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Margin, Haircuts, and Debt in Multi-Asset USDT-M Futures

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Summary

This glossary describes how a multi-asset USDT-M futures account values collateral, calculates margin, and handles debt. Each supported coin’s account value, including unrealized profit or loss, is converted into USDT and discounted by a tiered haircut rate. The resulting contributions form multi-asset margin. The document illustrates this with BTC and USDT balances, then distinguishes per-coin available margin from the account’s total amount available to open positions after accounting for debt requirements.

It also explains maintenance margin, conversion rates, and repayment triggers. Non-USDT assets may be converted to USDT when changing account modes, repaying debt, or managing liquidation risk. Debt can incur interest, and the exchange may initiate automatic repayment when limits or liquidation risks are reached. These rules are specific to the described platform and account mode; rates, limits, and conversion terms may change. The examples clarify the arithmetic, but the glossary does not assess strategy performance or compare the system with other venues.

Key ideas

  • Collateral from different coins is converted to USDT and adjusted by coin-specific haircut rates.
  • Available margin subtracts frozen funds and position margin, while total available assets also account for debt requirements.
  • Maintenance margin includes position requirements and a separate requirement tied to debt.
  • The platform may convert non-USDT collateral to repay debt or manage liquidation risk.
  • Debt may incur interest, and account rules such as rates and limits can change.

Tags

CryptoFuturesMulti-assetRisk management

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.