About futures

Differences Between a Perpetual Contract and a Traditional Futures Contract

  • Mark Price: To avoid market manipulations and to ensure that the Perpetual Contract is price-matched to the Spot Price, we utilize Mark Price to calculate unrealized Profit and Loss for all traders.
  • Initial and Maintenance Margin: Traders should be extremely familiar with both Initial and Maintenance Margin levels, in particular, the Maintenance Margin, where auto-liquidation will occur. It is strongly recommended that traders liquidate their positions above the Maintenance Margin to avoid higher fees from auto-liquidations.
  • Funding: Payments between all longs and shorts in the Perpetual Futures Market. The Funding Rate determines which party is the payer and the payee. If the rate is positive, longs pay short; If negative, shorts pay longs.
  • Risk: Unlike Spot Markets, Futures Markets allow traders to place large orders that are not fully covered by their initial collateral. This is known as ‘margin trading.’ As markets have become more technologically advanced, the amount of available margin has increased.
In order to ensure long-term convergence between the Perpetual Contract and the Mark Price, we use Funding. There are several key concepts that traders should be aware of in a Perpetual Contract:
The Perpetual Contract is an attempt to take advantage of a Futures Contract - specifically, the non-delivery of the actual commodity - while mimicking the behavior of the Spot market in order to reduce the price gap between the Futures Price and the Mark Price. This is a marked improvement compared to the traditional Futures Contract, which can have prolonged or even permanent differences versus the Spot Price.
As this gap widens, the contract’s carrying costs increase, the potential future price becomes more uncertain, and the potential price gap between the Spot and traditional Futures markets grows larger.
As such, someone is physically holding the wheat, which results in ‘carrying costs’ for the contract. Additionally, the price for wheat may differ depending on how far apart the current time and the future settlement time for the contract is.
Consider a Futures Contract for a physical commodity, like wheat (or gold), as an example. In traditional futures markets, these contracts are marked for delivery of the wheat - in other words, the wheat should be delivered according to the contract when the futures contract expires.
A Perpetual Contract is similar to a traditional Futures Contract, but the key difference is: There is no expiration or settlement of Perpetual Contracts.

