Cross Margin
Isolated Margin
Cross Margin
Last updated: 18 Oct 2024
You can check various Cross Margin position information from the trading page. Go to [Trade] - [Margin] and scroll down to the [Positions] tab.
Hover over an underlined parameter to view more details.
Please note that values are displayed based on the selected benchmark (USDT or BTC).
1. Position
It represents the net amount of assets in your Margin account. A non-zero, positive number indicates a long position, while a non-zero, negative number indicates a short position. Please note that only non-zero positions will display information like Index Price, Entry Price, PNL, etc.
2. Position Value
This number represents the value of your position in USDT or BTC, according to the Index Price.
3. Index Price
Click here for more information about Index Price.
4. Entry Price
The entry price is the weighted average price of assets in your Margin account, which include assets that were transferred in and assets that were purchased.
- The cost of the transferred assets is based on the market closing price in USDT or BTC at the time of the transfer.
- The cost of assets bought /sold is the average filled price.
View the position open time on your dashboard by checking off ‘Open Time’ in the options:
Examples
Example 1 (USDT Benchmark):
You transferred in 1 BTC with a USDT market closing price of 10,000 USDT at the time of transfer. Your entry price is 10,000 USDT. Subsequently, you borrowed 15,000 USDT to buy 2 BTC with an average fill price of 7,500 USDT. The entry price of BTC will become (10,000 * 1 + 7,500 * 2) / 3 = 8,333.33 USDT.
- If you sold 2 BTC with an average fill price of 15,000 USDT, you still have 1 BTC in your account, and your entry price remains unchanged at 8,333.33 USDT.
- If you sold 5 BTC with an average fill price of 15,000 USDT, your entry price will change to 15,000 USDT because your position changed from long to short.
Example 2 (USDT Benchmark):
| Action | Price(Market or filled) | Position Direction | Position | Entry Price |
| Transfer-in of 1 BTC | 70,000 | Long | 1 BTC | 1 * 70,000 / 1 = 70,000 |
| Buy 2 BTC | 71,000 | Long | 3 BTC | (70,000 + 2 * 71,000)/3 = 70,666.666 |
| Sell 1 BTC | 73,000 | Long | 2 BTC | No Change, 70,666.666 |
| Borrow 3 BTC | 72,000 | Long | No Change | No Change, 70,666.666 |
| Sell 5 BTC | 74,000 | Short | -3 BTC | 5 * 74,000 / 5 = 74,000 |
| Buy 1 BTC | 73,000 | Short | No Change | No Change, 74,000 |
| Repay 3 BTC | 72,000 | Closed | 0 BTC, closed | /, position closed |
Note: Interest is not counted in the entry price for now.
5. Adjusted Entry Price
Adjusted entry price is the cost price of the position after taking into account the profit and loss. Tradings, transfer-ins and transfer-outs will be included in the cost price calculation. The profit or loss of the buy or sell will be amortized over or under the breakeven price and there may be a negative cost price.
Adjusted Entry Price = (Total amount of buys and transfer-ins - Total amount of sells and transfer-outs) / Positions
Switch to view between Entry Price and Adjusted Entry Price in the Positions table.
Example & Impact on Adjusted Entry Price
Example (Price benchmark: USDT):
| Action | Price | Position Value | Position | Adjusted Entry Price (Position Value/Position) |
| Transfer-in of 1 BTC | 70,000 | 1*70,000=70,000 | 1 BTC | = 70,000 / 1 = 70,000 |
| Buy 2 BTC | 71,000 | 70,000+2*71,000= 212,000 | 3 BTC | = 212,000 / 3 = 70,666.667 |
| Trading fee 0.02 BTC | 71000 | No Change | 2.98 BTC | = 212,000 / 2.98 = 71,140.939 |
| Borrow 1 BTC | 72,000 | No Change | No Change | No Change, 71,140.939 |
| Interest paid 0.01 BTC | 71,500 | No Change | 2.97 BTC | = 212,000 / 2.97 = 71,380.471 |
| Sell 1 BTC | 72,000 | 212,000-1*72,000 = 140,000 | 1.97 BTC | = 140,000 / 1.97 = 71,065.989 |
| Sell 5 BTC | 73,000 | 140,000-5*73,000= -225,000 | -3.03 BTC | = -225000/-3.03 = 74,257.425 |
| Buy 5 BTC | 73,000 | -225000+5*73,000= 140,000 | 1.97 BTC | = 140,000/1.97 = 71,065.989 |
| Trading fee 0.01 BTC | 73,000 | No Change | 1.96 BTC | = 140,000/1.96 = 71,428.571 |
| Repay 0.5 BTC | 73,000 | No Change | No change | No change, 71,428.571 |
| Transfer out 0.5 BTC | 72,000 | 140,000-0.5*72,000 = 104,000 | 1.46 BTC | = 104,000/1.46 = 71,232.876 |
| Transfer out 1.46 BTC | 72,000 | 0 | 0 | Position close, no adjusted entry price |
Impact on Adjusted Entry Price:
| Action | Position Value | Position | Adjusted Entry Price |
| Transfer in/out | Y | Y | Y |
| Buy/Sell | Y | Y | Y |
| Borrow/Repay | N | N | N |
| Trading fee | N | Y | Y |
| Interest fee | N | Y | Y |
6. PNL (Profit and Loss)
PNL = Position * (Index Price - Entry Price or Adjusted Entry Price)
- If you chose to display Entry Price, the PNL will be calculated based on Entry Price; if you chose to display Adjusted Entry Price, the PNL will be calculated based on Adjusted Entry Price.
