Definitions

Specifications

Margin Balance (MB)

= Balance of Currency (e.g., USDT)

+ Unrealised PnL of all Positions

- Trading Fees for Opening Orders

Initial Margin (IM)

= Sum of Initial margin for each perpetual (using “Order-Adjusted Position Size”)

+ Sum of Initial margin for each future (similar to perpetuals)

Note: per the perpetuals or futures, probably different leverages (set by clients) to different symbols

Initial Margin Rate (IM Rate)

= IM / MB

Maintenance Margin (MM)

= Sum of maintenance margin for each perpetual (using “Order-Adjusted Position Size”)

+ Sum of maintenance margin for each future (similar to perpetuals)

Note: per the perpetuals or futures, probably different tiers to different symbols

Maintenance Margin Rate (MM Rate)

= (MM + Liquidation Fee) / MB

Tiers

Limitations

(1)

IM Rate < 100%

N.A.

(2.1)

IM Rate >= 100%

MM Rate < 75%

Only risk-reducing orders* can be placed

Alert will be sent regularly (e.g., every hour)

(2.2)

IM Rate >= 100%

75% <= MM Rate < 90%

Only risk-reducing orders* can be placed.

Alert will be sent regularly (e.g., every 20 minutes)

(2.3)

IM Rate >= 100%

90% <= MM Rate < 100%

Only risk-reducing orders* can be placed.

Alert will be sent regularly (e.g., every 10 minutes)

(3)

MM Rate >= 100%

Not allowed to place any new orders.

Existing opening orders will be canceled automatically.

After existing open orders are canceled, if portfolio still cannot achieve MM / MB < 100%, then the liquidation engine will acquire the portfolio and conduct the liquidation strategy until MM / MB < 100% or fully liquidate the portfolio.