Account-Based
Term | Definition | Formula |
Total Equity | Total equity of all assets under the account without considering the collateral value ratio (calculated in USD) | Wallet Balance + Perp & Futures Unrealized P&L + Options Value - Spot Borrow |
Margin Balance | The total amount that can be used as margin under the account after considering the collateral value ratio (calculated in USD) | Cross Margin Wallet Balance + Perp & Future Unrealized P&L - Spot Borrow Portfolio Margin Wallet Balance + Perp & Future Unrealized P&L+ Option Value - Spot Borrow |
Account IM Rate | Initial margin base rate of the account | Cross Margin Total Initial Margin / (Margin Balance - Haircut Loss + Order Loss) Portfolio Margin Total Initial Margin / (Equity - Haircut Loss + Order Loss) Note: Under PM mode, Equity is adjusted by the Collateral Value Ratio before margin calculations. |
Account MM Rate | Maintenance margin base rate of the account | Cross Margin Total Maintenance Margin / (Margin Balance - Haircut Loss + Order Loss) Portfolio Margin Total Maintenance Margin / (Equity - Haircut Loss + Order Loss) Note: Under PM mode, Equity is adjusted by the Collateral Value Ratio before margin calculations. |
Total Initial Margin | The total amount of initial margin under the account (calculated in USD) | Σ Initial Margin for Open Positions + Σ Initial Margin for Active Orders + Σ Initial Margin on Borrowed Assets |
Total Maintenance Margin | The total amount of maintenance margin under the account (calculated in USD) | Σ Maintenance Margin on Borrowed Asset + Σ Maintenance Margin for Open Positions + Σ Maintenance Margin for Active Orders |
Perp & Futures UPL (Unrealized P&L) | Total unrealized profit and loss under USDT Perpetual and USDC Perpetual & Futures Contracts | ∑ Asset - Based Perp & Futures Unrealized P&L |
Haircut Loss | Total potential value loss of margin due to spot orders (calculated in USD) | ∑ Spot Symbol Haircut Loss (All Spot orders) [Note: See definition of Haircut Loss] |
Order Loss | The total potential value loss of the margin caused by the deviation of the perpetual order price from the Mark Price | ∑ Asset - Based Order Loss (All Perpetual & Futures orders) Buy Order Loss: Min [0, (Mark Price - Order Price ) × Order Size] Sell Order Loss: Min [0, (Order Price - Mark Price ) × Order Size] [Note: See definition of Order Loss] |
Option Value | Total option value under the account (calculated in USD) | ∑ Asset - Based Option Value |
Spot Margin Leverage | The spot leverage multiple of the asset dimension selected by the user | Leverage is set at the asset level, not the trading pair. For example, if you set leverage for USDC, it will apply whenever you borrow USDC (e.g., to buy BTC in BTC/USDC). Likewise, if you set leverage for BTC, it applies when borrowing BTC to sell. |
Asset-Based
Term | Definition | Formula |
USD Value | The USD value of the asset (calculated in USD) | – |
Wallet Balance | The amount of assets you physically hold in your UTA wallet, calculated in USD. | – |
Equity | The equity of the asset without considering the collateral value ratio | Asset Wallet Balance + Perp & Futures Unrealized P&L (USDC and USDT) + Options Value - Spot Borrow |
Perp & Futures UPL (Unrealized P&L) | Unrealized profit and loss under USDT Perpetual and USDC Perpetual & Futures Contracts | USDT and USDC Contracts: 1. Long Position （Mark Price - Average Entry Price） × Position Size 2. Short Position (Average Entry Price - Mark Price) × Position Size Inverse Contracts: 1. Long Position Position Size x [(1/Average Entry Price) - (1/Mark Price)] 2. Short Position Position Size x [(1/Mark Price) - (1/Average Entry Price)] |
Option Value | Total option value calculated in USD | Option Mark Price × Position Size |
Margin Balance | The amount of an asset that can be used as a margin after considering the collateral value ratio (USDC and USDT) | Cross Margin Wallet Balance + Perp & Future Unrealized P&L - Spot Borrow Portfolio Margin Wallet Balance + Perp & Future Unrealized P&L+ Option Value - Spot Borrow |
Available Balance (AB) | This is the Available Balance shown on the Asset page and it refers to the estimated amount of funds available based on the current margin mode. In Isolated Margin mode, AB represents the actual amount that can be used to place orders and transfer out of the UTA account. In Cross Margin (CM) / Portfolio Margin (PM) mode, AB is an indicative value derived from margin requirements (up to an IMR of 100%) and is for reference only. The actual amount that can be used to place an order may vary due to factors such as haircut loss or order loss. | Isolated Margin AB = Wallet Balance - Initial Margin - Amount Frozen for Orders |
Available Balance for Spot Trading | This is the Available Balance shown on Spot Trading page and this shows the amount that can be used to place Spot Trading. AB for spot trading is determined by two limits:
The system will take the lower of these two values as your final AB to ensure sufficient margin and effective risk control. | Cross Margin Max (0, Margin Balance + Asset Spot Borrow + Asset Reservation + Negative Option Value - Spot Frozen - Bonus - Positive Option Order Initial Margin) Portfolio Margin Max (0, Equity + Asset Spot Borrow + Asset Reservation - Spot Frozen - Bonus) |
