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| Order type | Definition | Characteristics | Execution price | Benefits |
| Ordering from the market price order | Traders can set leverage and contract quantity, but cannot set execution prices. | It will be filled immediately with the best price on the order. However, although the execution of the order is guaranteed, the price at which the order will be executed is uncertain as the price can change rapidly. | It's filled with the best price on the order. | In rapidly changing price conditions, traders can enter or exit the market immediately. |
| Designated order | Traders can set leverage and contract volume and set order prices. When the last transaction price reaches the set order limit price, the order is executed. | The order is executed when the last transaction price reaches the specified specified order price. | Limited price or optimal price. | Limited price guarantees executed |
| Conditional order. | If the preset trigger price matches the final transaction price, a conditional market order is immediately signed, and the conditional designated price order is submitted to the order and is pending execution. | When the last transaction price reaches the trigger price, the conditional market order is executed immediately and the conditional designated order is placed in the order to wait for execution. | Limited price or optimal price. | Conditional orders are automatically submitted when the specified criteria are met. Traders can specify trigger prices. |
1. Please log in to your Fubit account.
2. Click 'Exchange' on the menu tab.
3. Please select the asset you want to exchange.
4. Please enter the quantity to be converted.
5. Please click "Exchange".
Please click here for exchange.
| TP/SL for all positions. | TP/SL at the selected location. | |
| Trigger price | Final transaction price / marked price / index price | Final transaction price / marked price / index price Final transaction price / marked price / index price |
| Order execution logic after trigger price is met | Use the market price order to clear the entire position. | Part of the position is liquidated using market price orders according to the preset contract quantity. |
| The number of TP/SL orders you can make | Only one TP/SL order can be set during the existing location and order placement. | Up to 20 TP/SL orders for each of the Long and Short directions. (Position + Active Orders + Conditional Orders included) The number of TP and SL orders is calculated individually and up to 20 TP/SL orders can be submitted. |
| Increase the number of positions with the existing position | Only one TP/SL setting is allowed for the location, so the new TP/SL price set for the new order replaces the existing TP/SL price after the new order is executed. Reference. Yes. |
Multiple TP/SL settings are allowed for the location, so the TP/SL set for the new order corresponds to the increased number of contracts after the new order is executed and exists independently of that position. |
| Decrease the existing position. | 기존 포지션의 TP/SL 가격에는 영향을 미치지 않으며, 마감 주문 수량에 따라 주문 수량을 줄입니다. | If the quantity of TP/SL is greater than the quantity of the open position after partial liquidation, the first set of TP/SL orders (depending on the earliest time the order was received) is reduced first until it is equal to the existing quantity. |
| Liquidation of all existing positions. | Cancel all TP/SL orders. | Cancel all TP/SL orders. |
| Influence on "limited closing" orders after TP/SL is triggered | Cancel all "limit" orders. | If the quantity of the existing position is less than the number of designated closing orders due to partial TP/SL triggers, the designated closing order with the highest order price will be canceled completely until the remaining quantity of designated closing orders is reduced first. Equivalent to/from the quantity of existing positions. |
FUBIT provides the most powerful API capabilities, allowing you to analyze market data and place automatic transaction orders through APIs.
Create or change API keys Click here.
Isolation:
If the transaction is forced to liquidate, only the deposit for the position in that direction will be lost and does not affect other funds in the contract account.
If the user opens his or her own position, losses and profits will occur in short and long positions, respectively. In the case of liquidation, it will be settled as a deposit corresponding to each position.
Cross:
All available funds are considered available evidence and are forced to liquidate only if the position deficit exceeds the total funds.
Evidence money:
The leverage principle of futures trading is focused on the deposit system of futures trading. You don't have to pay 100% of the funds when trading futures, and you can only invest a small amount depending on the value of the futures. This amount, a fund that is collateral for the performance of gifts, is called a deposit.
Leverage can greatly increase the utilization of funds. Higher leverage entails higher returns and higher risks, and the higher the leverage, the lower the required deposit.
Position deposit:
Once the position is set, you can see the current position deposit in "Position".
Available Deposit:
It is a deposit that can be used to open the position.
