1. Introduction
As a leading derivatives exchange, OKX strives to provide our users with the best-in-class margin infrastructure. To further enhance how users utilize capital, the OKX unified account has iterated from Single-, Multi-currency margin to the latest Portfolio margin.
For details on multi-currency margin and portfolio margin, refer to the following:
2. Comparison of Multi-currency Margin Mode and Portfolio Margin Mode
Account mode
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Multi-currency margin
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Portfolio margin 1.0 (Derivatives-only mode)
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Portfolio margin 2.0 (Spot-derivatives risk offset mode) |
Tradable instruments |
All instruments (spot, margin, perpetual swap, futures, and options) |
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Prerequisite |
Equity > 10K USD |
Equity > 10K USD |
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Applicable collaterals
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Treatment of option value
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Long option positions are placed in isolated mode. Only short option positions are considered as available margin in cross-margin mode. |
Both long and short options can be evaluated in cross-margin mode; therefore, the values of both are considered as available margin in cross-margin mode.
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Position margining
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Positions in different instruments are independently margined based on position tiers. (Position tiers) |
Derivatives positions are grouped by risk-unit. Their risks are assessed holistically under different scenarios (V. Portfolio Margin mode), and the required margin is calculated based on the maximum loss in all scenarios.
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Derivatives positions are grouped by risk-unit. Their risks are assessed holistically under different scenarios (V. Portfolio Margin mode), and the required margin is calculated based on the maximum loss in all scenarios.
Additionally, the delta position from spot assets can be included in the corresponding risk units (either USDT-margined or crypto-margined). e.g., BTC spot assets in an account can be included in a BTC-USD or BTC-USDT risk unit for delta risk offsetting. |
3. Example of Multi-currency Margin Mode vs. Portfolio Margin Mode
Assets
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148 ETH
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Mode\Positions
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-30000 ETH-USDT-SWAP
20000 ETH-USDT-0930
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Multi-currency margin
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MMR = 7,947 USD
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Portfolio margin 1.0 (only-derivatives risk offset) margin
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MMR = 33,665 USD
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Porfolio margin 2.0 (spot-derivatives risk offset) margin
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MMR = 9,618 USD (spot in use = 100 ETH)
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Optimization on MMR (Portfolio margin 1.0 ——> Portfolio margin 2.0)
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Save 70%
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Conclusion
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4. Exploration Tools
4.1 Demo trading
Choose whether to turn on/off the spot-derivatives risk offsets button — observe your spot hedging quantity on the positions and assets page (the first time you enter, the default "derivatives type" is USDT mode):