What are Crypto Perpetuals?
Crypto Perpetuals are margined derivative contracts that allow you to take long or short positions on supported cryptocurrencies without owning the underlying asset.

Do Crypto Perpetuals expire?
No. Crypto Perpetuals do not have an expiry date or final settlement date.

When can I trade Crypto Perpetuals?
Crypto Perpetuals are available 24 hours a day, seven days a week, subject to system availability, maintenance and applicable risk controls.

What assets can I use as collateral?
Only USD cash is accepted as collateral.

What trading accounts are available?
Each eligible user may have one Master Account and one Sub-account.

How many isolated positions can I hold?
The Master Account and Sub-account can each hold up to eight isolated positions. If both accounts are available, you may hold up to 16 isolated positions in total.

What is Cross Margin?
Under Cross Margin, positions within an account share a common collateral pool. Available funds in the account may be used to support any cross-margin position in that account.

A loss on one position may therefore reduce the funds available to support other cross-margin positions.

What is Isolated Margin?
Under Isolated Margin, margin is allocated to a specific position. The position’s margin and liquidation risk are separated from your other isolated positions.

However, an isolated position may still develop a negative balance during extreme market conditions. Any negative balance must be repaid.

Can I hold both a long and short isolated position in the same instrument?
No. Hedge Mode is not supported. Within each Master Account or Sub-account, you can only hold one isolated position in a particular instrument at a time.

Additional isolated orders for the same instrument will be associated with the existing isolated position.

Will a loss in one isolated position use the margin of another isolated position?
No. Margin allocated to one isolated position will not automatically be used to support another isolated position.

What is Initial Margin?
Initial Margin, or IM, is the minimum margin required to open or increase a position. The requirement depends on factors including the selected leverage, open orders and applicable risk parameters.

What is Maintenance Margin?
Maintenance Margin, or MM, is the minimum margin required to maintain a position. If your Margin Balance falls below the Maintenance Margin requirement, the position may be liquidated automatically.

What is Margin Balance?
Margin Balance is the value used to assess the health of your account or isolated position. It generally includes allocated cash and unrealized profit or loss, less applicable fees and other adjustments.

How does leverage affect my margin requirement?
Higher leverage generally reduces the Initial Margin required for a position, while lower leverage increases it.

The platform may apply a lower maximum leverage when required by product or account-level risk limits.

Can I adjust the leverage of an isolated position?
Yes. You may adjust the leverage of an existing isolated position, subject to available margin and applicable risk limits.

Open orders for the same isolated position must use the same leverage as the existing position.

What happens when I decrease leverage?
Decreasing leverage increases the Initial Margin requirement. Additional margin may need to be transferred from the related Master Account or Sub-account.

The adjustment will fail if there is not enough transferable balance.

What happens when I increase leverage?
Increasing leverage reduces the Initial Margin requirement, but excess margin will not automatically be transferred out of the isolated position.

To release excess margin, you must manually reduce the margin allocated to the position.

Can I manually add or remove margin from an isolated position?
Yes. You can add margin using the transferable balance in the related account.

You may remove margin only when the remaining isolated margin is sufficient to support the position and its open orders.

Where can I find more information about margin calculations?
For detailed definitions and calculation methods for Margin Balance, Initial Margin and Available Margin, please refer to the margin rule page.

How is margin transferred when I place an isolated order?
When you place or modify a risk-increasing isolated order, the system calculates the required margin and automatically transfers it from the related Master Account or Sub-account.

The order will be rejected if the related account does not have enough transferable balance.

Why was more margin transferred than the estimated order margin?
The transferred amount may include estimated fees and a small risk buffer to account for market movements while the order is being processed.

What happens to the margin after I cancel an isolated order?
The treatment depends on whether the isolated position still has open orders or an open position:

Why is my Available Margin lower than my Wallet Balance?
Wallet Balance may include funds already allocated to isolated positions. Available Margin excludes funds reserved for isolated positions and open orders.

