Leverage for USDⓈ-Margined Contracts
CoinEx USDⓈ-Margined Futures supports leverage from 1X to 100X. Traders can adjust the leverage ratio flexibly based on their needs.
1. Timing: Leverage can be adjusted after a position is opened under Cross Margin or Isolated Margin mode.
2. Restrictions:
(1) The adjusted leverage must not exceed the maximum leverage allowed for the current position size.
(2) Margin mode or leverage cannot be changed while there are unfilled orders.
3. Impact:
- Under Cross Margin mode, adjusting leverage will trigger a recalculation of the allocated cross margin in real time. This may lead to changes in the risk ratio and the liquidation price. Traders should closely monitor risks.
- Under Isolated Margin mode, increasing leverage will not change the liquidation price, whereas decreasing leverage will trigger a recalculation of the required margin, which may lead to a margin call, and the liquidation price may change accordingly.
Margin for USDⓈ-Margined Contracts
In the CoinEx USDⓈ-Margined Futures, traders are only required to deposit a percentage of funds as margin to participate in futures trading.
CoinEx supports the following two margin modes:
| Mode | Cross Margin | Isolated Margin |
| Source | All available balance in the futures account is used as margin for cross-margin positions. | The margin is allocated independently to each position and is isolated from other positions. |
| Margin Call | The cross-margin balance and the unrealized PnL of all cross-margin positions jointly form a cross-margin pool. There is no active margin call mechanism. When the risk ratio drops to 0%, liquidation will be triggered. | Additional margin must be manually added by users. The system does not automatically add margin.
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| Liquidation Risk | All positions share the same margin pool. A loss on a single position may trigger liquidation of the entire cross-margin account. | Only the margin allocated to the specific position is at risk. Liquidation of one position does not affect other positions or the account balance. |
Margin Calculation for USDⓈ-Margined Contracts
1. Position Margin
(1) Isolated Margin: Isolated Position Margin = Margin Allocated to Isolated Positions + Isolated Unrealized PNL
Where: Isolated Occupied Margin = Initial Margin + Added Margin − Reduced Margin
(2) Cross Margin: Cross Position Margin = Cross Balance + Total Unrealized PNL of All Cross Positions − Frozen Trading Fees of All Cross Orders − Frozen Margin (including fees) of All Isolated Orders
2. Frozen Margin
(1) One-way Position Mode:
Frozen Margin for Pending Orders = Max [0, Current Order Qty+ Min(0, Total Qtyof Other Orders in the Same Direction with Higher Priority − Opposite Position Qty)] ÷ Order Price × (1 / Leverage + Maker Fee Rate)
(2) Hedge Mode:
Frozen Margin for Pending Orders = Current Order Qty÷ Order Price × (1 / Leverage + Maker Fee Rate)
3. Allocated Margin
(1) Cross Margin: Opening Qty× Mark Price ÷ Leverage
(2) Isolated Margin: Initial Margin + Added Margin − Reduced Margin
4. Initial Margin: Opening Qty× Average EntryPrice ÷ Leverage
5. Maintenance Margin: Maintenance Margin = Position Value × Maintenance Margin Rate
Where: Position Value = Mark Price × Position Size
6. Available Margin
(1) Cross Available Margin = Max(0, Cross Balance + Total Unrealized PNL of All Cross Positions − Total Margin Allocated to Cross Positions− Frozen Margin)
(2) Isolated Available Margin = Max (0, Cross Balance + Min (0, Total Unrealized PNL of All Cross Positions) − Total Cross Initial Margin − Frozen Margin)