Trading Rules

Symbol
Min. Trade
Min. Price Movement
Order Cap
Order Floor
Max. Order Qty
Max. Order
Price Protection
BTCUSDT Perpetual
0.001 BTC
0.01 USDT
15%
15%
1000 BTC
200
5%
ETHUSDT Perpetual
0.001 ETH
0.01 USDT
15%
15%
10000 ETH
200
5%
BCHUSDT Perpetual
0.001 BCH
0.01 USDT
15%
15%
1000 BCH
200
5%
XRPUSDT Perpetual
0.1 XRP
0.0001 USDT
15%
15%
1000000 XRP
200
5%
EOSUSDT Perpetual
0.1 EOS
0.001 USDT
15%
15%
200000 EOS
200
5%
LTCUSDT Perpetual
0.001 LTC
0.01 USDT
15%
15%
10000 LTC
200
5%
TRXUSDT Perpetual
1 TRX
0.00001 USDT
15%
15%
10000000 TRX
200
5%
ETCUSDT Perpetual
0.01 ETC
0.001 USDT
15%
15%
100000 ETC
200
5%
LINKUSDT Perpetual
0.01 LINK
0.001 USDT
15%
15%
100000 LINK
200
5%
XLMUSDT Perpetual
1 XLM
0.00001 USDT
15%
15%
1000000 XLM
200
5%
ADAUSDT Perpetual
1 ADA
0.00001 USDT
15%
15%
10000000 ADA
200
5%
XMRUSDT Perpetual
0.001 XMR
0.01 USDT
15%
15%
10000 XMR
200
5%
DASHUSDT Perpetual
0.001 DASH
0.01 USDT
15%
15%
3000 DASH
200
15%
ZECUSDT Perpetual
0.001 ZEC
0.01 USDT
15%
15%
10000 ZEC
200
15%
XTZUSDT Perpetual
0.1 XTZ
0.001 USDT
15%
15%
600000 XTZ
200
5%
BNBUSDT Perpetual
0.01 BNB
0.001 USDT
15%
15%
20000 BNB
200
5%
ATOMUSDT Perpetual
0.01 ATOM
0.001 USDT
15%
15%
100000 ATOM
200
15%
ONTUSDT Perpetual
0.1 ONT
0.0001 USDT
15%
15%
500000 ONT
200
15%
IOTAUSDT Perpetual
0.1 IOTA
0.0001 USDT
15%
15%
200000 IOTA
200
15%
Symbol
Min. Trade
Min. Price Movement
Order Cap
Order Floor
Max. Order Qty
Max. Order
Price Protection
Min. Value
BTCUSDT Perpetual
0.001 BTC
0.01 USDT
15%
15%
1000 BTC
200
5%
5 USDT
ETHUSDT Perpetual
0.001 ETH
0.01 USDT
15%
15%
10000 ETH
200
5%
5 USDT
BCHUSDT Perpetual
0.001 BCH
0.01 USDT
15%
15%
1000 BCH
200
5%
5 USDT
XRPUSDT Perpetual
0.1 XRP
0.0001 USDT
15%
15%
1000000 XRP
200
5%
5 USDT
EOSUSDT Perpetual
0.1 EOS
0.001 USDT
15%
15%
200000 EOS
200
5%
5 USDT
LTCUSDT Perpetual
0.001 LTC
0.01 USDT
15%
15%
10000 LTC
200
5%
5 USDT
TRXUSDT Perpetual
1 TRX
0.00001 USDT
15%
15%
10000000 TRX
200
5%
5 USDT
ETCUSDT Perpetual
0.01 ETC
0.001 USDT
15%
15%
100000 ETC
200
5%
5 USDT
LINKUSDT Perpetual
0.01 LINK
0.001 USDT
15%
15%
100000 LINK
200
5%
5 USDT
XLMUSDT Perpetual
1 XLM
0.00001 USDT
15%
15%
1000000 XLM
200
5%
5 USDT
ADAUSDT Perpetual
1 ADA
0.00001 USDT
15%
15%
10000000 ADA
200
5%
5 USDT
XMRUSDT Perpetual
0.001 XMR
0.01 USDT
15%
15%
10000 XMR
200
5%
5 USDT
DASHUSDT Perpetual
0.001 DASH
0.01 USDT
15%
15%
3000 DASH
200
15%
5 USDT
ZECUSDT Perpetual
0.001 ZEC
0.01 USDT
15%
15%
10000 ZEC
200
15%
5 USDT
XTZUSDT Perpetual
0.1 XTZ
0.001 USDT
15%
15%
600000 XTZ
200
5%
5 USDT
BNBUSDT Perpetual
0.01 BNB
0.001 USDT
15%
15%
20000 BNB
200
5%
5 USDT
ATOMUSDT Perpetual
0.01 ATOM
0.001 USDT
15%
15%
100000 ATOM
200
15%
5 USDT
ONTUSDT Perpetual
0.1 ONT
0.0001 USDT
15%
15%
500000 ONT
200
15%
5 USDT
IOTAUSDT Perpetual
0.1 IOTA
0.0001 USDT
15%
15%
200000 IOTA
200
15%
5 USDT

Cost Required to Open a Position

Traders should ensure that they have a minimum fund in their wallet balance before opening a position. The cost required to open a position includes the initial margin and open loss (if any). Open loss occurs when the order price is unfavorable to the traders i.e. mark price is lower than the order price for a long order.
Finandy includes open loss as one of the costs required to open a position to avoid forced liquidation when the traders place the order. If the open loss is not included as one of the cost required to open a position, there is a high probability that users’ position will get liquidated immediately once they have placed such order.
Cost = Initial Margin + Open Loss (if any)

Cost Required to Open a LIMIT or STOP order

Step 1: Calculate the initial margin

Initial Margin = Notional Value / Leverage = (9,253.30 x 1 BTC) / 20 = 462.66

Step 2: Calculate Open Loss

Open Loss = Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]} *direction of order: 1 for long order;-1 for short order
(i) Open loss of long order
Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]} = 1 x Absolute Value {min[0, 1 x (9,259.84 - 9,253.30)]} = 1 x Absolute Value {min[0, 6.54]} = 1 x 0 = 0 There is no open loss when the user opens a long order.
(ii) Open loss of short order
= Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]} = 1 x Absolute Value {min[0, -1 x (9,259.84 - 9,253.30)]} = 1 x Absolute Value {min[0, -6.54]} = 1 x 6.54 = 6.54 There is an open loss when the user opens a short order.

