## Important note:

Effective July 27th, 2021, Binance Futures will introduce leverage limits for users with registered futures accounts of less than 60 days. The following leverage limits will apply:

From the effective date, new users with registered futures accounts of less than 60 days will not be allowed to open positions with leverage exceeding 20x.

The new leverage limits will also apply to existing users with registered futures accounts of less than 60 days:

- Users with open positions of less than 20x leverage will not be allowed to adjust their open positions beyond 20x leverage.
- Users with open positions of more than 20x leverage may choose to maintain their position leverage but will not be allowed to increase their position leverage further. They will only be allowed to deleverage their open positions to 20x and below.

For new users with no open positions, all new positions must not exceed 20x leverage.

Leverage limits for new users will gradually increase only after 60 days from registration.

## Initial Margin Rate

The maximum amount of leverage available for users depends on the notional value of their position. Generally, the larger the position, the lower the leverage allowed. Thus, initial margin deposits are calculated using the leverage selected by the trader.

Please note that in Cross Margin Mode, the margin can only be shared with the same type of asset. For example, all BTC in the COIN-M Futures Wallet can be used for all BTC-based contracts (including perpetual and delivery) in Cross Margin Mode.

Initial Margin Rate = 1 / Leverage

## BTCUSD Perpetual Contracts | ||

Leverage | Initial Margin Rate | BTCUSDPosition(Notional Value in BTC) |

125x | 0.80% | Max Position 5 |

100x | 1.00% | Max Position 10 |

50x | 2.00% | Max Position 20 |

20x | 5.00% | Max Position 50 |

10x | 10.00% | Max Position 100 |

5x | 20.00% | Max Position 200 |

4x | 25.00% | Max Position 400 |

3x | 33.33% | Max Position 1,000 |

2x | 50.00% | Max Position 1,500 |

1x | 100.00% | Above 1,500 |

## BTCUSD Quarterly 0924 & 1231 Contracts | ||

Leverage | Initial Margin Rate | BTCUSDPosition(Notional Value in BTC) |

50x | 2.00% | Max Position 10 |

20x | 5.00% | Max Position 50 |

10x | 10.00% | Max Position 100 |

5x | 20.00% | Max Position 200 |

4x | 25.00% | Max Position 400 |

3x | 33.33% | Max Position 800 |

2x | 50.00% | Max Position 1,500 |

1x | 100.00% | Above 5,000 |

## ETHUSD Perpetual Contracts | ||

Leverage | Initial Margin Rate | ETHUSDPosition(Notional Value in ETH) |

100x | 1.00% | Max Position 15 |

75x | 1.33% | Max Position 100 |

50x | 2.00% | Max Position 250 |

20x | 5.00% | Max Position 500 |

10x | 10.00% | Max Position 1,000 |

5x | 20.00% | Max Position 1,500 |

4x | 25.00% | Max Position 2,000 |

3x | 33.33% | Max Position 5,000 |

2x | 50.00% | Max Position 7,500 |

1x | 100.00% | Above 7,500 |

## ETHUSD Quarterly 0924 & 1231 Contracts | ||

Leverage | Initial Margin Rate | ETHUSDPosition(Notional Value in BTC) |

50x | 2.00% | Max Position 100 |

20x | 5.00% | Max Position 500 |

10x | 10.00% | Max Position 1,000 |

5x | 20.00% | Max Position 2,000 |

4x | 25.00% | Max Position 3,000 |

3x | 33.33% | Max Position 5,000 |

2x | 50.00% | Max Position 10,000 |

1x | 100.00% | Above 50,000 |

Leverage | Initial margin | EGLDUSD PerpetualPosition(Notional Value in EGLD) | FILUSD PerpetualPosition(Notional Value in FIL) |

