Multi-Assets Mode Risk Control Guide

How to View Your Margin Ratio in Multi-Assets Mode

In Multi-Assets Mode, your margin is shared across all USDT-margined positions, so it's crucial to closely monitor your margin ratio. Once the margin ratio reaches 100%, all USDT-margined positions will be liquidated.

You can check your current margin ratio directly on the contract trading page.

How Is the Margin Ratio Calculated?

Margin Ratio = Maintenance Margin / Futures Account Equity

• Maintenance Margin: The total maintenance margin across all USDT-margined contracts in cross-margin mode.

• Futures Account Equity = sum[(Collateral Asset Balance - Margin used in Inverse Contracts) × Collateral Conversion Rate] × 0.9 + USDT Asset Value

  • Asset Value = Wallet Balance + Unrealized PnL (from cross-margin positions) – Real Liabilities – Unpaid Interest

  • The 0.9 factor represents the reserved margin ratio, setting aside 10% of funds to hedge against extreme market volatility.

Collateral Conversion Rates in Multi-Assets Mode

In Multi-Assets Mode, all supported collateral tokens can be used as margin. Each token's value is converted into USDT based on its conversion rate. These rates are listed under "Rules for Multi-Assets Mode" on the contract trading page.

In Single-Asset Mode, these tokens are not counted as margin (conversion rate = 0), but you can freely transfer them.

Note: Conversion rates are subject to change based on market conditions. Always refer to the latest information on the system.

Example:
If the BTC index price is 100,000 USDT and a user transfers 1 BTC to the futures account:

• Total value = 100,000 × 1 = 100,000 USDT

• Usable margin = 100,000 × 0.98 = 98,000 USDT

Auto Conversion in Multi-Assets Mode

To mitigate trading risks, non-USDT collateral in the futures account is subject to automatic USDT conversion, which is fast and low-cost.

Formula:
Auto Converted Amount = Token Quantity × Index Price × Conversion Rate

Auto Conversion Use Cases

1. Risk Control on Excessive Liabilities
   When liabilities exceed certain thresholds, the system will automatically convert collateral to repay them. Assets with higher conversion rates are prioritized. If multiple tokens have the same rate, those with higher value are used first. Only the amount necessary to repay all liabilities will be converted.

2. During Forced Liquidation
   If liabilities remain after liquidation, the system will auto-convert collateral to repay them.

Liabilities in Multi-Assets Mode

1. Liabilities & Interest

• All realized PnL, trading fees, and funding fees are settled in USDT. If there is insufficient USDT, liabilities will be generated.

• Liability Amount = |min(0, USDT Wallet Balance)|

2. Interest Calculation

• Interest is calculated on an hourly simple interest basis.

• Formula: Interest = Loan Amount × Hourly Interest Rate × Hours Borrowed

• Interest accrues immediately upon borrowing and is rounded up to full hours.

Forced Liquidation Process in Multi-Assets Mode

Liquidation Warning
You will receive alerts when your margin ratio hits 50% and 67%. Please top up margin promptly.

Forced Liquidation Steps
When the margin ratio reaches or exceeds 100%, forced liquidation will be triggered for all USDT cross-margin positions and collateral assets, in the following steps:

Step 1: Auto Cancellation

• Cancel all open orders for USDT contracts.

Step 2: Liquidation Takeover

• The system takes over all USDT contract positions and force-closes them. USDT asset balance is updated.

Step 3: Auto Conversion for Liabilities Repayment

• If liabilities remain after Step 2, the system auto-converts eligible collateral assets to USDT to repay them.