Ⅵ. Multi-currency Margin Mode vs. Portfolio Margin Mode – Help center

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:

Ⅳ. Multi-currency margin mode

V. Portfolio margin mode

2. Comparison of Multi-currency Margin Mode and Portfolio Margin Mode

Account mode

Multi-currency margin

Portfolio margin 1.0

(Derivatives-only mode)

Portfolio margin 2.0

(Spot-derivatives risk offset mode)

Tradable instruments

All instruments (spot, margin, perpetual swap, futures, and options)

Prerequisite

Equity > 10K USD

Applicable collaterals

All assets in trading accounts can be used as collateral, by valuing them in USD equity upon a tier-based discounting. (Discount rate)
Unrealized P&Ls in derivatives positions can be used as equity in corresponding assets (known as P&L offset).

Treatment of option value

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.

Position margining

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.

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	148 ETH
Mode\Positions	-30000 ETH-USDT-SWAP 20000 ETH-USDT-0930
Multi-currency margin	MMR = 7,947 USD
Portfolio margin 1.0 (only-derivatives risk offset) margin	MMR = 33,665 USD
Porfolio margin 2.0 (spot-derivatives risk offset) margin	MMR = 9,618 USD (spot in use = 100 ETH)
Optimization on MMR (Portfolio margin 1.0 ——> Portfolio margin 2.0）	Save 70%
Conclusion	In portfolio margin mode, users with larger assets, offsetting position structures, and spot positions will receive a smaller MMR and more flexible funds. In some scenarios, Portfolio margin 2.0 MMR is better than multi-currency margin MMR, which optimizes MMR calculation in small holdings.

4. Exploration Tools

4.1 Demo trading

Link: https://www.okx.com/trade-swap/dot-usdt-swap

Cross-margin mode

Trade——Settings——Account mode——Cross-margin mode (Net Equity > 50K)

For details on the equity, MMR, and margin ratio in cross-margin mode, refer to the following:

Ⅳ. Multi-currency margin mode: cross margin trading

Porfolio margin mode

Trade——Settings——Account mode—— Portfolio margin (Net Equity > 100K)

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):

For details on the equity, MMR, and margin ratio in portfolio margin mode, refer to the following:

V. Portfolio Margin mode: cross margin trading

2. Position builder

Link: https://www.okx.com/trade-position-builder

You can simulate new positions in position builder to see the IMR and MMR, as shown below. Additionally, you can include existing positions with simulated positions to simulate the impact on IMR and MMR: