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Binance Portfolio Margin Trading Rules
2023-05-04 14:24
Last updated: 14 Nov 2024
Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.
The Binance Portfolio Margin trading mode offers a range of advanced features and trading rules designed to provide traders with potentially better leverage, flexibility, and more efficient risk management. This article will explore the essential trading rules, including margin checks, leverage adjustments, and various calculations associated with the Portfolio Margin mode.
1. Margin rules and requirements
Unified Maintenance Margin Ratio (uniMMR): Portfolio Margin calculates a uniMMR to assess the risk level of a portfolio. This considers the adjusted equity and maintenance margin across all positions in various trading accounts.
uniMMR = ∑adjusted Equity / ∑MM
Where:
-∑adjusted Equity is the sum of the adjusted equity across all positions in the portfolio, considering unrealized profits or losses and adjusting for the potential loss (Open Loss) when changing collateral assets in Cross Margin open orders.
-∑MM is the sum of the unified maintenance margin amount, which includes the required margin levels across all nominated Futures and Cross Margin Accounts.
Traders must keep a uniMMR above 1.05 (105%) to avoid liquidation risks.
Adjusted Equity: This represents the combined value of assets in the portfolio, considering unrealized profits or losses and adjusting for the potential loss (Open Loss) when changing collateral assets in Margin open orders.
Maintenance Margin (MM): This is the minimum amount of margin that you must hold in your account to maintain open positions. In Portfolio Margin, the unified maintenance margin amount (∑MM) sums the required margin levels across all nominated Futures and Cross Margin Accounts.
Margin Levels: Portfolio Margin has different margin levels based on the uniMMR, which determines trading restrictions and actions required by the user. These levels range from unrestricted trading to liquidation, depending on the uniMMR value.
Margin Check Rules: Margin checks are assessments conducted periodically by the system to ensure traders have sufficient collateral in their accounts to cover their open positions and potential losses. These checks are crucial for ensuring traders maintain the required margin levels in their portfolio. The Portfolio Margin program employs a unique Margin Check Service (MCS) to help traders determine if their current or planned positions meet the necessary margin requirements.
If new order Initial Margin
The Margin Check calculation takes into account various factors to determine the required margin for a trader's positions ensuring they maintain sufficient collateral in their account. These factors include:
Futures Initial Margin (futuresIM): The initial margin required for futures positions. futures IM = position Size * mark Price / leverage
Margin Initial Margin (marginIM): The initial margin locked by the margin loan for Cross Margin positions. marginIM = borrowedAmount / (leverage-1)
Virtual Available Margin (virtualAvailable): Available margin for orders in USD value. virtualAvailable = max(adjusted Equity-∑IM，0） ∑IM = marginIM + futuresIM
For more information futures orders margin requirements, please refer here.
2. Negative balance and interest rate
You can have a negative balance on your USDⓈ-M Futures and Coin-M Futures Wallets if your uniMMR remains above the liquidation threshold (105%).
If your negative balances exceed the threshold, you’ll be charged an interest fee once a day at 00:00 (UTC). This interest fee is calculated based on the margin loan's interest rate at 00:00 (UTC) and multiplied by 24 to charge the daily interest, and the negative balance's absolute value. Please note that if you have the required assets in your Cross Margin Wallet, the system will automatically attempt to repay your negative balances within two hours before the interest charge.
Important to note: Auto-exchange does not apply to the Portfolio Margin Account.
“interestFee” is the fee charged for having a negative balance;
“negativeBalance” is the account balance when it is negative (less than zero);
“dailyInterestRate” is your Margin Loan’s daily interest rate, which is the margin loan's interest rate at 00:00 (UTC) and multiplied by 24 to charge the daily interest;
“negative_threshold” is the negative balance threshold on the Portfolio Margin page. .
When using the Portfolio Margin program, the Margin and Futures Wallet will be shown together in the Portfolio Margin account. This distinction helps traders easily identify their Portfolio Margin modes and manage their assets accordingly.
4. Auto top-up function
The auto top-up feature in Cross Margin and Portfolio Margin accounts enables users to automatically replenish their account balance in order to maintain a consistent margin level. Learn more about this feature in Liquidation Alert and Auto Top-Up Function in Binance Portfolio Margin.