Step 3: Calculate the cost required to open a position

Since the long order has no open loss, thus the cost required to open a long position is equivalent to the initial margin.
(i) Cost Required to Open a Long Position
= 462.66 + 0 = 462.66 Short order has an open loss, thus the cost required to open a short position is higher as we need to take open loss into consideration besides the initial margin.
(ii) Cost Required to Open a Short Position
= 462.66 + 6.54 = 469.20 (rounding difference)

Cost Required to Open a MARKET order

Step 1: Calculate assuming price

Long order: assuming price = ask[0] * (1 + 0.05%) , Open order: assuming price = max(bid[0], mark price)
(i) Assuming price of long order
= ask[0] (1 + 0.05%) =10461.77 (1 + 0.05%) = 10467.0009
(ii) Assuming price of short order
= max(bid[0], mark price) = max (10461.78, 10461.78) = 10461.78 *[0]:Level 1 price

Step 2: Calculate the initial margin

Initial Margin = Notional Value / Leverage
(i) Initial margin of long order
= Assuming price of long order Number of Contract / Leverage = 10467.0009 0.2 / 20 = 104.670009
(ii) Initial margin of short order
= Assuming price of short order Number of Contract / Leverage = 10461.78 0.2 / 20 = 104.6178

Step 3: Calculate Open Loss

Open Loss
= Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]}
*direction of order: 1 for long order;-1 for short order
(i) Open loss of long order
= Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]} = 0.2 x Absolute Value {min[0, 1 x (10461.78 - 10467.0009)]} = 0.2 x Absolute Value {min[0, -5.2309]} = 0.2 x 5.2309 = 1.04418
There is an open loss when the user opens a long order.
(ii) Open loss of short order
= Number of Contract x Absolute Value {min[0, direction of order x (mark price - order price)]} = 0.2 x Absolute Value {min[0, -1 x (10461.78 - 10461.78)]} = 0.2 x Absolute Value {min[0, 0]} = 0.2 x 0 = 0
There is no open loss when the user opens a short order.

Step 4: Calculate the cost required to open a position

Long order has an open loss, thus the cost required to open a long position is higher as we need to take open loss into consideration besides the initial margin.
(i) Cost Required to Open a Long Position
= 104.670109 + 1.04418 = 105.71 (rounding difference)
Since the short order has no open loss, thus the cost required to open a short position is equivalent to the initial margin.
(ii) Cost Required to Open a Short Position
= 104.6178 + 0 = 104.61 (rounding difference)

On Finandy Futures, traders can trade with leverage between 1-125x on our crypto perpetual contracts (20x by default). The maximum amount of leverage available for users depends on the notional value of their position. Generally, the larger the position, the lower the leverage allowed.

Thus, initial margin deposits are calculated using the leverage selected by the trader.

125x USDT-Margined Perpetual Contract (BTCUSDT)

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
0 < Position ≤ 50,000
125x
0.80%
50,000 < Position ≤ 250,000
100x
1.00%
250,000 < Position ≤ 1,000,000
50x
2.00%
1,000,000 < Position ≤ 10,000,000
20x
5.00%
10,000,000 < Position ≤ 20,000,000
10x
10.00%
20,000,000 < Position ≤ 50,000,000
5x
20.00%
50,000,000 < Position ≤ 100,000,000
4x
25.00%
100,000,000 < Position ≤ 200,000,000
3x
33.30%
200,000,000 < Position ≤ 300,000,000
2x
50.00%
300,000,000 < Position ≤ 500,000,000
1x
100.00%

100x USDT-Margined Perpetual Contract (ETHUSDT)