Maintenance deposit:
This is the minimum deposit required for the number of current positions of the user according to the position value corresponding to the current marked price.
The concept of dynamic leverage is used for Fubit's Risk Limit. This means the larger the contract value traders hold, the lower the maximum leverage allowed. In other words, the initial margin requirement incrementally goes up by a fixed percentage at every specific increase in contract value level. Each trading pairs have its specific maintenance margin base rate and the margin requirements will increase or decrease accordingly as risk limit changes.
Risk limit is a risk management measure to limit the risk exposure of traders. A large position with high leverage may cause huge contract losses when liquidated in a highly volatile market. Contract losses are created when the position is liquidated beneath the bankruptcy price and coupled with a depleted insurance fund that is insufficient to fully absorb the losses, Auto deleveraging (ADL) system will be triggered. Traders with a large position pose an increased risk of ADL to other traders on the exchange. To minimize the possibility of ADL occurring, Fubit imposes a risk limit on all trading accounts according to their positional contract value held.
As the position contract value increases, the maintenance margin and initial margin requirements will also increase. Users can choose to increase or decrease the risk limit inside their Positions tab. The default risk limit level on Fubit will always start from the lowest risk limit level.
Fubit will perform a laddered liquidation process for traders using higher risk limits, and will automatically reduce the level of maintenance margin by attempting to reduce the risk limit levels to the lowest possible level to avoid an immediate full liquidation of the trader’s position.
Risk Limit Table：
|
Contracts |
Risk Limit Base Value (USDT) |
Risk Limit Increment (USDT) |
Maintenance Margin Base Rate |
Maintenance Margin Increment at every level |
Initial Margin Base Rate |
Initial Margin Increment at every level |
| BTCUSDT | 1,000,000 | 1,000,000 | 0.5% | 0.5% | 1% | 0.5% |
| ETHUSDT | 800,000 | 800,000 | 1% | 0.5% | 2% | 1% |
|
XRPUSDT |
200,000 | 200,000 | 1% | 0.5% | 2% | 1% |
|
TRXUSDT |
100,000 | 100,000 | 2% | 0.5% | 4% | 1% |
|
DOTUSDT/DOGEUSDT/ETCUSDT/SANDUSDT/GALAUSDT/AVAXUSDT/MANAUSDT |
200,000 | 200,000 | 2% | 0.5% | 4% | 1% |
|
IMXUSDT/LITUSDT/SCUSDT/RNDRUSDT/STXUSDT/REQUSDT/SPELLUSDT ANTUSDT/DUSKUSDT/ARUSDT/PEOPLEUSDT/CELOUSDT/ROSEUSDT/DENTUSDT/ KAVAUSDT/CREAMUSDT/JASMYUSDT |
25,000 | 25,000 | 4% | 1% | 8% | 2% |
|
CVCUSDT/RSRUSDT/AUDIOUSDT/GTCUSDT/SKLUSDT/MASKUSDT /COTIUSDT/CTKUSDT/BICOUSDT/KLAYUSDT/WAVESUSDT/XMRUSDT/KNCUSDT |
100,000 | 100,000 | 4% | 1% | 8% | 2% |
Formula：
| Term | Formula | Eg: BTCUSDT（Total Position Value 1,200,000 USDT, hence limit needs to increase by 1 time） |
| New Risk Limit（RL） | RL Base value+ （Number of incremental *RL incremental value） | 1,000,000 + （1*1,000,000）= 2,000,000 USDT |
| New Maintenance Margin（MM） % | MM Base rate + （Number of incremental*MM incremental rate） | 1% + （1*0.5%）= 1.5% |
| New Initial Margin （IM） % | IM Base rate + （Number of incremental*IM incremental rate） | 2% + （1*1%）= 3% |