5. Managing delisted borrowed assets
If a user has borrowed an asset that becomes delisted under portfolio margin, the following steps will be taken:
Reduce-only mode will be activated on the Futures side and borrowing will be prohibited on the Margin side.
Your held COIN-Margin Futures assets will be reviewed and, if applicable, the delisted assets will be transferred to repay the outstanding delisted loan.
Following the margin process, other margin assets will be utilized to repay the delisted loan through the liquidation engine.
If margin assets are insufficient for repayment, your assets from your USDⓈ-M Futures Wallet will be transferred to cover the loan.
If USDⓈ-M Futures assets are still inadequate, your COIN-Margin Futures Wallet assets will be used to repay the loan.
6. Automatic liquidation of delisted margin assets
Margin assets that have been delisted from Binance Cross Margin are automatically liquidated under the Portfolio Margin system. Automatic liquidation is done by selling the delisted assets into USDT, which is then added to the margin balance. This ensures that the margin account remains balanced and that the account holder does not incur any losses due to the delisting of the asset. The automatic liquidation feature provides an additional layer of security for users of Portfolio Margin, as it prevents any unexpected losses that may occur due to delisting of margin assets.
7. App requirements and restrictions
Users with Portfolio Margin will not have access to Lite Trading.
In order to use Portfolio Margin Mode, users must update their app to version 2.64.1 or newer.
8. Margin available for orders calculation in Cross Margin
The process of placing Cross Margin orders under Portfolio Margin involves a specific calculation for “available for orders”, which corresponds to the available margin for orders in USD value.
By knowing the details of this calculation, you can have a clear understanding of your available margin when placing buy and sell orders.
Margin available for orders (“virtualAvailable”): Available margin for orders in USD value.
In the context of these calculations, it's important to understand the significance of certain terms. CR1 refers to the collateral rate of the asset being sold, while CR2 refers to the collateral rate of the asset being bought.
In the normal or Auto-Repay modes, the following rules are applied based on these rates:
When CR1 > CR2: Available for order = min(X / (CR1 - CR2), AvailableAssetBalance)
Where: X (buy orders) = AvailableBalance / quoteAssetIndexPrice X (sell orders) = AvailableBalance / baseAssetIndexPrice
CR: Collateral Rate AvailableAssetBalance: Available asset balance in the Cross Margin account AvailableBalance: Balance available for order in the Portfolio Margin account (USD value) Available for order: Amount of assets you can use to place order on the trading page, which takes account in the previous 2 terms and CR difference between assets of the trading pair.
When CR1 ≤ CR2: Available for order = AvailableAssetBalance
Collateral Rate of BTC = 80% Collateral Rate of USDT = 100%
Buy Order:
CR1 = 100%, CR2 = 80%
Since CR1 > CR2, Available for order = min(1,000 / 1 / (100% - 80%), 20,000) = 5,000 USDT
Sell Order:
CR1 = 80%, CR2 = 100%
Since CR1 Available for order = AvailableAssetBalance : 0.01 BTC
In the Auto-borrow Mode, the following rules are applied based on these ratios:
When CR1 > CR2
Max borrowable = min{[X1-X1(CR1-CR2)]/(CR1-CR2 + IMR), MaxBorrowable}
Max available for order = Margin Available + Max borrowable
Buy: IMR = Initial Margin Rate of quote asset = 1 / leverage of quote asset
X1 = feVirtualAvailable / quoteAssetIndexPrice,
Sell: IMR = Initial Margin Rate of base asset = 1 / leverage of base asset
X1 = feVirtualAvailable / baseAssetIndexPrice,
CR1 = collateral rate of the asset to sell, CR2 = collateral rate of the asset to buy
When CR1 ≤ CR2
The Max borrowable and Max available function the same as in the normal mode.
Important note: For Portfolio Margin users, when placing an order in auto-borrow mode, the maximum borrowable amount may vary due to the differences in collateral rates between the quote asset and the base asset of the pair. This could result in inconsistencies compared to the maximum borrowable amount in manual borrowing.
Please refer to the trading interface to view your Available Balance, Available Asset Balance, and Available for order information:
For more details on the Binance Portfolio Margin Program, please refer to:
