Clients can only withdraw balances from the Master Account, and cannot withdraw balances from sub-accounts directly. Clients would need to transfer any excess balance in sub-account(s) they wish to withdraw to the Master Account first.

The amount that Clients can transfer among the Master Account and sub-account(s) is determined by the following formula:

Master Account or Sub-account Available Transfer = Margin Balance - Initial Margin

= Margin Balance - Haircut - Position Initial Margin*Collateral Buffer

* Initial Margin is made up of haircut from collateral asset and position IM requirement.

*A Collateral Buffer is added to the position IM. The default Collateral Buffer is set to 1.25 and serves to prevent a Margin Call being triggered immediately upon transferring all available balance from the account and the position price move adversely. When Available Transfer is negative, no balance can be transferred out from the Master or sub-account.

The amount that Clients can withdraw from the Master Account is then determined by the following formula:

Exchange Max Withdrawable Balance = min { Master Account Available Transfer, max (0, sum of Master + Sub-account Available Transfer) }

For USD Withdrawable Quantity = min { Master Account USD Balance - max (0, Master Account Total Session Realised PnL), Exchange Max Withdrawable Balance }

For non-USD Token Withdrawable Quantity = min { Master Account Token Balance, ((Exchange max withdrawal balance / Token Price) / Token Collateral Weight) }

Please refer to the FAQ for Smart Cross Margin for further reference.

*assume no PNL & prices remain constant

*Note Initial Margin is made up of position IM & haircut. For token asset, the IM is due to Haircut on the asset value, for position, the IM is due to position IM requirement.

Master Account

Master Account Available Transfer = Margin Balance - Haircut - Position IM* Collateral Buffer

= 60,000 - 40,000*1.25

= 10,000

Sub Account

Sub-Account Available Transfer = Margin Balance - Haircut - Position IM* Collateral Buffer

= 40,000 - 40,000*1.25

= -10,000

Since this is negative, no balance can be transferred from the sub-account.

Exchange Max Withdrawable Balance = min {Master Account Available Transfer, max (0, sum of Master + Sub-Account Available Transfer) }

= 0

where

Master Account Available Transfer = 10,000

Sum of Master + Sub-Account Available Transfer = 10,000 - 10,000 = 0

USD Withdrawable Balance = min { Master Account USD Balance - max (0, Master Account Total Session Realised PnL), Exchange Max Withdrawable Balance }

= min { 60,000, 0 )

= 0

Master Account

Master Account Available Transfer = Margin Balance - Haircut - Position IM * Collateral Buffer

= 60,000 - 6,000 - 40,000*1.25

= 4,000

Sub Account

Sub-Account Available Transfer = Margin Balance - Haircut - Position IM * Collateral Buffer

= 80,000 - 8,000 - 40,000*1.25

= 12,000

Exchange Max Withdrawable Balance = min { Master Account Available Transfer, max (0, Sum of Master + Sub-Account Available Transfer) }

= 4,000

where

Master Account Available Transfer = 4,000

Sum of Master + Sub-Account Available Transfer = 4,000 + 12,000 = 16,000

*Note Client can transfer the excess balance in Sub-account to Master Account first to have higher withdrawable balance

BTC Token Withdrawable Qty = min { Master Account Token Balance, ((Exchange Max Withdrawable Balance / Token Price) / Token Collateral Weight) }

= 0.2222222222 BTC

where

Master Account Token Balance = 3

Exchange Max Withdrawable Balance / Token Price) / Token Collateral Weight = (4,000 / 20,000) / 0.9 = 0.2222222222