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 10,000
100x
1.0%
≤ 100,000
75x
1.3%
≤ 500,000
50x
2.0%
≤ 1,000,000
25x
4.0%
≤ 2,000,000
10x
10.0%
≤ 5,000,000
5x
20.0%
≤ 10,000,000
4x
25.0%
≤ 20,000,000
3x
33.0%
> 20,000,000
2x
50.0%
> 20,000,000
1x
100.0%

75x USDT-Margined Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 10,000
75x
1.3%
≤ 50,000
50x
2.0%
≤ 250,000
25x
4.0%
≤ 1,000,000
10x
10.0%
≤ 2,000,000
5x
20.0%
≤ 5,000,000
4x
25.0%
≤ 10,000,000
3x
33.3%
> 10,000,000
2x
50.0%
> 10,000,000
1x
100.0%
ADAUSDT, BNBUSDT, DOTUSDT, EOSUSDT, ETCUSDT, LINKUSDT, LTCUSDT, TRXUSDT, XLMUSDT, XMRUSDT, XRPUSDT, XTZUSDT, BCHUSDT

50x USDT-Margined Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 5,000
50x
2.0%
≤ 25,000
20x
5.0%
≤ 100,000
10x
10.0%
≤ 250,000
5x
20.0%
≤ 1,000,000
2x
50.0%
> 1,000,000
1x
100.0%
50x USDT-Margined Perpetual Contract:
ALGOUSDT, ALPHAUSDT, ATOMUSDT, AVAXUSDT, AXSUSDT, BALUSDT, BANDUSDT, BATUSDT, BELUSDT, BLZUSDT, BZRXUSDT, COMPUSDT, CRVUSDT, CVCUSDT, DASHUSDT, DEFIUSDT, EGLDUSDT, ENJUSDT, FLMUSDT, FTMUSDT, HNTUSDT, ICXUSDT, IOSTUSDT, IOTAUSDT, KAVAUSDT, KNCUSDT, KSMUSDT, LRCUSDT, MATICUSDT, MKRUSDT, NEARUSDT, NEOUSDT, OCEANUSDT, OMGUSDT, ONTUSDT, QTUMUSDT, RENUSDT, RLCUSDT, RSRUSDT, RUNEUSDT, SNXUSDT, SOLUSDT, SRMUSDT, STORJUSDT, SUSHIUSDT, SXPUSDT, TOMOUSDT, TRBUSDT, VETUSDT, WAVESUSDT, YFIIUSDT, YFIUSDT, ZECUSDT, ZILUSDT, ZRXUSDT, ZENUSDT, SKLUSDT, GRTUSDT, 1INCHUSDT, CTKUSDT, CHZUSDT, AKROUSDT, DOTECOUSDT, SANDUSDT, ANKRUSDT, LUNAUSDT, BTSUSDT, DOGEUSDT,LITUSDT, UNFIUSDT, DODOUSDT, REEFUSDT, RVNUSDT, SFPUSDT, XEMUSDT, COTIUSDT, CHRUSDT, MANAUSDT, HBARUSDT, ALICEUSDT, ONEUSDT, LINAUSDT, STMXUSDT

50x FILUSDT, AAVEUSDT, THETAUSDT and UNIUSDT Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 50,000
50x
2.0%
≤ 250,000
25x
4.0%
≤ 1,000,000
10x
10.0%
≤ 2,000,000
5x
20.0%
≤ 5,000,000
4x
25.0%
≤ 10,000,000
3x
33.33%
> 10,000,000
2x
50.0%
> 10,000,000
1x
100.0%

25x USDT-Margined Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 5,000
25x
4.0%
≤ 25,000
20x
5.0%
≤ 100,000
10x
10.0%
≤ 250,000
5x
20.0%
≤ 1,000,000
2x
50.0%
> 1,000,000
1x
100.0%
25x USDT-Margined Perpetual Contract: DENTUSDT, CELRUSDT, HOTUSDT, MTLUSDT

