CrossEx Account Rules

Currency-Dimensional Metrics for CrossEx Account

Account-Level Metrics for CrossEx Account

CrossEx Account Liquidation Risk Control Process

1. Auto Order Cancellation

When the Initial Margin Ratio < 100%, the system will automatically cancel open orders to reduce their occupation of initial margin. Cancellation is sequential: spot orders first, then futures orders. The rules are as follows:

• Cancel spot buy orders, starting from the largest order value to the smallest.
• Cancel margin open orders, starting from those occupying the most initial margin to the least.
• When canceling futures open orders, prioritize canceling opening orders without existing positions. If none, then cancel DCA orders with existing positions, starting from those occupying the most initial margin to the least.

Cancellation is sequential. After each cancellation, the system rechecks if the Initial Margin Ratio is ≥ 100%. If it is, the cancellation process terminates.
When the Account Initial Margin Ratio < 100%, the account's available margin balance is negative. Adding positions is not allowed; only closing orders can be placed because they do not occupy initial margin.

2. Forced Liquidation

When the Maintenance Margin Ratio ≤ 100%, the system will initiate the forced liquidation process. If MMR rises above 100%, the liquidation process terminates. The liquidation process is as follows:

• Cancel all open orders in parallel.
• For margin positions, begin liquidation. Priority order: long positions first, then short positions; further sorted by liquidity. A liquidation fee is charged.
• For hedge mode positions, directly hedge off the smaller position at the mark price. A liquidation fee is charged.
• For individual futures positions, begin risk limit tier reduction. Sorted by liquidity, determine in which tier reduction would make MMR safe. Send all reduce-only orders to the exchange until MMR is safe or all positions are at tier 1. A liquidation fee is charged.
• Directly take over positions, settling them at the bankruptcy price for the user (no liquidation fee). After the internal system account takes over the positions, it sells them directly at market price. If profitable, the positive USDT balance is contributed to the internal insurance fund. If there's a deficit, the internal insurance fund covers the negative USDT balance.

3. Bankruptcy Price Calculation Rule

Long Position: Bankruptcy Price = Mark Price at Liquidation Time × (1 – Maintenance Margin Ratio at the Current Risk Limit Tier for the Position)
Short Position: Bankruptcy Price = Mark Price at Liquidation Time × (1 + Maintenance Margin Ratio at the Current Risk Limit Tier for the Position)

Margin Requirements for Margin Trading

1. Long Position:

Maintenance Margin for Margin Position = Position Value × Maintenance Margin Ratio for Current Tier + Estimated Full Closing Fee
Initial Margin for Margin Position = Position Value / Leverage + Estimated Full Closing Fee
Initial Margin for Margin Open Order = Order Value / Leverage + Estimated Closing Fee + Estimated Trading Fee

2. Short Position:

Maintenance Margin for Margin Position = Position Value × Index Price × Maintenance Margin Ratio for Current Tier + Estimated Full Closing Fee
Initial Margin for Margin Position = Position Value × Index Price / Leverage + Estimated Full Closing Fee
Initial Margin for Margin Open Order = Order Value / Leverage + Estimated Closing Fee + Estimated Trading Fee

The platform does not require initial margin for closing orders or reduce-only orders. Estimated fees are calculated at a 0.075% rate.
Estimated Closing Fee: Refers to the fee required to close the increased position resulting from the order's potential fill, at the same price.

Margin Requirements for Futures Trading

1. One-Way Mode

Position Maintenance Margin = Abs(Position Size) × Mark Price × Maintenance Margin Requirement at the Selected Risk Limit Tier + Estimated Full Closing Fee
Position Initial Margin = Abs(Position Size) × Mark Price × 1 / Leverage+ Estimated Full Closing Fee
Initial Margin for Open Orders = Abs(Position Size) × Order Price × 1 / Leverage + Estimated Liquidation Fee + Estimated Trading Fee

The platform does not require initial margin for closing orders or reduce-only orders. Estimated fees are calculated at a 0.075% rate (same below).
Estimated Closing Fee: Refers to the fee required to close the increased position resulting from the order's potential fill, at the same price.

2. Hedge Mode

Maintenance Margin Required in Hedge Mode = Sum(Maintenance Margin for Long + Estimated Liquidation Fee for Long, Maintenance Margin for Short + Estimated Liquidation Fee for Short)
Initial Margin Required in Hedge Mode = Sum(Initial Margin for Long + Estimated Liquidation Fee for Long, Initial Margin for Short + Estimated Liquidation Fee for Short)
Initial Margin for Open Orders = Abs(Position Size) × Order Price × 1 / Leverage + Estimated Liquidation Fee + Estimated Trading Fee

The platform does not require initial margin for closing orders or reduce-only orders.
Because the only margin currency currently is USDT, both the initial and maintenance margin requirements for futures are allocated to USDT:
Maintenance Margin in USDT for Futures Positions = Sum(Maintenance Margin of All Futures Positions)
Initial Margin in USDT for Futures Positions = Sum(Initial Margin of All Futures Positions and Open Orders)

CrossEx Margin Mode Example

Assume a user is in CrossEx Margin Mode and has two futures positions as follows:

Another short margin position as follows:

BINANCE_FUTURE_BTC_USDT Risk Limits:

OKX_FUTURE_ETH_USDT Risk Limits:

BINANCE_MARGIN_XRP_USDT Borrowing Tier Limits:

CrossEx uses tiered risk limits. The Maintenance Margin Ratio of the tier in which the position's notional value falls is used directly for calculation. Below is the margin calculation for the positions.

• BINANCE_FUTURE_BTC_USDT
  Initial Margin: 55,000 × 1 / 5 + 55,000 × 0.00075 = 11,041.25
  Maintenance Margin: 55,000 × 0.01 + 55,000 × 0.00075 = 591.25
• OKX_FUTURE_ETH_USDT
  Initial Margin: 9,000 × 1 / 10 + 9,000 × 0.00075 = 906.75
  Maintenance Margin: 9,000 × 0.008 + 9,000 × 0.00075 = 78.75
• BINANCE_MARGIN_XRP_USDT
  Initial Margin: 1,500 × 2 / 4 + 1,500 × 2 × 0.00075 = 752.25
  Maintenance Margin: 1,500 × 2 × 0.03 + 1,500 × 2 × 0.00075 = 92.25

Assume the user has 20,000 USDT and no other currencies or open orders. Based on the above, the user's account-level information is: