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Binance Portfolio Margin Account Maintenance Margin Ratio Calculation

2022-04-18 06:07
Under the Binance Portfolio Margin Program, the Maintenance Margin amount and ratio are calculated on a unified basis. For this reason, the initial margin requirement and position leverage are no longer required.
The Unified Maintenance Margin Ratio of the Binance Portfolio Margin account is defined as uniMMR.

Details of the uniMMR calculation:

Parameter
Description
uniMMR
Unified Account Equity / Unified Maintenance Margin Amount
∑Equity
Unified Account Equity
MM
Unified Maintenance Margin Amount
Parameter
Formula
∑Equity
∑min((MarginAsset -MarginLoan+ futuresAsset + futuresUnrealPnL)*assetIndexPrice*collateralRate, (MarginAsset -MarginLoan + futuresAsset + futuresUnrealPnL)*assetIndexPrice)
MM
∑Maintenance Margin =∑ futuresMM*assetIndexPrice + ∑MarginMM*assetIndexPrice

Unified Account Equity means the the sum of (1) the account balance of your nominated Futures Accounts, (2) unrealized profits (if any) minus any unrealized losses (if any) in respect of each position of your USD-M Futures and COIN-M Futures, (3) Total Assets Value minus Total Liability and Outstanding Interest of your Margin Account, when converted to US dollars.
Unified Maintenance Margin Amount means the sum of the total amount of Maintenance Margin or the Margin required to maintain margin levels, which is required to be held across all nominated Futures Accounts and Cross Margin Accounts when converted to US dollars.
Portfolio Margin Account uniMMR
Status
uniMMR > 200%
You can trade freely
150% < uniMMR ≤ 200%
You will receive a reminder to transfer funds to your USDⓈ-M Futures, COIN-M Futures, or Cross Margin Account, repay Margin Loan, or reduce Futures positions
120% < uniMMR ≤ 150%
You will receive a second reminder to transfer funds to your USDⓈ-M Futures, COIN-M Futures, or Cross Margin Account, repay Margin Loan, or reduce Futures positions
105% < uniMMR ≤ 120%
The system refuses to accept new orders. Binance will still accept new Reduce Order positions. You’re not allowed to increase margin levels.
100% < uniMMR ≤ 105%
Liquidation will take place. Binance will send a liquidation notice.
uniMMR ≤ 100%
You will receive a liquidation notice and Binance may also make a claim for Loss.

Collateral Calculation and Liquidation Example

Suppose user A has the following margin assets and loan and the margin leverage used is 3x cross-margin.
SpotMM = (Loan*MMR) / (1-MMR), while MMR = marginMM/marginAsset= 1-1/1.1 with 3x leverage.
Let’s calculate user A’s Equity and MM (Maintenance Margin):
Coin
Margin Asset
Margin Loan
Equity =
MarginAsset - MarginLoan
Margin MM
USDT
1,000
0
1,000
0
BTC
0.1
0.04
0.06
0.004
ETH
20
15
5
1.5
Meanwhile, user A has the following Futures positions and assets in the USDⓈ-M Futures and COIN-M Futures accounts.
Let’s calculate user A’s Equity and MM:
USDⓈ-M
COIN-M
Symbol
BTCUSDT_PERP
BTCUSDT_20220624
BTCUSD_PERP
Asset
USDT
USDT
BTC
Wallet balance
5,000 USDT
0.1 BTC
MMR bracket
0.5%
0.5%
0.5%
Position quantity
0.05 BTC
0.04 BTC
10,000 USD
Position side
short
long
long
Entry Price
52,000
52,350
50,000
Mark Price
40,000
42,000
40,000
Unrealized PnL
600 USDT
-414 USDT
-0.05 BTC
Equity
∑Equity = ∑min((MarginAsset - MarginLoan+ futuresAsset + futuresUnrealPnL)*assetIndexPrice*collateralRate, (MarginAsset - MarginLoan + futuresAsset + futuresUnrealPnL)*assetIndexPrice)

Unified Account Equity means the the sum of (1) the account balance of your nominated Futures Accounts, (2) unrealized profits (if any) less any unrealized losses (if any) in respect of each position of your USDⓈ-M Futures and COIN-M Futures, (3) Total Assets Value less Total Liability and Outstanding Interest of the User’s Cross Margin Account, when converted to US dollars.
MM = ∑Maintenance Margin

=∑ futuresMM*assetIndexPrice + ∑MarginMM*assetIndexPrice
0.05 BTC
MM
10 USDT*
0.05*40000*0.5%=10
8.4 USDT*
0.04*42000*0.5%=8.4
0.00125 BTC*
10000*0.5%/40000=0.00125
Let’s combine the above calculation to get the Unified Account Equity and Unified Maintenance Margin Amount:
Coin
Asset IndexPrice
Collateral Rate
Unified Account Equity
Unified Maintenance Margin Amount
USDT
1.001
0.99
5,186 + 1,000 = 6,186
10 + 8.4 = 18.4
BTC
40,000
0.95
0.06 + 0.05 = 0.11
0.004 + 0.00125 = 0.00525
ETH
2,100
0.95
5
1.5
Unified Account Equity = (6,186*0.99*1.001) + (0.11*40,000*0.95) + (5*2,100*0.95) = 20,285.26
Unified Maintenance Margin Amount = (18.4*1.001) + (0.00525*40,000) + (1.5*2,100) = 3,378.41
uniMMR = (20,285.26/3,378.41) * 100% = 600.44%