| New Maintenance Margin Amount | New MM%* Total Position Value | 1.5% * 1,200,000 = 18,000 USDT |
The following tables below shows the respective risk limit table for:
Risk Limit for BTCUSDT
| Position Value (USDT) | Maintenance Margin % | Initial Margin % | Max Leverage |
| 1,000,000 | 0.50% | 1.00% | 100 |
| 2,000,000 | 1.00% | 1.50% | 66.67 |
| 3,000,000 | 1.50% | 2.00% | 50 |
| 4,000,000 | 2.00% | 2.50% | 40 |
| 5,000,000 | 2.50% | 3.00% | 33.33 |
| 6,000,000 | 3.00% | 3.50% | 28.57 |
| 7,000,000 | 3.50% | 4.00% | 25 |
| 8,000,000 | 4.00% | 4.50% | 22.22 |
| 9,000,000 | 4.50% | 5.00% | 20 |
| 10,000,000 | 5.00% | 5.50% | 18.18 |
| 11,000,000 | 5.50% | 6.00% | 16.67 |
| 12,000,000 | 6.00% | 6.50% | 15.38 |
| 13,000,000 | 6.50% | 7.00% | 14.29 |
| 14,000,000 | 7.00% | 7.50% | 13.33 |
| 15,000,000 | 7.50% | 8.00% | 12.5 |
| 16,000,000 | 8.00% | 8.50% | 11.76 |
| 17,000,000 | 8.50% | 9.00% | 11.11 |
| 18,000,000 | 9.00% | 9.50% | 10.53 |
| 19,000,000 | 9.50% | 10.00% | 10 |
| 20,000,000 | 10.00% | 10.50% | 9.52 |
Risk Limit for ETHUSDT
| Position Value (USDT) | Maintenance Margin % | Initial Margin % | Max Leverage |
| 800,000 | 1.00% | 2.00% | 50 |
| 1,600,000 | 1.50% | 3.00% | 33.33 |
| 2,400,000 | 2.00% | 4.00% | 25 |
| 3,200,000 | 2.50% | 5.00% | 20 |
| 4,000,000 | 3.00% | 6.00% | 16.67 |
| 4,800,000 | 3.50% | 7.00% | 14.29 |
| 5,600,000 | 4.00% | 8.00% | 12.5 |
| 6,400,000 | 4.50% | 9.00% | 11.11 |
| 7,200,000 | 5.00% | 10.00% | 10 |
| 8,000,000 | 5.50% | 11.00% | 9.09 |
| 8,800,000 | 6.00% | 12.00% | 8.33 |
| 9,600,000 | 6.50% | 13.00% | 7.69 |
| 10,400,000 | 7.00% | 14.00% | 7.14 |
| 11,200,000 | 7.50% | 15.00% | 6.67 |
| 12,000,000 | 8.00% | 16.00% | 6.25 |
| 12,800,000 | 8.50% | 17.00% | 5.88 |
| 13,600,000 | 9.00% | 18.00% | 5.56 |
| 14,400,000 | 9.50% | 19.00% | 5.26 |
| 15,200,000 | 10.00% | 20.00% | 5 |
| 16,000,000 | 10.50% | 21.00% | 4.76 |
| 16,800,000 | 11.00% | 22.00% | 4.55 |
| 17,600,000 | 11.50% | 23.00% | 4.35 |
| 18,400,000 | 12.00% | 24.00% | 4.17 |
| 19,200,000 | 12.50% | 25.00% | 4 |
| 20,000,000 | 13.00% | 26.00% | 3.85 |
Risk Limit for XRPUSDT
| Position Value (USDT) | Maintenance Margin % | Initial Margin % | Max Leverage |
| 200,000 | 1.0% | 2.00% | 50 |
| 400,000 | 1.5% | 3.00% | 33.33 |
| 600,000 | 2.0% | 4.00% | 25 |
| 800,000 | 2.5% | 5.00% | 20 |
| 1,000,000 | 3.0% | 6.00% | 16.67 |
| 1,200,000 | 3.5% | 7.00% | 14.29 |
| 1,400,000 | 4.0% | 8.00% | 12.50 |
| 1,600,000 | 4.5% | 9.00% | 11.11 |
| 1,800,000 | 5.0% | 10.00% | 10.00 |
| 2,000,000 | 5.5% | 11.00% | 9.09 |
| 2,200,000 | 6.0% | 12.00% | 8.33 |
| 2,400,000 | 6.5% | 13.00% | 7.69 |
| 2,600,000 | 7.0% | 14.00% | 7.14 |
| 2,800,000 | 7.5% | 15.00% | 6.67 |
| 3,000,000 | 8.0% | 16.00% | 6.25 |
Risk Limit for TRXUSDT
| Position Value (USDT) | Maintenance Margin % | Initial Margin % | Max Leverage |
| 100,000 | 2.0% | 4.00% | 25 |
| 200,000 | 2.5% | 5.00% | 20 |
| 300,000 | 3.0% | 6.00% | 16.67 |
| 400,000 | 3.5% | 7.00% | 14.29 |
| 500,000 | 4.0% | 8.00% | 12.50 |
| 600,000 | 4.5% | 9.00% | 11.11 |
| 700,000 | 5.0% | 10.00% | 10.00 |
| 800,000 | 5.5% | 11.00% | 9.09 |
| 900,000 | 6.0% | 12.00% | 8.33 |
| 1,000,000 | 6.5% | 13.00% | 7.69 |
| 1,100,000 | 7.0% | 14.00% | 7.14 |
| 1,200,000 | 7.5% | 15.00% | 6.67 |
| 1,300,000 | 8.0% | 16.00% | 6.25 |
