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What Is Multi-Assets Mode

2021-05-28 01:42
Multi-Assets Mode allows users to trade USDⓈ-M Futures across multiple margin assets. Presently, Binance Futures offers USDT-margined and BUSD-margined contracts under the USDⓈ-M Futures product line. With Multi-Assets Mode, users will share their margin across USDT-margined and BUSD-margined contracts. Any profits made on either contract can be used as margin; this means that one position’s profits can offset losses in another losing position. Thus, the margin balance only reflects the net P&L between positions in the two markets. This new feature only supports the Cross Margin Mode.
Multi-Assets Mode supports the following assets that can be used as margin:

Asset Margin

Maximum Transfer-in

Collateral Value Ratio

BTC
5 BTC
95%
ETH
70 ETH
95%
BNB
1,000 BNB
95%
XRP
15,600 XRP
90%
ADA
11,300 ADA
90%
DOT
460 DOT
90%
SOL
100 SOL
90%
USDT
Unlimited
99.99%
BUSD
Unlimited
100%
USDC
10,000,000
99.99%
Please note:
  • Users should transfer the above margin to USDⓈ-M Futures for collateral;
  • BNB balance in USDⓈ-M Futures wallet can still be used for trading fee discounts;
  • BTC, ETH, and BNB used as margin in multi-asset mode will receive a 5% value haircut. XRP, DOT, and ADA used as margin will receive a 10% value haircut. For instance, BNB with a market value of $1000 will be valued at $950 and ADA with a market value of $1,000 will be valued at $900 when used as margin in multi-assets mode;
  • BNB used as multi-assets margin will be counted towards BNB holding calculation.
Users can go to the multi-asset info page for more details.

How to switch between the Single/Multi-Assets Mode?

Please note that the Multi-Assets Mode only applies to USDⓈ-M Futures.
Log in to your Binance account on Binance App and go to the USDⓈ-M Futures trading interface. Tap on the [...] and select [Preference] - [Asset Mode].
In the [Asset Mode] tab, select between [Single-Asset Mode] or [Multi-Assets Mode]. Single-Asset Mode is enabled by default.
When you are holding positions, you can still turn on Multi-Assets Mode without closing the existing positions.
Suppose you are holding positions in Isolated mode. In that case, you will be asked to switch all open positions to Cross Mode before enabling the Multi-Assets function.
Before activating Multi-Assets Mode, please read this guide first to better understand the risks associated with USDⓈ-M Futures.

Profits and Loss in Multi-Assets Mode

When your BUSD or USDT wallet balance is positive, the profit generated is the trading pairs’ valued asset. For example, if you trade USDT contract, all profits generated are in USDT; if you trade BUSD contract, all profits are in BUSD;
When your BUSD or USDT wallet balance is negative, if the loss is less than 10,000 USDT/BUSD, it will not be automatically converted; if the loss amount is greater than 10,000 USDT/BUSD, it will be converted in proportion to the USDⓈ-M Futures wallet asset balance, deducting your corresponding margin assets.
In short, the profits and losses generated are always trading pair-denominated assets, but in the case of losses, the platform has added an automatic exchange mechanism to help users balance their accounts and increase the utilization rate of funds.

Auto-Exchange

Under the Multi-Assets mode, auto-exchange will happen under three circumstances:
  1. When Asset Wallet Balance is less than the autoExchangeThreshold (-10,000 USD), the USDT or BUSD negative balance will be automatically exchanged to margin asset by the system match engine.
  2. When users get liquidated, auto-exchange will be immediately triggered if the BUSD/USDT in the USDⓈ-M Futures Wallet balance is not enough to cover the deficit.
  3. When users do not have existing positions or open orders, the system will continuously calculate the LTV (loan to value). When LTV ≥ 1, auto-exchange will be triggered.
Note: LTV= abs(∑negative asset WalletBalance in USD value*(1+Auto Exchange Haircut)) / ∑positive asset WalletBalance in USD value*(1-Auto Exchange Haircut)
The auto-exchange is handled by the auto-exchange service engine and when triggered all positive balance assets under the USDⓈ-M Futures Wallet are automatically converted with an instant price to cover the corresponding BUSDT/USDT deficit. Please note that auto-exchange does not charge commission fees, but there is a haircut on your assets to face the instability of liquidity:
Assets
Auto-Exchange Haircut
BTC
2.5%
ETH
2.5%
BNB
5%
ADA
5%
XRP
5%
DOT
5%
SOL
5%
USDC
0.01%
Note that there’s no auto-exchange haircut for BUSD.
Case 1: When your BUSD balance is -20,000 BUSD, auto-exchange will be triggered. 20,000 BUSD / 97.5% = 20,513 BUSD of the BTC will be changed to BUSD to balance the wallet.
Case 2: Under the multi-asset mode, if you do not have any existing position or open order, the UM wallet balance is 1 BNB + (-600) BUSD
  • Assume BNB/BUSD = $700
Your LTV = abs(-600)/(700*(1-5%)) = 0.90 < 1, auto-exchange will not be triggered;
  • Assume BNB/BUSD = $600
Your LTV = abs(-600)/(600*(1-5%)) = 1.05 ≥ 1, auto-exchange will be triggered, your BNB will be exchanged to BUSD to clear the negative BUSD balance.
Please note that if you don't want auto-exchange to be triggered, you can convert or transfer enough margin assets to the USDⓈ-M Futures Wallet to keep the negative balance smaller than $10,000. When users do not have existing positions or open orders and there is a deficit asset in the USDⓈ-M Futures Wallet, it is recommended that users convert or transfer enough margin assets in a timely manner to prevent the account LTV to be greater than 1, which could trigger auto-exchange.
In order to reduce risk, Binance may temporarily adjust the Auto-Exchange Threshold and execute the exchange. You might notice that the balance of a certain asset in your USDⓈ-M Futures Wallet is negative, but this does not necessarily mean the margin balance of your USDⓈ-M Futures Wallet is over loss.