- A positive number indicates profit, a negative number indicates loss.
- Any outstanding interest will reduce your PNL for a short position, but does not impact your PNL for a long position.
7. Liquidation Price
The liquidation price is calculated based on your positions and their respective price indices. Eligible assets in your Cross Margin account are recognized as margin collateral, therefore changes in the Index Price for any token in your Cross Margin account may impact the liquidation price for another token in the same account. Please note that the liquidation price is only indicative. Click here to find out more information about liquidation price.
8. To Liquidation Price
This value represents the percentage difference between the index price and the liquidation price.
Similar to Cross Margin, you can also check the position parameters for Isolated Margin from the trading page by accessing [Trade] - [Margin] - [Isolated Margin] - [Positions]. However, the Isolated Margin Cost and PNL only consider the transactions after opening the position. The trading amounts are not included.
Hover over an underlined parameter to view more details.
Please note that values are displayed based on the selected benchmark (USDT or BTC).
1. Position
Position = Equity = Total Balance - Debt. It represents the net amount of assets in your Margin account. A non-zero, positive number indicates a long position, while a non-zero, negative number indicates a short position. Please note that you can only view information for non-zero positions, such as Index Price, Entry Price, PNL, etc.
2. Position Value
This number represents the value of your position in USDT or BTC, according to the Index Price.
3. Index Price
The Price Index is a bucket of prices from the major spot market exchanges, weighted by their relative volume. To learn more about how Index Price is set, read Margin Trading Index Price Explained.
4. Cost
Cost refers to the total value transferred into the account after opening the position. The cost added for each transfer is calculated by the quantity of tokens transferred, multiplied by the price of that token in USDT at the time of transfer. Please note that this is different from the Cross Margin Entry Price calculation.
5. Realized PNL
Realized PNL = The total value transferred out after opening the position.
6. PNL (Profit and Loss)
PNL = Current Position Value + Realized PNL - Cost, where the “cost” is determined as the accumulated transfer-in value of the Isolated Margin account. The accumulated transfer-out value is counted as “realized PNL”. For Isolated Margin, the PNL only considers the transactions, not the trades.
7. Example
User A starts an ETH/USDT position by transferring in ETH and borrowing USDT to buy more ETH. Assuming no interest costs incurred, and the ETH/USDT price fluctuates during this period:
| Action | ETH Index Price | Position Value (ETH and USDT) | Cost (Amount * Price) | Realized PNL (Amount * Price) | PNL (Position Value + Realized PNL - Cost) |
| Transfer in 1 ETH | $2,000 | 1 * $2,000 = $2,000 | 1 * $2,000 = $2,000 | $0 | $2,000 + 0 - $2,000 = $0 |
| No action | $2,100 | 1 * $2,100 = $2,100 | $2,000 | $0 | $2,100 + 0 - $2,000 = $100 |
| Transfer in 2 ETH | $2,100 | 3 * $2,100 = $6,300 | $2,000 + 2 * $2,100 = $6,200 | $0 | $6,300 + 0 - $6,200 = $100 |
| Borrow 3,000 USDT and buy 1.5 ETH | $2,000 | 4.5 * $2,000 - 3,000 * $1 = $6,000 | $6,200 | $0 | $6,300 + 0 - $6,200 = -$100 |
| No action | $2,500 | 4.5 * $2,500 - 3,000 * $1 = $8,250 | $6,200 | $0 | $8,250 + 0 - $6,200 = $2,050 |
| Sell 1.2 ETH for 3,000 USDT and repays 3,000 USDT debt | $2,500 | 3.3 * $2,500 = $8,250 | $6,200 | $0 | $8,250 + 0 - $6,200 = $2,050 |
| Transfer out 0.3 ETH | $2,500 | 3 * $2,500 = $7,500 | $6,200 | 0.3 * $2,500 = $750 | $7,500 + $750 - $6,200 = $2,050 |
| No action | $2,400 | 3 * $2,400 = $7,200 | $6,200 | 0.3 * $2,500 = $750 | $7,200 + $750 - $6,200 = $1,750 |
| Transfer out 2 ETH | $2,400 | 1*$2,400 = $2,400 | $6,200 | 0.3 * $2,500 + 2 * $2,400 = $5,550 | $2,400 + $5,550 - $6,200 = $1,750 |
| Transfer out 1 ETH | $2,400 | $0 | $0 | $0 | $0 |
After User A transfers out the last ETH, the account no longer has any positions and all position parameters will be reset and becomes 0.