Last updated: 14 May 2024
Binance offers two types of Portfolio Margin modes:
- Portfolio Margin Pro, launched in April 2022, and
- Portfolio Margin, launched in May 2023.
Portfolio Margin Pro and Portfolio Margin were released separately to target users with different risk management strategies. Portfolio Margin Pro is designed for high-volume institutional traders who require flexibility in their trading strategies, while Portfolio Margin is geared towards traders who want to benefit from the flexibility in collateral management and maintain a higher level of risk mitigation.
Here are some key differences between the two Portfolio Margin modes.
Eligibility and Activation
- Portfolio Margin Pro: Your trading volume on USDⓈ-M/COIN-M Futures is equivalent to that of VIP tier 7 - 9, or the combined balance of your Cross Margin, USDⓈ-M Futures, and COIN-M Futures Wallets exceeds 10 million USDT.
To activate Portfolio Margin Pro, you need to submit an application to Binance and sign a legal agreement. For more details, please refer to How to Apply for the Binance Portfolio Margin Pro Program. - Portfolio Margin: To qualify for the Binance Portfolio Margin Program, you must be at VIP 1 - 9 or regular users who have a total asset balance above 50,000 USDT (including the net asset (equity) in Cross Margin Wallet and wallet balance in USDⓈ-M and COIN-M Futures Wallets).
The Portfolio Margin can be activated directly from your Binance Futures Wallet or the Futures trading interface. You don’t need to sign any legal documents to activate the service. For more details, please refer to How to Activate the Portfolio Margin Mode on Binance.
Margin Check
- Portfolio Margin Pro: There is no initial margin check.
- Portfolio Margin: There is an initial margin check.
UniMMR Calculation
- Portfolio Margin Pro: The uniMMR calculation is defined as (Unified Account Equity / Unified Maintenance Margin Amount) and does not include “OpenLoss”.
- Portfolio Margin: “OpenLoss” (which reflects a decrease in equity value due to a change in collateral affecting open orders on Cross Margin) is included in the Assets Equity formula and can impact the uniMMR.
Liquidation
- Portfolio Margin Pro: When the uniMMR falls below 105%, the system will initiate a full liquidation, and you are responsible for paying off any outstanding pmLoan amount.
- Portfolio Margin: When the uniMMR falls below 105%, the system will initiate a full liquidation, but the negative balance will be reimbursed after the liquidation. There is no pmLoan.
Insurance Fund
- Portfolio Margin Pro: The Insurance Fund does not cover any losses, and you need to sign a contract stating that you will cover any losses.
- Portfolio Margin: The Insurance Fund covers all losses, and you do not need to sign a contract to cover losses.
Fund Auto Collection Function
- Portfolio Margin and Portfolio Margin Pro: This function is available for all coins (except for BNB transfers from the USDⓈ-M Futures / USDⓈ-M Futures Wallets, respectively).
Asset Transfer
- For both Portfolio Margin Pro and Portfolio Margin:
- You can only transfer assets in and out of the Portfolio Margin Account through the Cross Margin Wallet. Please note that transfers in and out from the USDⓈ-M or COIN-M Futures Wallets to non-PM wallets (such as the Spot Wallet and Options Wallet) are not supported.
- You can only transfer from the Futures Wallet to the Cross Margin Wallet using the Aggregate Balances function within the Portfolio Margin Account (except for BNB in the USDⓈ-M Futures Wallet).
- You can transfer BNB between the Cross Margin Wallet and the USDⓈ-M Futures Wallet within the Portfolio Margin Account.
- USDⓈ-M and COIN-M Futures Wallets cannot transfer assets to one another.
Position Limits
- For both Portfolio Margin Pro and Portfolio Margin, default position limits in COIN-M and USDⓈ-M Futures are maintained for each symbol.
You can refer to the dedicated COIN-M Futures and USDⓈ-M Futures tables in the [Leverage & Margin] section for a comprehensive view of the notional limits for all symbols listed.
Interest for Negative Balances
For both Portfolio Margin Pro and Portfolio Margin, interest will be charged on negative balances (all coins).
Please refer to the respective FAQs (Portfolio Margin Pro / Portfolio Margin) for more details.
| Portfolio Margin Pro | Portfolio Margin | |
| Supported Wallets |
| |
| uniMMR Calculation | uniMMR = ∑Equity /∑MM | adding asset OpenLoss in uniMMR; ∑adjustedEquity = ∑Equity - ∑assetOpenLoss* assetIndexPrice; uniMMR = ∑adjustedEquity /∑MM |
| Initial Margin Check | No | Yes |
| pmLoan | Yes | No |
| ADL | Yes | Yes |
| Position Limit | For both Portfolio Margin Pro and Portfolio Margin, default position limits in COIN-M Futures are maintained for each symbol, while USDⓈ-M futures trading is not subject to any position limits. | |
| Legal agreement signing to cover potential losses | Yes | No |
| Interest for Negative Balances | Yes, interest will be charged on negative balances (all coins). For more details on the difference between a negative balance and a negative threshold, please refer to the Binance Portfolio Margin Trading Rules (applicable for both Portfolio Margin Pro and Portfolio Margin). | |
| Conditional Order | Website and API | Website. Separate Conditional Order Support Service |
| Take-Profit Stop-Loss Orders | Yes | No |
| Wallet Transfer Logic |
| |
| Fund Auto Collection Function | USDⓈ-M and COIN-M Futures Wallets can transfer all assets to the Cross Margin Wallet, except when transferring BNB from the USDⓈ-M Futures Wallet. | |
| Auto Repay Negative Balance | Yes. The auto-repay function supports repayment with the same coins. | |