Why was my order rejected for insufficient margin?
An order may be rejected if placing it would cause your Available Balance to become negative.

For isolated orders, this may happen when the isolated position and its related account do not have enough transferable funds to meet the new margin requirement.

Why is margin checked again when I modify an order?
Changing an order’s quantity, price or leverage may increase its risk and margin requirement. A new margin check is therefore performed whenever an order is modified.

What is a risk-increasing order?
A risk-increasing order increases the Initial Margin required for your positions and open orders. It may be rejected if sufficient margin is unavailable.

What is a risk-reducing order?
A risk-reducing order will not increase the Initial Margin. This generally includes an order that reduces an existing position without reversing or increasing exposure.

The system’s margin calculation determines whether an order qualifies as risk-reducing.

What is a Reduce Only order?
A Reduce Only order can only reduce an existing position. It cannot open a new position or increase exposure in the opposite direction.

Why does my maximum order quantity change?
The maximum quantity is estimated using factors including:

The displayed quantity is an estimate and may change with market conditions.

What order types are supported?
Crypto Perpetuals support Limit, Market, Trigger and Take Profit/Stop Loss orders.

A Limit Order is executed only at the specified price or better. The following Time-in-Force instructions are supported:

Limit Orders also support:

A Market Order attempts to execute immediately at the best available prices.

Market Orders use IOC execution. Any quantity that cannot be filled immediately within the applicable price-protection range is cancelled.

A Trigger Order is activated when its specified trigger condition is met.

For a standalone Trigger Order under Isolated Margin, Reduce Only is mandatory. It can only reduce the existing isolated position and cannot open or increase a position.

Take Profit and Stop Loss orders are supported:

TP/SL instructions can be attached to a new parent order:

Entire Position TP/SL is attached directly to an existing position rather than to an individual entry order.

It is intended to close the entire remaining position when the applicable Take Profit or Stop Loss trigger is reached.

What price limits apply to buy and sell orders?
Limit Orders are subject to aggressive and passive price limits based on the current Mark Price.

The aggressive limit prevents Buy Orders from being placed too far above the Mark Price and Sell Orders too far below it. The passive limit controls prices on the opposite side.

The default limits are shown below. Actual limits may vary by instrument.

Orders outside these ranges will be rejected. These limits may be adjusted in response to market conditions.

Note: Equity Perpetuals and Equity Futures use different price limits. Buy Limit Orders must be priced between 80.01% and 101.99% of the Mark Price, while Sell Limit Orders must be priced between 98.01% and 119.99%. Actual limits may vary by instrument.

Market Orders are subject only to the applicable aggressive limit for the instrument.

Are liquidation orders subject to price protection?
Yes. Liquidation orders use a wider price range than regular customer orders, but they remain subject to price protection.

Liquidation may therefore not complete immediately when market liquidity is limited.

What is a funding rate?
The funding rate is a periodic payment exchanged between long and short position holders. It helps keep the Crypto Perpetual price aligned with its underlying market.

How often is funding fee settlement?
Funding fee settlement happens every eight hours at:

How is the funding rate calculated?
The funding rate is calculated using the Weighted Average Premium Rate:

Funding Rate = clamp(Pw + clamp(IR − Pw, −β, +β), −Cap, +Cap)

Where:

Therefore, the final funding rate cannot be higher than +2% or lower than −2% for an eight-hour interval.

How is the Weighted Average Premium Rate calculated?
The Premium Rate is sampled once per minute during each eight-hour funding interval.

For each valid sample:

Impact Price Deviation = max(0, Fair Impact Bid − Index Price) − max(0, Index Price − Fair Impact Ask)

Premium Rate = Impact Price Deviation ÷ Index Price

The Fair Impact Bid and Fair Impact Ask represent the estimated average execution prices for a USD 2,000 order against the order book.

Then the Premium Rate samples are then weighted based on:

Pw = Σ(k × Premium Rateₖ) ÷ Σk

k is the sample’s position within the interval, from 1 to 480.