50x BTCBUSD Perpetual Contract

Position (Notional Value in BUSD)
Leverage
Initial Margin Rate
≤ 5,000
50x
2.0%
≤ 25,000
25x
4.0%
≤ 100,000
20x
5.0%
≤ 500,000
10x
10.0%
≤ 2,000,000
6x
16.7%
≤ 5,000,000
5x
20.0%
≤ 10,000,000
4x
25.0%
≤ 20,000,000
3x
33.3%
> 20,000,000
2x
50.0%
> 20,000,000
1x
100.0%
50x USDT-Margined Perpetual Contract:
  • ALGOUSDT, ALPHAUSDT, ATOMUSDT, AVAXUSDT, AXSUSDT, BALUSDT, BANDUSDT, BATUSDT, BELUSDT, BLZUSDT, BZRXUSDT, COMPUSDT, CRVUSDT, CVCUSDT, DASHUSDT, DEFIUSDT, EGLDUSDT, ENJUSDT, FLMUSDT, FTMUSDT, HNTUSDT, ICXUSDT, IOSTUSDT, IOTAUSDT, KAVAUSDT, KNCUSDT, KSMUSDT, LRCUSDT, MATICUSDT, MKRUSDT, NEARUSDT, NEOUSDT, OCEANUSDT, OMGUSDT, ONTUSDT, QTUMUSDT, RENUSDT, RLCUSDT, RSRUSDT, RUNEUSDT, SNXUSDT, SOLUSDT, SRMUSDT, STORJUSDT, SUSHIUSDT, SXPUSDT, TOMOUSDT, TRBUSDT, VETUSDT, WAVESUSDT, YFIIUSDT, YFIUSDT, ZECUSDT, ZILUSDT, ZRXUSDT, ZENUSDT, SKLUSDT, GRTUSDT, 1INCHUSDT, CTKUSDT, CHZUSDT, AKROUSDT, DOTECOUSDT, SANDUSDT, ANKRUSDT, LUNAUSDT, BTSUSDT, DOGEUSDT,LITUSDT, UNFIUSDT, DODOUSDT, REEFUSDT, RVNUSDT, SFPUSDT, XEMUSDT, COTIUSDT, CHRUSDT, MANAUSDT, HBARUSDT, ALICEUSDT, ONEUSDT, LINAUSDT, STMXUSDT

50x FILUSDT, AAVEUSDT, THETAUSDT and UNIUSDT Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 50,000
50x
2.0%
≤ 250,000
25x
4.0%
≤ 1,000,000
10x
10.0%
≤ 2,000,000
5x
20.0%
≤ 5,000,000
4x
25.0%
≤ 10,000,000
3x
33.33%
> 10,000,000
2x
50.0%
> 10,000,000
1x
100.0%

25x USDT-Margined Perpetual Contract

Position (Notional Value in USDT)
Leverage
Initial Margin Rate
≤ 5,000
25x
4.0%
≤ 25,000
20x
5.0%
≤ 100,000
10x
10.0%
≤ 250,000
5x
20.0%
≤ 1,000,000
2x
50.0%
> 1,000,000
1x
100.0%
25x USDT-Margined Perpetual Contract: DENTUSDT, CELRUSDT, HOTUSDT, MTLUSDT

50x BTCBUSD Perpetual Contract

Position (Notional Value in BUSD)
Leverage
Initial Margin Rate
≤ 5,000
50x
2.0%
≤ 25,000
25x
4.0%
≤ 100,000
20x
5.0%
≤ 500,000
10x
10.0%
≤ 2,000,000
6x
16.7%
≤ 5,000,000
5x
20.0%
≤ 10,000,000
4x
25.0%
≤ 20,000,000
3x
33.3%
> 20,000,000
2x
50.0%
> 20,000,000
1x
100.0%
Note that the trader will first select his leverage (and fulfil its initial margin requirement), and then will open his positions. If the trader makes no selection on leverage, it will be set at 20x by default. The higher the leverage, the smaller the notional size the trader will have access to. The lower the leverage, the higher the notional size the trader can open

