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What is margin in futures trading?

發佈於 2022年6月20日更新於 2024年10月24日閱讀時長 5 分鐘

1. Understanding margin

In the crypto futures market, margin is a percentage of the value of the futures contract that traders place in an account to open a position.

2. Calculating margin

OKX has two margin modes: cross and isolated.

Cross margin mode: In cross margin mode, the entire margin balance is shared among all open positions, which can help lower the risk of liquidation.
- Margin requirement for positions
  - Crypto-margined contracts
    Initial margin = Contract size × |Number of contracts| × Multiplier / (Mark price × Leverage)
  - USDT-margined contracts
    Initial margin = Contract size × |Number of contracts| × Multiplier × Mark price / Leverage
    - The initial margin fluctuates based on the mark price in cross-margin mode.
- Margin requirement for open orders and positions
  - One-way mode margin requirement
    - Long position: Max ((Position notional value + Buy order value), (Sell order value – Position notional value)) / Leverage
    - Short position: Max ((Buy order value – Position notional value), (Position notional value + Sell order value)) / Leverage
  - Hedge mode margin requirement = |Long position notional value + Open buy order value| / Leverage + |Short position notional value + Open sell order value| / Leverage
Isolated margin mode: In isolated margin mode, each position has its own margin, allowing traders to manage risk per position.
- Crypto-margined contracts
  Initial margin = Contract size × |Number of contracts| × Multiplier / (Average price of open positions × Leverage)
- USDT-margined contracts
  Initial margin = Contract size × |Number of contracts| × Multiplier × Average price of open positions / Leverage

3. Understanding margin and leverage

Leverage is a trading mechanism that amplifies potential returns and risks by allowing traders to trade with more funds than what they have in their trading account.In cross margin mode, when you are opening long or short positions: Initial margin = Position value / Leverage

Crypto-margined contracts
- If the current BTC price is $10,000, the user wants to buy perpetual futures worth 1 BTC with 10x leverage, the Number of Contracts = BTC Quantity x BTC Price / Contract Size = 1 x 10,000 / 100 = 100 contracts.
- Initial Margin = Contract Size x Number of Contracts / (BTC Price x Leverage) = 100 x 100 / (10,000 x 10) = 0.1 BTC
USDT-margined contracts
- If the current BTC price is 10,000 USDT, the user wants to buy perpetual futures worth 1 BTC with 10x leverage, Number of Contracts = BTC Quantity / Contract Size = 1 / 0.0001 = 10,000 contracts.
- Initial Margin = Contract Size x Number of Contracts x BTC Price / Leverage) = 0.0001 x 10,000 x 10,000 / 10 = 1,000 USDT

4. Margin requirements

Initial margin rate: 1 / Leverage
Maintenance margin: The minimum margin required to sustain the current position.
- Spot and futures cross margin mode
  Margin level = (Balance of an asset in spot and futures cross-margin account + PnL in cross-margin positions – Amount in open sell orders – Amount required for options buy orders – Amount required for open orders in isolated margin mode – Order fees) / (Maintenance margin + Liquidation fees)
- Multi-currency cross margin mode
  Margin level = Adjusted equity / (Maintenance margin + Liquidation fees)
- Spot and futures, and multi-currency isolated margin mode / portfolio margin mode
  - Crypto-margined contracts
    Margin level = (Margin balance + PnL in isolated margin position) / (Contract size × |Number of contracts| / Mark price × (Maintenance margin + Liquidation fees))
  - USDT-margined contracts
    Margin level = (Margin balance + PnL in isolated margin position) / (Contract size × |Number of contracts| × Mark price × (Maintenance margin + Liquidation fees))

5. Managing margin calls

Margin calls are unique to isolated margin mode. You can increase the margin of specific positions to better control your risks.

6. Adjusting leverage

OKX supports adjusting the leverage of your open positions.You can only increase your leverage if the modified leverage is lower than the maximum leverage allowed for your current position. Once you’ve increased your leverage, the margin required to sustain your current position will be reduced.You can only decrease your leverage if you have enough funds in your trading account to cover the increased margin requirement with the modified leverage.

7. Futures order loss

In futures trading, when the order price deviates from the mark price, the system will calculate order loss. For example, when your buy order price is higher than the mark price or your sell order price is lower than the mark price, an unrealised loss will occur if the order is executed. To protect your assets and ensure platform safety, OKX includes order loss as a part of the cost required to open a position to prevent liquidation.

USDT-margined contracts

Buy order loss: Abs (Contract size × |Number of contracts| × Multiplier × Min [0, (Mark price – Order price)])
Sell Order loss: Sell order loss: Abs (Contract size × |Number of contracts| × Multiplier × Min [0, (Order price – Mark price)])

Crypto-margined contracts

Buy order loss: Abs (Contract size × |Number of contracts| × Multiplier × Min [0, (1 / Order price – 1 / Mark price)])
Sell order loss: Abs (Contract size × |Number of contracts| × Multiplier × Min [0, (1 / Mark price – 1 / Order price)])

For market orders, the platform uses an estimated fill price as the order price.

Digital asset holdings, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. Leveraged trading in digital assets magnifies both potential gains and potential losses and could result in the loss of your entire investment. Past performance is not indicative of future results. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition, particularly if considering the use of leverage. You are solely responsible for your trading strategies and decisions, and OKX is not responsible for any potential losses. Not all products and promotions are available in all regions. For more details, please refer to the OKX Terms of Service and Risk & Compliance Disclosure.