Who pays funding?

How is my funding payment calculated?

Funding Payment = Funding Rate × Funding Settlement Price × Position Size

For example, if:

then:

Funding Payment = 0.01% × 50,000 × 0.01 = USD 0.05

If the rate is positive, a long position pays USD 0.50 and a short position receives USD 0.50. If the rate is negative, the payment direction is reversed.

What is the Settlement Price used for?
The Settlement Price is calculated separately for:

What happens during daily settlement?
At each Daily Settlement Time:

Settlement mainly changes how P&L is recorded. It does not change the account’s total equity at that moment. Any settled profit remains subject to margin requirements and transfer limits.

What happens during funding fee settlement?
At each Funding Fee Time, the applicable funding payment is calculated for positions held at that time. The amount is then credited to or deducted from the account’s USD balance according to the position direction and funding rate.

How is the Settlement Price calculated?
The following methods are applied in order. The first method with sufficient valid data is used.

When will I receive a Margin Warning under Cross Margin?
A Margin Warning is triggered when the account’s Margin Balance falls below its applicable Initial Margin requirement.

When will I receive a Margin Warning for an isolated position?
A Margin Warning is triggered when the isolated position’s Margin Balance falls below 90% of its Initial Margin requirement.

What happens after a Margin Warning?
The affected account or isolated position enters a restricted state. During this state:

How will I be notified?
At launch, margin warnings and liquidation notices are sent by email. Push notifications are not supported.

You should not rely solely on notifications to manage margin risk.

Will I receive a grace period before liquidation?
No guaranteed cure period or countdown applies before liquidation.

If the Margin Balance falls below the Maintenance Margin requirement, automatic liquidation may begin immediately.

When is a position liquidated?
Automatic liquidation is triggered when the Margin Balance falls below the applicable Maintenance Margin requirement.

What happens when liquidation begins?
When liquidation is triggered:

Transfers out of the account or isolated position will be blocked. Transfers into the account and margin top-ups for isolated positions remain allowed.

Why are open orders cancelled before the position is liquidated?
Open orders may reserve margin or increase risk. Cancelling them releases reserved margin and allows the system to reassess the account.

If cancelling the orders restores sufficient margin, further liquidation may not be required.

What is the estimated liquidation price?
The estimated liquidation price indicates the market price at which the position may reach its liquidation threshold.

It is an estimate and may change due to:

Is liquidation guaranteed to occur at the estimated liquidation price?
No. The actual liquidation price may differ due to market volatility, liquidity, price protection and execution conditions.

Liquidation is not guaranteed to complete immediately or at a particular price.

How is my maximum transferable amount determined?

Maximum transferable = max(0, min(USD Balance, Source Account Available, Sum of Available across related accounts))

Available is the risk-adjusted value available after accounting for margin requirements, unsettled profit and loss, open orders and applicable fee reserves.

The calculation ensures that sufficient funds remain available to support all related accounts and positions.

Why is my transferable balance lower than my cash balance?

Your transferable balance may be lower because:

Can a negative balance occur?
Yes. Extreme market conditions may cause losses to exceed the available margin and customers are liable for any negative balances

What happens under Cross Margin?
Trading is blocked for the account until sufficient USD is deposited to clear the negative balance.

What happens under Isolated Margin?
You must add sufficient margin to the affected isolated position. Until the negative balance is cleared, you cannot trade the same instrument using Isolated Margin.

Can a negative balance affect my other accounts?
Yes. If any Master Account has a negative balance, withdrawals and transfers out will be blocked across all related Master Accounts until the negative balance is cleared.

Are position limits applied?
Yes. Account-level and product-level limits apply, including limits on position size, order size, price and margin exposure.

What happens when I reach a position limit?
Orders that would increase your exposure may be rejected. Risk-reducing orders may still be accepted.

Can margin requirements and risk limits change?
Yes. Margin requirements, leverage limits, position limits and other risk parameters may be updated in response to market conditions or regulatory requirements.