Mark Price in USDⓈ-M futures

Calculation

The calculation of Mark Price is intricately linked to the Funding Rate and vice versa. It is highly recommended to read both sections to get a full picture of how the system works.
As Unrealized PnL is the primary driver of liquidations, and as the Perpetual Contract allows for highly leveraged (up to 125x) positions, it is important to ensure that the Unrealized PnL calculation is accurate to avoid unnecessary liquidations. The underlying contract for the Perpetual Contract is the ‘true’ value of the Contract, and an average of the prices on the major markets constitutes the “Price Index” which is the primary component of Mark Price.
The Price Index is a bucket of prices from the major Spot Market Exchanges, weighted by their relative volume. The Price Index for USDⓈ-M futures contracts derived prices from Huobi, Bittrex, HitBTC, Gate.io, Bitmax, Poloniex, FTX, MXC.
There are additional protections to avoid poor market performance during outages of Spot Exchanges or during connectivity problems. These protections are listed below:
  1. 1.
    Single price source deviation: When the latest price of a certain exchange deviates more than 5% from the median price of all price sources, the exchange weight will be set to zero for weighting purposes.
  2. 2.
    Multi price source deviation: If more than 1 exchange shows greater than 5% deviation, the median price of all price sources will be used as the index value instead of the weighted average.
  3. 3.
    Exchange Connectivity Problem: If we can’t access the data feed for exchange and this exchange has trades updated in the last 10 seconds, we can take price data from the last result and use it for index calculation.
  4. 4.
    If one exchange has no updates for 10 seconds, the weight of this exchange will be zero when calculating the weighted average.
  5. 5.
    Last Price Protected: When it is unable to obtain a stable and reliable source of reference data for "Price Index" and "Mark Price", for those contracts have a single source of Price Index, the Price Index will not be updating. We will use a mechanism called “Last Price Protected" to update the Mark Price until it is back to normal. The “Last Price Protected” is a mechanism that the matching system temporarily switches to the latest transaction price of the contract itself within a certain limit as reference for Mark Price, to calculate unrealized profit and loss and liquidation call level, in order to avoid unnecessary liquidation.
Now that we’ve computed the Price Index, which can be considered as the “Spot Price”, we can move forward in calculating the Mark Price which is used for all Unrealized PnL calculations. Note that Realized PnL is still based on the actual executed market prices.
The Price Index references for each USDⓈ-M futures contracts are as follows:
Price Index References from the Exchanges

BUSD-Margined Futures Contracts

BUSD-Margined Futures Contracts
Binance
bittrex
coinbase
bitstamp
kraken
BTCBUSD
BTC/BUSD
USD-BTC
BTC-USD
btcusd
XBT/USD

USDT-Margined Futures Contracts

USDT-Margined Futures Contracts
binance
binance(cross)
okex
huobi
bittrex
hitbtc
gate.io
bitmax
ftx
mxc
BTCUSDT
BTCUSDT
BTC-USDT
btcusdt
USDT-BTC
BTCUSD
-
BTC/USDT
BTC/USDT
-
ETHUSDT
ETHUSDT
ETH-USDT
ethusdt
USDT-ETH
-
-
ETH/USDT
ETH/USDT
XRPUSDT
XRPUSDT
XRP-USDT
xrpusdt
-
-
-
XRP/USDT
TRXUSDT
TRXUSDT
TRX-USDT
trxusdt
-
-
-
TRX/USDT
BNBUSDT
BNBUSDT
BNBBTC*BTCUSDT
-
-
-
-
-
BNB/USDT
BNB/USDT
EOSUSDT
EOSUSDT
EOS-USDT
eosusdt
-
-
EOS_USDT
EOS/USDT
LINKUSDT
LINKUSDT
LINK-USDT
linkusdt
-
-
-
LINK/USDT
LINK/USDT
ONTUSDT
ONTUSDT
ONT-USDT
ontusdt
-
-
ONT/USDT
ADAUSDT
ADAUSDT
ADA-USDT
adausdt
-
-
BCHUSDT
BCHUSDT
BCHBTC*BTCUSDT
BCH-USDT
bchusdt
-
-
BCH_USDT
BCH/USDT
BCH/USDT
LTCUSDT
LTCUSDT
LTC-USDT
ltcusdt
-
-
LTC_USDT
LTC/USDT
ETCUSDT
ETCUSDT
ETC-USDT
etcusdt
-
-
-
ETC/USDT
XLMUSDT
XLMUSDT
XLM-USDT
xlmusdt
-
-
XMRUSDT
XMRUSDT
XMR-USDT
xmrusdt
-
-
NEOUSDT
NEOUSDT
NEO-USDT
neousdt
-
-
NEO/USDT
ATOMUSDT
ATOMUSDT
ATOM-USDT
atomusdt
-
-
ATOM_USDT
-
ZECUSDT
ZECUSDT
ZEC-USDT
zecusdt
-
-
ZEC_USDT
DASHUSDT
DASHUSDT
DASH-USDT
dashusdt
-
-
DASH/USDT
MATICUSDT
MATICUSDT
MATICBTC*BTCUSDT
-
maticusdt
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COIN-M Futures Contracts