| 1,400,000 | 8.5% | 17.00% | 5.88 |
| 1,500,000 | 9.0% | 18.00% | 5.56 |
Fubit uses mark price to avoid liquidation caused by low liquidity or market manipulation.
Under isolated margin, when position margin decreases to the maintenance margin level, the position is liquidated. Please take note that if a trader holds long and short positions simultaneously under isolated mode, it may happen that both positions get liquidated under extreme market movement since long and short positions are independent.
Under cross margin mode, when available balance decreases to 0 and position margin decreases to maintenance margin level, the position is liquidated. Please take note that when holding hedged positions of both long and short under cross margin mode, only the net long or net short position may be liquidated. A fully hedged position will not be liquidated.
Larger positions may raise the margin requirement.
When liquidation happens, Fubit uses partial liquidation to reduce the required maintenance margin to avoid full liquidation. The liquidation process is as follows.
Traders under the lowest margin tier
- Cancel all active orders of this contract;
- If it still doesn’t meet the maintenance margin requirement, that position will be closed at the bankruptcy price by the Liquidation Engine.
Traders under second or higher margin tier
The liquidation engine will try to lower the margin tier to lower the margin requirement:
- Cancel all active orders on this contract while retaining the existing position to reduce the margin;
- Submit a FillOrKill order of the difference between the current position value and the lower margin tier value which satisfies the margin requirement, thus preventing further liquidation;
- If the position is still in liquidation, this position shall be taken over by the liquidation engine at the bankruptcy price.
Illustrated Example:
If Trader A holds a 1.5 M USDT long position value + 1M BTC long Active Order value, it will correspond to the third tier of the margin system. When Mark Price reaches the liquidation price, the liquidation engine will take over the position.
Cancel all Active orders, followed by reducing the current margin to the second tier at 2M USDT. In the process, this reduces the maintenance margin requirement and thus avoids liquidation by having a new liquidation price.
If Mark Price reaches the new liquidation price for the second time
a) The liquidation engine will attempt to partially close the 500K USDT portion of the existing 1.5M USDT position value in order to further reduce to the first tier of 1M USDT to avoid fully liquidation.
b) If the system forecast that executing step (a) stated above is still unable to prevent liquidation, the liquidation engine will take over the position and the whole position will be liquidated.
Lastly, at the lowest tiered margin, the entire position will directly be taken over by the liquidation engine to be liquidated and settled at its bankrupt price if Mark Price reaches the liquidation price again.
Liquidation is triggered when the Mark Price hits the Liquidation Price.
Liquidation Price (Isolated Margin, traders are allowed to add in the extra margin to position)
Initial Margin Rate = 1/Leverage
Maintenance Margin Rate (MMR) is based on Tiered Margin.
