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Initial Margin
Initial Margin is the amount of collateral required to open a position for Leverage trading. The leverage used is directly related to the initial margin used to maintain the position. The higher the leverage, the lower the initial margin required.
To calculate the initial margin required for USDT Contracts, multiply the order value with the initial margin rate. The initial margin rate depends on the leverage used.
Initial Margin = Contract size x Entry Price / Leverage
Example:
The initial margin used for a trade can be found on the "Positions" tab. Please be noted that the initial amount shown here includes the expected taker fee to close the position. In the Isolated Margin Mode, the Initial Margin used can be adjusted by clicking on the "Pen" symbol icon. By adjusting the Initial Margin used, this will affect the liquidation price of the position. For more details regarding adjusting the initial margin, please click here.
Maintenance Margin
Maintenance Margin is the minimum margin required to continue holding a position.
It will increase or decrease according to the trader's selected risk limit. By default, all risk limits start at the lowest maintenance margin level inside each trading pair's risk limit table.
Liquidation occurs when the isolated margin for the position is less than its maintenance margin level.
The maintenance margin rate (MMR) required for a position is based on the selected margin level requirements determined by its position value.
Example:
Regardless of any trades, it is important to understand how P&L is calculated before entering one. In sequential order, traders need to understand the following variables in order to accurately calculate their P&L.
Average Entry Price (AEP) of position
In Company, whenever traders add on to their position via new orders, AEP will change.
For example, Trader A holds an existing BTCUSDT open buy position of 0.5 qty with an entry price of USD 5000. After an hour, Trader A decided to increase his buy position by opening an additional 0.3 qty with an entry price of USD 6,000. Below shows how the formula for AEP and the computation steps.
Average entry price = Total contract value in USDT / Total quantity of contracts
Total contract value in USDT = ( (Quantity1 x Price1) + (Quantity2 x Price2)...)
By using the figures above:
Total contract value in USDT = ( (Quantity1 x Price1) + (Quantity2 x Price2) )
= ( (0.5 x 5000) + (0.3 x 6000) )
= 4300
Total quantity of contracts = 0.5 + 0.3
= 0.8 BTC
Average Entry Price = 4300 / 0.8
= 5375
Unrealized P&L
Once an order is successfully executed, an open position and its real-time unrealized P&L will be shown inside the positions tab. Depending on which side of the trade you are in, the formula used to calculate the unrealized P&L will differ.
example, for a long position
Trader B holds an existing BTCUSDT open buy position of 0.2 qty with an entry price of USD 7000. When the Last Traded Price inside the order book is showing USD 7500, the unrealized P&L shown will be 100 USDT.
Unrealized P&L = Contract Qty x (Last Traded Price - Entry Price)
= 0.2 x (7500 - 7000)
= 100 USDT
example, for a short position
Trader C holds an existing BTCUSDT open sell position of 0.4 qty with an entry price of USD 6000. When the Last Traded Price inside the order book is showing USD 5000, the unrealized P&L shown will be 400 USDT.
Unrealized P&L = Contract Qty x (Entry Price - Last Traded Price)
= 0.4 x (6000 - 5000)
= 400 USDT
Note
In USDT contracts, your P&L is also settled in USDT. When the price movement is by a certain price (example USDT 1000) in the profitable or non-profitable direction, assuming position size of 1 BTC, this means that a trader will gain or lose USDT 1000 respectively.
Increasing leverage does not directly multiply the profits/losses directly. Instead, profits and losses are determined by the position size and price movement. In short, the higher the leverage, the lower the margin collateral needed to open your position.
The larger the contract quantity, the bigger the profits/losses.
The larger the price movement relative to entry price, the bigger the profits/losses.
The default unrealized P&L is shown based on Last Traded Price. When hovering a mouse cursor on top of the figure, the unrealized P&L will change and show an unrealized P&L based on Mark Price.
Unrealized P&L(%)
Unrealized P&L(%) basically shows the Return on Investment (ROI) of the position in its percentage form. Similar to Unrealized P&L, the figure shows changes depending on the movement of Last Traded Price. As such, the Unrealized P&L(%) or ROI formula is below.
Unrealized P&L(%) = [ Position's unrealized P&L / Position Margin ] x 100%
Position Margin = Initial margin + Fee to close
Using Trader B as an example, Trader B holds an existing BTCUSDT open buy position of 0.2 qty with an entry price of USD 7000. When the Last Traded Price inside the order book is showing USD 7500, the unrealized P&L shown will be 100 USDT. Assuming the leverage used is 10x.
Based on our earlier calculation, the position's unrealized P&L = 100 USDT
Initial margin = (Qty x Entry price) / leverage = (0.2 x 7000) /10 = 140 USDT
Fee to close = Bankruptcy price x Qty x 0.075% = 6300 x 0.2 x 0.075% = 0.945 USDT
Unrealized P&L(%) = [ 100 USDT / ( 140 USDT + 0.945 USDT ) ] x 100% = 70.95%
Note
Some traders may misunderstand this, but adjustments to increase leverage do not increase your unrealized profits. Instead, traders will see an increase in unrealized P&L(%) due to a reduction in position margin and not because of an increase in actual profits.