Price Index is an aggregate price extracted from the major spot exchanges, weighted by their relative volume, this is done to prevent price manipulation from a single exchange. The Price Index for coin-margined contracts derived prices from Bitstamp, Coinbase Pro, Kraken, Bittrex, Binance, Okex, Huobi and FTX.
The Price Index references for each COIN-M futures contracts are as follows:
COIN-M Futures Contracts
bitstamp
coinbase.pro
kraken
bittrex
binance
binance_cross
okex_cross
huobi_cross
ftx
BTCUSD
btcusd
BTC-USD
XBT/USD
USD-BTC
BTCBUSD
-
-
-
-
ETHUSD
ethusd
ETH-USD
-
USD-ETH
ETHBUSD
ETHBTC*BTCBUSD
ETH-BTC*index(BTCUSD)
ethbtc*index(BTCUSD)
-
XRPUSD
xrpusd
-
-
USD-XRP
XRPBUSD
XRPBTC*BTCBUSD
XRP-BTC*index(BTCUSD)
xrpbtc*index(BTCUSD)
-
ADAUSD
-
-
ADA/USD
-
ADABUSD
ADABTC*BTCBUSD
ADA-BTC*index(BTCUSD)
adabtc*index(BTCUSD)
-
LINKUSD
-
LINK-USD
LINK/USD
USD-LINK
LINKBUSD
LINKBTC*BTCBUSD
LINK-BTC*index(BTCUSD)
linkbtc*index(BTCUSD)
-
BNBUSD
-
-
-
-
BNBBUSD
BNBBTC*BTCBUSD
-
-
BNB/USD
TRXUSD
-
-
-
-
TRXBUSD
TRXBTC*BTCBUSD
TRX-BTC*index(BTCUSD)
trxbtc*index(BTCUSD)
TRX/USD
DOTUSD
-
-
DOT/USD
-
DOTBUSD
DOTBTC*BTCBUSD
DOT-BTC*index(BTCUSD)
dotbtc*index(BTCUSD)
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EOSUSD
-
EOS-USD
-
-
EOSBUSD
EOSBTC*BTCBUSD
EOS-BTC*index(BTCUSD)
eosbtc*index(BTCUSD)
-
LTCUSD
ltcusd
LTC-USD
-
-
LTCBUSD
LTCBTC*BTCBUSD
LTC-BTC*index(BTCUSD)
ltcbtc*index(BTCUSD)
LTC/USD
BCHUSD
bchusd
BCH-USD
-
-
BCHBUSD
BCHBTC*BTCBUSD
BCH-BTC*index(BTCUSD)
bchbtc*index(BTCUSD)
BCH/USD
ETCUSD
-
-
-
-
ETCBUSD
ETCBTC*BTCBUSD
ETC-BTC*index(BTCUSD)
etcbtc*index(BTCUSD)
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FILUSD
FILBUSD
FILBTC*BTCBUSD
filbtc*index(BTCUSD)
EGLDUSD
EGLDBUSD
EGLDBTC*BTCBUSD
EGLD-BTC*index(BTCUSD)
DOGEUSD
XDG/USD
DOGEBUSD
DOGEUSDT*index(USDTUSD)
DOGE-USDT*index(USDTUSD)
dogeusdt*index(USDTUSD)
DOGE/USD
Notes:
  1. 1.
    BTCUSD Index = Σ [(BTCUSD of Bitstamp) x Weightage 1) + (BTC-USD of Coinbase Pro x Weightage 2) + (XBT/USD of Kraken x Weightage 3) + (USD-BTC of Bittrex x Weightage 4) + ( BTCBUSD of Binance x Weightage 5)] / Total Weightage
  2. 2.
    Cross Rate: For some underlying assets with no direct quotes, we should use synthetic price, calculating cross-exchange rate as synthetic index, e.g. calculating LINK/USD with LINK/BTC and BTC/USD
  3. 3.
    Binance reserves the right to update the Price Index references from time to time.

