Comparing futures mode and multi-currency margin mode
Intro
OKX now supports 3 different account modes: spot mode, futures mode, and advanced mode. The advanced account mode now includes both multi-currency and portfolio margin modes. In this article, we’ll compare the scope of trading products, position mode, use of funds, risk management rules, and eligibility for using futures mode and multi-currency margin mode.
Scope of trading products
Scope of trading products | Futures mode | Multi-currency mode |
|---|---|---|
Spot | ✅ Supported | ✅ Supported |
Spot margin with positions | ✅ Supported | ✅ Supported only in isolated-margin |
Spot margin without positions | ❌ Not Supported | ✅ Supported only in cross-margin |
Perpetual and expiry futures (cross and isolated margin) | ✅ Supported | ✅ Supported |
Options (cross and isolated margin) | ✅ Supported | ✅ Supported |
Spot margin positions: When trading spot margin in futures mode or isolated margin mode under multi-currency mode, the system will borrow funds for you to purchase cryptocurrency. As a result, a margin position will be created. OKX will record and deduct interest according to the liability in the margin position at the start of every hour.
Spot margin without positions: When trading spot margin in cross-margin mode under multi-currency mode, you may sell more than your balance of a crypto. New position won’t be opened after this spot margin order is filled, but this data will be reflected in the Assets tab of the Trading page. Note that overselling will incur liability, potential borrowing, and potential borrowing margin. In that case, the potential borrowing margin will also occupy your available margin.
Position Mode
Position Mode | Futures Mode | Multi-currency mode |
|---|---|---|
One-way Mode | ✅ Supported | ✅ Supported |
Hedge Mode | ✅ Supported | ✅ Supported |
One-way Mode: You can only hold either a long or short position at a time. Buying or selling the same symbol will adjust your existing position, rather than opening a new one.
Hedge Mode: You can hold long and short positions of the same symbol at the same time. It is for Perpetual and Expiry Futures Only.
Use of funds
Use of funds | Futures mode | Multi-currency mode |
|---|---|---|
Cross-margin margin calculation | Your cross-margin positions and trades with the same margin currency will share margin. | All customized collateral cryptocurrencies will be converted to their USD value and provide margin for your derivatives trades and positions. |
To open new positions using cross-margin positions’ floating profit | ✅ Supported | ✅ Supported |
To offset floating PnL of cross-margin positions | ✅ Supported | ✅ Supported |
To customize collateral cryptocurrencies | ❌ Not supported | ✅ Supported |
Customize your collateral cryptocurrencies: Cross-margin mode in multi-currency margin mode supports multiple cryptocurrencies as collateral. When a crypto is set as collateral, its USD-equivalent value is included in the adjusted equity of the account. This allows cryptocurrencies to be used as collateral in spot and margin, futures, and options trading under both cross and isolated margin modes. All cryptocurrencies set as collateral participate in risk sharing, providing margin support for all positions within the cross-margin account.
Risk management rules
Risk management rules | Futures mode | Multi-currency mode |
|---|---|---|
Calculation of maintenance margin ratio | The risk of cross-margin positions with the same margin crypto will be assessed together | The risk of all positions in the cross-margin account will be assessed together |
Triggering of liquidation | When the margin crypto’s maintenance margin ratio reaches 100% | When the account’s maintenance margin ratio reaches 100% |
Assets at risk during liquidation | All assets with the corresponding margin crypto | All assets in the cross-margin account |
Eligibility
Eligibility | Futures mode | Multi-currency mode |
|---|---|---|
Minimum account equity | Not required | An account equity of 10,000 USD or higher is required for switching to this mode for the first time |
One-time knowledge test | Not required | Required when you switch to this mode for the first time |
Maintenance margin ratio check when switching modes with positions | Required | Required |
Maintenance margin ratio check: Before you switch account modes, our system will verify if your assets are sufficient to prevent your positions and assets from getting liquidated after the switch.
To learn more, refer to the product documents for futures mode and multi-currency mode.
This document is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital asset holdings, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. Leveraged trading in digital assets magnifies both potential gains and potential losses and could result in the loss of your entire investment. Past performance is not indicative of future results. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition, particularly if considering the use of leverage. You are solely responsible for your trading strategies and decisions, and OKX is not responsible for any potential losses. Not all products and promotions are available in all regions. For more details, please refer to the OKX Terms of Service and Risk & Compliance Disclosure.
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