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Leverage and Margin of USDⓈ-M Futures
2019-09-09 02:32
Binance uses a sophisticated risk control system and liquidation model to support high leverage trading by adopting the Maintenance Margin model. For the latest updates, please refer to the Leverage & Margin page.
What are maximum position, maximum leverage, and Initial Margin Rate?
The maximum amount of leverage available depends on the notional value of your position — the larger the position, the lower the leverage. You can adjust the leverage according to your needs, and all position sizes are calculated based on the contract's notional value. Thus, the Initial Margin is determined by the leverage you selected.
Please note that you should first choose your leverage (and fulfill the Initial Margin requirement) before opening positions. The higher the leverage, the smaller the notional size you can open; the lower the leverage, the higher the notional size you can open.
Important note: Binance Futures introduced leverage limits for users who registered their Futures accounts in less than 3 days.
Effective July 27, 2021, Binance Futures set leverage limits for users who registered their futures accounts in less than 3 days. The following leverage limits has been applied:
From the effective date, new users who registered their Futures accounts in less than 3 days cannot open positions with leverage exceeding 20x.
The new leverage limits also apply to existing users who registered their Futures accounts in less than 3 days:
All the new positions you open must be maintained below 20x leverage.
You can maintain your existing positions opened before July 27, 2021 beyond 20x leverage, but you cannot increase the leverage further. You can only reduce the leverage of your open positions to 20x or below.
For new users with no open positions, all new positions must not exceed 20x leverage.
Leverage limits for new users will gradually increase after 3 days from account registration.
The system will display the maximum allowable position size for different tiers of leverage as shown below:
What is the Maintenance Margin?
The Maintenance Margin is a critical term used in trading, specifically in futures. It refers to the minimum amount of collateral that a trader must maintain in their account to keep their leveraged position open. The Maintenance Margin is calculated based on the value of a trader's open positions at different notional value tiers.
Maintenance Margin = Notional Position Value * Maintenance Margin Rate - Maintenance Amount
Please refer to the Leverage and Margin table for the most updated information regarding Notional Position Values, maximum leverages, and the corresponding Maintenance Margin rates and maintenance amounts.
The Maintenance Margin is calculated based on your positions at different notional value tiers. This means that the Maintenance Margin is always calculated in the same way, regardless of what leverage you select. Moving from one tier to another will not cause the previous tier to change its leverage. The larger the position, the higher the Maintenance Margin rate.
In most exchanges, the Maintenance Margin is usually half of the Initial Margin. At Binance, however, the Maintenance Margin is only less than half of the Initial Margin, which is more beneficial to traders.
It is important to note that the Maintenance Margin will directly affect the liquidation price. To avoid auto-deleveraging, it is highly recommended to close your positions before the collateral falls below the Maintenance Margin.
Maintenance Margin Rate
Maintenance margin calculations are done via a “Bracket” setup and are always calculated the same way, regardless of what leverage you choose. Moving from one bracket to another will not cause the earlier bracket to change its leverage. To avoid auto-liquidation, you should liquidate positions before the collateral falls below the Maintenance Margin.
Frequently Asked Questions
1. Can I adjust the leverage of an open position?
If you have an open position in the Cross Margin Mode, you can increase/lower the leverage by using the [Adjust Leverage] button.
If you have an open position in the Isolated Margin Mode, you cannot reduce the leverage.
2. In the Hedge mode, does the maximum position limit of each tier include both long and short positions?
The position notional limits for long and short positions are calculated together in absolute value. Therefore, the position notional limits are shared.