Liquidation

Risk and Leverage

Finandy uses Mark Price to avoid unnecessary liquidations and to combat market manipulation.
Risk and Leverage are adjusted based on the customer’s total exposure; the larger the total position, the higher the required margin, and the lower the leverage. A liquidation is triggered when:
Collateral = Initial Collateral + Realized PnL + Unrealized PnL < Maintenance Margin
On liquidation, all open orders are immediately cancelled. All traders will be subject to the same liquidation protocols referred to as “Smart Liquidation.” Finandy avoids full liquidation of the user’s position whenever possible. For any traders that are cleared via forced liquidation and not by an order issued from the trader, a liquidation fee will be charged on the amount liquidated only (not the notional value of the position).
It is important to mention that, as a general rule, users who hold relatively smaller positions that enter liquidation will almost always be fully liquidated. Larger users will see a smaller percentage of their accounts liquidated compared to smaller users. This is because maintenance margin is based around a user’s position size, and not their leverage selection. As a result, for smaller users, the effective maintenance margin is lower than the liquidation fee rate, so they are already bankrupt when first entering liquidation, regardless of the final price when clearing.
Note that all orders for liquidations are Immediate or Cancel orders. The order will fill as much as possible, and cancel the rest. This is different from a Fill or Kill order which will only execute if the order can be completely executed, and will be cancelled, if otherwise. The remaining positions will be either assigned to the insurance fund or counter-party liquidated.
For all traders, the system will first cancel all open orders, then attempt to reduce the trader’s margin usage with one single large Immediate or Cancel order without fully liquidating the trader. If the trader is margin compliant after the order and liquidation fee, the liquidation event is over. If the trader is still margin deficient, the trader’s position will be closed down at the bankruptcy price and the insurance fund will take over the position, and the trader is declared bankrupt. A portion of the remaining collateral (if any) will go to the insurance fund. If an account becomes bankrupt (negative wallet balance), the insurance fund will pay out to bring the account's balance back to 0.
*Bankruptcy price might be out of contract market price range.
**We will be sending you margin call and liquidation call notifications by mail, text message and internal message, the function serves as a risk warning and cannot guarantee timely delivery. You agree that during your use of the Service, under certain circumstances (including due to personal network congestion and poor network environment), users may be unable or delayed to receive SMS or e-mail reminders. We reserve the right with no obligation to deliver notifications.

Insurance Clear Fee

When user's position got liquidated, A certain percentage of Insurance clear fee will be collected and contributed to Insurance funds reserves, marked as ''Insurance Clear'' in the Transaction History.
Since the liquidation price will not change, It is recommended that the user strictly control the risk to avoid liquidation.
USDⓈ-M Futures
Insurance Clear Fee
BTCUSDT Contracts
2.00%
ETHUSDT Contracts, and Contracts with a maximum leverage of 75X
3.00%
Contracts with a maximum leverage of 50X, DOGEUSDT
4.00%
COIN-M Futures
Insurance Clear Fee
BTCUSD Contracts
2.00%
ETHUSD Contracts
3.00%
Contracts with a maximum leverage of 20X, DOGEUSD 25X
4.00%

About Liquidation Price

Liquidation occurs when Mark Price hits the liquidation price of a position.Traders are advised to pay close attention to the movement of Mark Price and the liquidation price to avoid an open position being liquidated.
In hedge mode, both long and short positions of the same contract are sharing the same liquidation price in cross margin mode.
If both long and short positions of the same contract are in isolated mode, the positions will have two different liquidation prices depending on the margin allocated to the positions.