For Buy/Long:
Liquidation Price = Entry Price * (1 - Initial Margin Rate + Maintenance Margin Rate) - Extra Margin Added/ Contract Size
Example:
Trader place a long entry of 1 BTC at 10,000 USDT with 50x leverage. Assuming no extra margin added.
Liquidation Price = 10,000 USDT * (1 - 2% + 0.5%) = 9,850 USDT
For Sell/Short:
Liquidation Price = Entry Price * (1 + Initial Margin Rate - Maintenance Margin Rate) + Extra Margin Added/ Contract Size
Example:
Trader place a short entry of 1 BTC at 8,000USDT with 40x leverage. Assuming no extra margin added.
Liquidation Price = 8,000 USDT * (1 + 2.5% - 0.5%) = 8160 USDT
Liquidation Price (Margin type: Cross Margin)
Comparing to Isolated Margin, Liquidation Price under Cross Margin mode might keep changing as the available balance will be affected by the other trading pairs. Under cross margin mode, the initial margin used for each position is isolated from the account balance but the remaining balance is shared. The available balance will be affected by the unrealized loss that occurred by all existing positions. Liquidation only happened when the available balance = 0 and each position do not have enough maintenance margin respectively.
Example 1(Only one unhedged position):
Under Cross Margin, assuming trader A holding a 2BTC Long position at 10,000 USDT. The current available balance is 2,000 USDT, current mark price = 10,500USDT, unrealized profit(Mark Price) is 1,000 USDT.
Initial Margin = 2*10,000*1% = 200USDT
Maintenance Margin = 2 *10,000*0.5% = 100USDT
Available Balance = 2,000USDT
Total Sustainable Loss = Available Balance + Initial Margin - Maintenance Margin
= 2,000 + 200 -100 USDT
= 2,100 USDT
With 2,100USDT, the position can sustain a price loss of 1,050 USDT (2,100/2). Therefore, the liquidation price of this position would be 9,450USDT (10,500-1050).
Using the above logic, we can derive the liquidation price (Long) as below.
Current Mark Price (MP) - Liquidation Price(LP) = [Available Balance (AB) + Initial Margin (IM) - Maintenance Margin (MM)]/ Exposed Position Size (EPS)
LP (Long) = MP - (AB+IM-MM)/EPS
LP (Short) = MP+(AB+IM-MM)/EPS
Example 2 (One hedged position):
Under Cross Margin, assuming trader B holding a 2BTC Long position with entry price at 10,000 USDT. The current available balance is 3,000 USDT, current Mark Price is 9,500 USDT, unrealized loss for the Long position (Mark Price) is 1,000 USDT. At the same time, he is holding a Short position of 1BTC with entry price at 9,500 USDT.
For the short position, it will never be getting liquidated as the Contract Size of Long position > Contract Size of Short position, whenever the price goes up, the unrealized profit for long position is always greater than the unrealized loss of the short position.
For the long position, we only need to consider the net exposure of the position abs(Long - Short ) = abs(2BTC - 1BTC) = 1BTC when calculating the liquidation price.
IM = 1*10,000*1% = 100USDT
MM = 1*10,000*0.5% = 50USDT
AB = 3,000 USDT
LP (Long) = 9,500 - (3,000+100-50)/1 = 6,450 USDT
Bankruptcy Price is a price level that indicates you have lost all your initial margin.
Upon liquidation, the liquidated position will be closed at the Bankruptcy Price, and this means that you have lost all your initial margin. If the liquidated position has its final liquidation price better than the bankruptcy price, the excess margin will be contributed to the Insurance Fund. Vice versa, if the liquidated position has its final liquidation price worse than the bankruptcy price, the Insurance fund will cover the loss gap.
Bankruptcy Price (Margin type: Isolated Margin)
For Buy/Long:
Bankruptcy Price= Entry Price × (1 - Initial Margin Rate*)
For Sell/Short:
Bankruptcy Price= Entry Price × (1 + Initial Margin Rate*)
*Initial Margin Rate (IMR) = 1/ Leverage
For example, traders hold a 1BTC Long position with an entry price at 10,000USDT, leverage is 50x.
Bankruptcy Price= 10,000 × (1 - 2%) = 9,800 USDT
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