Introduction
The Cross-Currency Full-Position Account Mode (referred to as the "Account") allows users to trade spot (with or without leverage), futures, perpetual swaps, and options using a unified pool of assets. In this mode, all assets are converted into USD value for margin calculations. When auto-borrow is enabled, users can sell assets or trade contracts even if the available balance of a specific currency is insufficient, provided the overall USD value is adequate. If a currency's equity drops below zero due to over-selling or contract losses, it generates an automatic liability with interest.
Asset Fields and Formulas
Currency Formulas
| Term | Definition | Formula | API Field |
|---|---|---|---|
| Balance | Asset balance of a currency in the full-position account. | N/A | details.cashBal |
| Unrealized P&L | Total profit/loss from all positions in the account. | Sum of perpetual, futures, and options P&L. | N/A |
| Equity | Total equity of a currency in the full-position account. | Balance + Unrealized P&L + Option Market Value - Interest. | N/A |
| Frozen Equity | Reserved equity for pending orders (spot, futures, options). | Sum of pending order reserves + estimated fees. | details.frozenBal |
| Available Equity | Usable equity for new orders. | Max[0, Equity - Frozen Equity]. | details.availEq |
| Liability | Debt incurred (including interest). | Abs{Min[0, Equity]} + Isolated Margin Debt. | details.liab |
| Potential Borrow | Estimated borrowing when equity < frozen equity. | Abs{Min[0, Equity - Frozen Equity]}. | N/A |
| Borrow Margin | Margin reserved for potential borrowings. | Potential Borrow / Leverage Multiplier. | details.borrowFroz |
Example Calculation
- BTC Price: $100,000 | Balance: 2 BTC
- SOL Price: $200 | Balance: 6,000 SOL
- USDT Balance: 110,000
Scenario:
- A BTC-USDT perpetual long position (0.5 BTC, 10x leverage) gains $10,000.
- Selling 4 BTC in spot creates a potential borrow of 2 BTC (0.4 BTC borrow margin at 5x leverage).
Account-Level Formulas
| Term | Definition | Formula | API Field |
|---|---|---|---|
| Effective Margin | Net USD value of all assets after discounts. | Discounted Equity + Spot/Leverage Losses - Borrow Margins - Fees. | adjEq |
| Position Notional | USD value of all positions + potential borrowings. | Sum of (Position Notional × USD Index Price). | notionalUsd |
| Maintenance Margin | Minimum margin required to avoid liquidation. | Sum of (Position Value × Tiered MMR Rate). | mmr |
| Margin Ratio | Risk metric: Effective Margin / (Maintenance Margin + Liquidation Fees). | mgnRatio |
Discount Rates:
- BTC: 0.98 (0–20 BTC), 0.975 (20–25 BTC), etc.
- SOL: 0.95 (0–4,000 SOL), 0.9475 (4,000–6,500 SOL).
Trading Rules
Auto-Borrow Mode
- Logic: Orders execute if effective margin ≥ total margin required, even with insufficient currency balance.
- Example: Selling 120,000 USDT (requires 110,000 USDT equity) succeeds with auto-borrow, generating 10,000 USDT debt.
Non-Auto-Borrow Mode
- Logic: Requires both sufficient USD margin and currency-specific available equity.
- Example: Selling 120,000 USDT fails if only 110,000 USDT is available.
Risk Controls
Order Cancellation:
- If
Effective Margin < Maintenance Margin + Pending Order Margins, cancel all derivative orders.
- If
Liquidation:
- Triggered at
Margin Ratio ≤ 100%. Phases:
- Offset opposing positions.
- Hedge delta-neutral positions.
- Reduce highest-risk positions.
- Triggered at
FAQ
Q: What happens if my margin ratio drops below 300%?
A: A warning is issued. Below 100%, positions are liquidated.
Q: How are discount rates applied?
A: Rates vary by currency and holding tier (e.g., BTC: 0.98 for 0–20 BTC).
Q: Can I avoid auto-borrow interest?
A: Yes, by staying within the interest-free allowance or disabling auto-borrow.
👉 Learn more about margin trading
Risk Disclosure: Trading with leverage involves high risk. Monitor your margin ratio closely to avoid liquidation.