Margin
All Margin Trade currently operate under Cross Margin mode only.
Support for Isolated Margin will be introduced in a later release.
Trading with leverage allows you to control larger positions than your account balance would normally permit. While leverage can amplify profits, it also increases risk — understanding how margin works is essential to managing your exposure responsibly.
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:
initial_margin = position_size * mark_price / leverageExample: 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 is set to half of the initial margin at maximum leverage for each asset.
For example:
20× max leverage → 2.5% maintenance margin
40× max leverage → 1.25% maintenance margin
Maintenance margin scales dynamically with position size and leverage used.
Leverage Limits
Each market has a defined maximum leverage based on liquidity, volatility, and risk parameters. The interface prevents users from exceeding these limits.
BTC-USDC
40×
1.25%
ETH-USDC
30×
1.67%
SOL-USDC
20×
2.5%
NVDA-USDC
10×
5.0%
XAU-USDC (Gold)
10×
5.0%
Leverage for equities and commodities may adjust during volatile or illiquid periods.
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 the Liquidations page for more detail on the process and risk parameters.
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.
Summary
Margin Mode
Cross Margin (Isolated coming soon)
Collateral Type
USDC
Leverage Range
1× – Max per asset
Initial Margin
Required to open a position (size × price ÷ leverage)
Maintenance Margin
~½ of the initial margin at max leverage
Liquidation Trigger
When equity <= maintenance margin
Isolated Margin
Planned for future release
Last updated