11x-20x | 5.00% | Max Position 500 | Max Position 5,000 |

7-10x | 10.00% | Max Position 1,000 | Max Position 15,000 |

6x | 16.67% | Max Position 2,000 | Max Position 20,000 |

5x | 20.00% | Max Position 4,000 | Max Position 30,000 |

4x | 25.00% | Max Position 8,000 | Max Position 50,000 |

3x | 33.33% | Max Position 10,000 | Max Position 75,000 |

1-2x | 50.00% | Position > 10,000 | Position > 75,000 |

Leverage | Initial margin | ETCUSD PerpetualPosition(Notional Value in ETC) | TRXUSD PerpetualPosition(Notional Value in TRX) | EOSUSD PerpetualPosition(Notional Value in EOS) | BNBUSD PerpetualPosition(Notional Value in BNB) | XRPUSD Perpetual, XRPUSD Quarterly 0924 & 1231Position(Notional Value in XRP) | LINKUSD Perpetual, LINKUSDQuarterly 0924 & 1231Position(Notional Value in LINK) | BCHUSD Perpetual, BCHUSD Quarterly 0924 & 1231Position(Notional Value in BCH) |

11x-20x | 5.00% | Max Position 25,000 | Max Position 5,000,000 | Max Position 30,000 | Max Position 2,000 | Max Position 500,000 | Max Position 10,000 | Max Position 500 |

8x-10x | 10.00% | Max Position 50,000 | Max Position 10,000,000 | Max Position 150,000 | Max Position 4,000 | Max Position 1,000,000 | Max Position 20,000 | Max Position 1,500 |

7x | 14.29% | Max Position 100,000 | Max Position 20,000,000 | Max Position 300,000 | Max Position 10,000 | Max Position 1,500,000 | Max Position 40,000 | Max Position 2,000 |

6x | 16.67% | Max Position 250,000 | Max Position 50,000,000 | Max Position 450,000 | Max Position 20,000 | Max Position 2,000,000 | Max Position 60,000 | Max Position 3,000 |

5x | 20.00% | Max Position 500,000 | Max Position 100,000,000 | Max Position 600,000 | Max Position 40,000 | Max Position 3,000,000 | Max Position 80,000 | Max Position 5,000 |

4x | 25.00% | Max Position 750,000 | Max Position 200,000,000 | Max Position 750,000 | Max Position 60,000 | Max Position 5,000,000 | Max Position 100,000 | Max Position 7,500 |

3x | 33.33% | Max Position 1,000,000 | Max Position 300,000,000 | Max Position 1,500,000 | Max Position 100,000 | Max Position 10,000,000 | Max Position 150,000 | Max Position 10,000 |

1-2x | 50.00% | Above 1,000,000 | Above 300,000,000 | Above 1,500,000 | Above 100,000 | Above 10,000,000 | Above 150,000 | Above 10,000 |

Leverage | Initial margin | BNBUSD Quarterly 0924 & 1231Position(Notional Value in BNB) | LTCUSD Perpetual, LTCUSD Quarterly 0924 & 1231Position(Notional Value in LTC) | ADAUSD Perpetual, ADAUSD Quarterly 0924 & 1231Position(Notional Value in ADA) | DOTUSD Perpetual, DOTUSD Quarterly 0924 & 1231Position(Notional Value in DOT) |

11x-20x | 5.00% | Max Position 1,000 | Max Position 2,500 | Max Position 250,000 | Max Position 25,000 |

8x-10x | 10.00% | Max Position 2,000 | Max Position 5,000 | Max Position 500,000 | Max Position 50,000 |

7x | 14.29% | Max Position 5,000 | Max Position 10,000 | Max Position 1,000,000 | Max Position 70,000 |

6x | 16.67% | Max Position 10,000 | Max Position 25,000 | Max Position 2,000,000 | Max Position 80,000 |

5x | 20.00% | Max Position 20,000 | Max Position 50,000 | Max Position 4,000,000 | Max Position 100,000 |

4x | 25.00% | Max Position 30,000 | Max Position 75,000 | Max Position 7,000,000 | Max Position 150,000 |

3x | 33.33% | Max Position 40,000 | Max Position 100,000 | Max Position 10,000,000 | Max Position 250,000 |