Using Trader B as an example again, notice that regardless if leverage is 10x, 5x, or 20x, the unrealized P&L remains the same.
If Trader B uses the same 10x leverage, his unrealized P&L = 100 USDT, unrealized P&L(%) = 70.95%
If Trader B reduces the leverage to 5x, his unrealized P&L = 100 USDT, unrealized P&L(%) = 35.71%
If Trader B increases the leverage to 20x, his unrealized P&L = 100 USDT, unrealized P&L(%) = 142.85%
Closed P&L
When traders finally closed their position, the P&L becomes realized and is recorded inside the Closed P&L tab within the Assets page. Unlike unrealized P&L, there are some major differences in the calculation. Below summarizes the differences between the unrealized P&L and closed P&L.
Calculation of Unrealized P&L
Position Profit and Loss (P&L) : YES
Trading Fee(s) : NO
Funding Fee(s) : NO
Calculation of Closed P&L
Position Profit and Loss (P&L) : YES
Trading Fee(s) : YES
Funding Fee(s) : YES
Therefore, assuming full closing of the entire position, the formula for calculating Closed P&L is as follows:
Closed P&L = Position P&L - Fee to open - Fee to close - Sum of all funding fees paid/received
Using Trader C as an example, Trader C holds an existing BTCUSDT open sell position of 0.4 qty with an entry price of USD 6000. When the Last Traded Price inside the order book is showing USD 5000, trader C decided to close the entire position via Close by Market function. Assuming that Trader C also opened the position via a market order and funding fees totaling 2.10 USDT was paid out while holding the position.
Based on our earlier calculation, the position's P&L = 400 USDT received
Fee to open = Qty x Entry price x 0.075% = 1.80 USDT paid out
Fee to close = Qty x Exit price x 0.075% = 1.50 USDT paid out
Sum of all funding fees paid/received = 2.10 USDT paid out
Closed P&L = 400 - 1.80 - 1.50 - 2.10 = 394.60 USDT
Note
The above example only applies when the entire position is opened and closed via a single order in both directions. For partial closing of positions, Closed P&L will pro-rate all fees (fee to open and funding fee(s)) according to percentage of position partially closed and use the pro-rated figure to compute the Closed P&L.
At the Order Confirmation Window and Order Zone, the ‘Order Cost’ is the total margin needed to open a particular position. It is calculated using the Initial Margin plus a 2-way taker fee. The actual fee charged/received depends on the execution type.
Order Cost = Initial Margin + Two-Way Taker Fee
Fee to open = (Quantity of contracts * Order Price) x Taker fee
Fee to close = (Quantity of contracts * Bankruptcy Price derived from Order Price) x Taker fee
Bankruptcy Price for long position = Entry Price x (1 - Initial Margin Rate)
example, a trader enters a long position of 1 BTC at 8,000 USDT with 50x leverage.
Initial Margin = (1BTC*8,000) / 50 = 160 USDT
Fee to open = 1BTC x 8,000 x 0.075% = 6 USDT
Bankruptcy Price = 8,000 x (1 – 0.02) = 7,840 USDT
Fee to close = 1BTC x 7,840 x 0.075% = 5.88 USDT
Order Cost = 160 USDT + 6 USDT + 5.88 USDT = 171.88 USDT
Isolated Margin
Each position has an assigned margin. When a position is liquidated, it doesn't affect your other assets.
For Isolated Margin (default)
Where Initial Margin Rate = 1/Leverage and MMR is the Maintenance Margin Rate.
Cross Margin
Your entire Futures wallet equity acts as margin for your positions, which shares the risk of a forced liquidation of your positions. However, you can also lose the entire assets in your futures wallet.
Liquidation is triggered when the Mark Price hits the Liquidation Price.
Liquidation Price (traders are allowed to add in the extra margin to position)
Maintenance Margin Rate (MMR) is based on Tiered Margin.
For Long position
Liquidation Price = (((Entry Price)/Leverage) + Maintenance Amount - ( 1 x Position Amount x Entry Price))/((Position Amount* Maintenance Margin Rate) - ( 1 * Position Amount))
Example
For Short position
Liquidation Price = (((Entry Price)/Leverage) + Maintenance Amount - ( -1 x Position Amount x Entry Price))/((Position Amount* Maintenance Margin Rate) - ( -1 * Position Amount))
Example
Bankruptcy Price is a price level that indicates you have lost all your initial margin.
Upon liquidation, the liquidated position will be closed at the Bankruptcy Price, and this means that you have lost all your initial margin. If the liquidated position has its final liquidation price better than the bankruptcy price, the excess margin will be contributed to the Insurance Fund. Vice versa, if the liquidated position has its final liquidation price worse than the bankruptcy price, the Insurance fund will cover the loss gap.
For Long position
Bankruptcy Price= Entry Price × (1 - Initial Margin Rate*)
* Initial Margin Rate (IMR) = 1/ Leverage
For Short position
Bankruptcy Price= Entry Price × (1 + Initial Margin Rate*)
* Initial Margin Rate (IMR) = 1/ Leverage
Example
traders hold a 1BTC Long position with an entry price at 10,000USDT, leverage is 50x.
Bankruptcy Price= 10,000 × (1 - 2%) = 9,800 USDT