How to check your account Margin ratio under Multi-Assets mode?

If you have selected the [Multi-Assets Mode], a “Multi-Assets” tag will be indicated on the top-right corner of the Margin Ratio widget.
Since your margin balance is shared across multiple positions in the Multi-Assets Mode, please monitor your margin ratio closely. Once the Margin Ratio reaches 100%, all positions will be liquidated.

Margin Ratio Widget under the Multi-Assets Mode

Following is the equation used to calculate your margin ratio in Multi-Assets Mode:
Account Margin Ratio = Account Maintenance Margin / Account Equity
  • Account Maintenance Margin: The sum of maintenance margin of all cross positions in USD.
  • Account Equity: The sum of margin balances of all cross positions in USD.

How to check the balance of your assets?

In the trading interface, scroll down to your positions panel and select the [Assets] tab.
Alternatively, you can check the balance of the assets in your Futures Wallet.

How to calculate my Margin Ratio under Multi-Asset mode?

Please note that the margin ratio is based on the prevailing market rate for USDTUSD and BUSDUSD pairs.
Assume the assetPair and its respective floating conversion rates are as follows:
assetPair
assetIndex
indexBidBuffer
indexAskBuffer
bidRate
askRate
USDTUSD
0.99
0.01
0.005
0.9801
0.99495
BUSDUSD
1
0
0
1
1
Suppose a user wants to trade in two contracts, BTCUSDT perpetual and ETHBUSD_210326 with leverage of 100x and 50x respectively. In this scenario, the maintenance margin ratio will be 0.8% and 1% respectively. Regardless of isolated or cross-margin, the account status and calculation changes of various parameters are as follows.

1. Initial state - No open position

Symbol
BTCUSDT
ETHBUSD_210326
Margin Asset
USDT
BUSD
assetWalletBalance
200
220
assetEquity
200
220
Maintenance Margin Rate
0.008
0.01
Initial Margin Rate
0.01 (100x)
0.02 (50x)
Unrealized P&L
0
0
Single-Asset mode: USDT available for order = 200,BUSD available for order = 220
Multi-Assets mode: Account Equity = ∑min(assetEquity*bidRate, assetEquity*askRate) = 200*0.9801+220*1 = 416.02
As there are no open positions, assetCrossInitialMargin is 0, uniAvailableForOrder = accountEquity-∑(assetCrossInitialMargin*askRate) = 416.02-0 = 416.02
USDT AvailableForOrder = 416.02/0.99495 = 418.13
BUSD AvailableForOrder = 416.02/1 = 416.02
Account Maintenance Margin = 0
Margin Ratio = Account Maintenance Margin / Account Equity = 0

2. With open positions

Symbol
BTCUSDT
ETHBUSD_210326
Margin Asset
USDT
BUSD
assetWalletBalance
200
220
assetEquity
200
220
Maintenance Margin Rate
0.008
0.01
Initial Margin Rate
0.01 (100x)
0.02 (50x)
Position quantity
0.5
20
entryPrice
20,000 USDT
600 BUSD
markPrice
20,000 USDT
600 BUSD
Unrealized P&L
0
0
Account Maintenance Margin = ∑assetMM*askRate = 0.5*20000*0.008*0.99495 + 20*600*0.01*1 = 199.596
As there is no unrealized P/L, Account Equity = accountWalletBalance = 416.02
uniAvailableForOrder = Account Equity - ∑(assetCrossInitialMargin * askRate) = 416.02 - (0.5*20000*0.01*0.99495+20*600*0.02*1)= 76.525
USDT available for order = 76.525/0.99495 = 76.91
BUSD available for order = 76.525/1 = 76.525
Margin Ratio = Account Maintenance Margin / Account Equity = 199.596/416.02 = 0.47977 = 47.98%

3. With open positions and unrealized PnL

Symbol
BTCUSDT
ETHBUSD_210326
Margin Asset
USDT
BUSD
assetWalletBalance
200
220
assetEquity
200-500 = -300
220+400 = 620
Maintenance Margin Rate
0.008
0.01
Initial Margin Rate
0.01 (100x)
0.02 (50x)
Position quantity
0.5
20
entryPrice
20,000 USDT
600 BUSD
markPrice
19,000 USDT
620 BUSD
Unrealized P&L
0.5*(19000-20000) = -500
20*(620-600)= 400
Account Maintenance Margin = ∑assetMM*askRate = 0.5*19000*0.008*0.99495 + 20*620*0.01*1 = 199.61
With unrealized PnL, Account Equity = ∑min(assetEquity*bidRate, assetEquity*askRate) = -300*0.99495+620*1=321.515
uniAvailableForOrder = Account Equity - ∑(assetCrossInitialMargin * askRate) = 321.515 - (0.5*19000*0.01*0.99495+20*620*0.02*1) = -21
USDT AvailableForOrder and BUSD AvailableForOrder are both 0。
Margin Ratio = Account Maintenance Margin / Account Equity = 199.61/321.515 = 0.62084 = 62.08%