Initial Margin (for Open Positions and Active Orders) | The initial margin is the minimum amount of funds required to create derivative orders and positions | Active Order Initial Margin = (Order Value / Leverage) + Estimated Fee to Open + Estimated Fee to Close Position USDT & USDC Contracts: Order Value = Order Size × Order Price Inverse Contracts: Order Value = Order Size ÷ Order Price Position Initial Margin = (Position Value / Leverage) + Estimated Fee to Close Position USDT & USDC Contracts: Position Value = Position Size × Mark Price Inverse Contracts: Position Value = Position Size ÷ Mark Price IM for Hedged Positions (Cross Margin Mode): Position with Higher Value: 1. Long position IM = (Mark Price × Hedged Position Size ÷ Leverage) + [Entry Price × Hedged Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate × 2] + (Entry Price × Net Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate) When fully hedged, net position size = 0 2. Short position IM = (Mark Price × Hedged Position Size ÷ Leverage) + [Entry Price × Hedged Position Size (1 + 1 ÷ Leverage) × Taker Fee Rate × 2] + (Entry Price × Net Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate) When fully hedged, net position size = 0 Position with Lower Value: 1. Long position IM= Entry Price × Hedged Position Size × (1 − 1 / Leverage) × Taker Fee Rate × 2 2. Short position IM= Entry Price × Hedged Position Size × (1 + 1 / Leverage) × Taker Fee Rate × 2 |
Initial Margin (on Borrowed Assets) | The amount of initial margin taken up for Spot Margin Trading | Asset Borrow Size × IM Rate for Borrowed Asset |
IM Rate (for Borrowed Assets) | The initial margin rate required for borrowing assets | IMR for borrowed assets = 1/Leverage |
Borrowed Amount | Total borrowing amount for a corresponding asset with an insufficient available balance | Cross Margin ABS (Min(0, Asset Equity + Asset Spot Borrow + Asset reservation - Asset Frozen - Positive Option Value - Positive Option Order IM )) + Asset Spot Borrow + Asset Reservation Portfolio Margin ABS (Min (0, Asset Equity + Asset Reservation + Asset Spot Borrow - Asset Frozen)) + Asset Reservation + Asset Spot Borrow |
Maintenance Margin (for Open Positions and active orders) | The maintenance margin is the minimum amount of funds required to maintain derivatives position. The maintenance margin rate required is based on your risk limit. MMR requirements for open positions and order increases as your risk limit tiers rise. Please check the risk limit of the respective trading pair here. | Maintenance Margin = Position Size × Mark Price × Maintenance Margin Rate + Estimated Fee to Close Position MM for Hedged Positions (Cross Margin Mode): Position with Higher Value: 1. If it is a long position MM = [(Mark Price × Net Position Size × MMR) − MM Deduction] + [Entry Price × Hedge Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate × 2] + [Entry Price × Net Position Size × (1 - 1 ÷ Leverage) × Taker Fee Rate] When fully hedged, net position size = 0 2. If it is a short position MM = [(Mark Price × Net Position Size × MMR) − MM Deduction] + [Entry Price × Hedge Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate × 2] + [Entry Price × Net Position Size × (1 + 1 ÷ Leverage) × Taker Fee Rate] When fully hedged, net position size = 0 Position with Lower Value: 1. If it is a long position MM = Entry Price × Hedged Position Size × (1 − 1 / Leverage) × Taker Fee Rate × 2 2. If it is a short position MM = Entry Price × Hedged Position Size × (1 + 1 / Leverage) × Taker Fee Rate × 2 |
Maintenance Margin (for Borrowed Assets) | The amount of maintenance margin occupied by the asset that has triggered auto borrowing. | Borrowed Amount × MM Rate by Borrowed Asset |
Maintenance Margin Rate (for Borrowed Assets) | The rate of margin required to maintain borrowed assets The maintenance margin rate required is based on your position tiers. MMR requirements for borrowed funds increase as your position tiers rise. | Please refer to the maintenance margin rate required for each borrowed coin here. |
Initial Margin and Maintenance Margin for Options | For more details on how to calculate the Initial and Maintenance Margin for Options, please refer here. | |
Definition
Haircut Loss
If the collateral value ratio is set below 100%, such as 25%, it means that only a fraction of the asset's value, specifically 25%, can be used as collateral. This reduction in the collateral’s value is known as haircut loss.
For example, Trader Bob buys 1 BTC and pays 20,000 USDT.
Assuming the collateral value ratio of BTC is 95% and the USD price of BTC is $19,992, the collateral value ratio of USDT is 99.5% and the price of USDT is $0.9996.
- Collateral Value of BTC: 1 × 19,992 × 95% = $18,992.4
- Collateral Value of USDT: 20,000 × 0.9996 × 99.5% = $19,892.04
- Haircut Loss (Difference in Collateral Value) = $19,892.04 - $18,992.4 = $899.64
Order Loss
With Perpetual and Futures Trading, users may experience a deviation in order price and current Mark Price.
If the price of a buy order is higher than the Mark Price, or the price of a sell order is lower than the Mark Price, it will result in an immediate equity loss once the order is filled. This loss is known as the potential loss from pending Perpetual & Futures orders.
For example, if the current Mark Price of a Perpetual contract is $2,000 and Trader Charlie submits 2 buy orders at $2,050, the potential Order Loss is ($2,050-$2,000) × 2 = $100.