withdraw USDC only when your remaining equity exceeds all margin requirements
Monitor your Margin Ratio in the trading interface (displayed in the bottom-right account panel)
Maintaining a Margin Ratio above 100% ensures you are safe from liquidation.
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