2x | 50.00% | Max Position 50,000 | Max Position 125,000 | Max Position 15,000,000 | Max Position 500,000 |

1x | 100.00% | Above 50,000 | Above 125,000 | Above 15,000,000 | Above 500,000 |

## 25x COIN-M Futures Contracts | ||

Leverage | Initial Margin Rate | DOGEUSDPosition(Notional Value in DOGE) |

25x | 4.0% | Max Position 500,000 |

20x | 5.0% | 2,500,000 |

10x | 10.0% | 5,000,000 |

5x | 20.0% | 10,000,000 |

4x | 25.0% | 20,000,000 |

2x | 50.0% | 50,000,000 |

1x | 100.0% | Above 50,000,000 |

25x COIN-M Futures Contracts: DOGEUSD

## 20x COIN-M Futures Contracts | ||||

Leverage | Initial Margin Rate | UNIUSDPosition(Notional Value in UNI) | THETAUSDPosition(Notional Value in THETA) | XLMUSDPosition(Notional Value in XLM) |

20x | 5.0% | Max Position 10,000 | Max Position 10,000 | Max Position 200,000 |

10x | 10.0% | Max Position 20,000 | Max Position 20,000 | Max Position 400,000 |

5x | 20.0% | Max Position 30,000 | Max Position 30,000 | Max Position 600,000 |

4x | 25.0% | Max Position 50,000 | Max Position 50,000 | Max Position 1,000,000 |

3x | 33.33% | Max Position 80,000 | Max Position 80,000 | Max Position 1,500,000 |

2x | 50.0% | Max Position 100,000 | Max Position 100,000 | Max Position 2,000,000 |

1x | 100.0% | Above 100,000 | Above 100,000 | Above 2,000,000 |

20x COIN-M Futures Contracts: UNIUSD, THETAUSD, XLMUSD

## 20x COIN-M Futures Contracts | |||

Leverage | Initial Margin Rate | SOLUSDPosition(Notional Value in SOL) | LUNAUSDPosition(Notional Value in LUNA) |

20x | 5.0% | Max Position 1,000 | Max Position 5,000 |

10x | 10.0% | Max Position 2,000 | Max Position 10,000 |

5x | 20.0% | Max Position 4,000 | Max Position 20,000 |

4x | 25.0% | Max Position 8,000 | Max Position 40,000 |

3x | 33.33% | Max Position 15,000 | Max Position 80,000 |

2x | 50.0% | Max Position 30,000 | Max Position 150,000 |

1x | 100.0% | Above 500,000 | Above 1,000,000 |

20x COIN-M Futures Contracts: SOLUSD, LUNAUSD

Note that the trader will first select his leverage (and fulfill its initial margin requirement) before opening his positions. If the trader does not select the leverage, it will be set at 20x by default. The higher the leverage, the smaller the notional size the trader will have access to. The lower the leverage, the higher the notional size the trader can open.

The system will display the maximum allowable position size at different tiers of leverage as shown below.

## Maintenance Margin Rate

Maintenance margin calculations are done via a “Tax Bracket” setup. This means that the maintenance margin is always calculated the same way, regardless of what leverage the trader selects. Moving from one bracket to another will not cause the earlier bracket to change its leverage. Again, as noted earlier, it is highly recommended for the trader to liquidate positions before the collateral falls below the Maintenance Margin to avoid auto-liquidation.

## BTCUSD Perpetual | ||

Level | MaintenanceMargin Rate | Position Bracket(Notional Value in BTC) |

1 | 0.40% | Max Position 5 |

2 | 0.50% | Max Position 10 |

3 | 1.00% | Max Position 20 |

4 | 2.50% | Max Position 50 |

5 | 5.00% | Max Position100 |

6 | 10.00% | Max Position 200 |

7 | 12.50% | Max Position 400 |

8 | 15.00% | Max Position 1,000 |

9 | 25.00% | Max Position 1,500 |

10 | 50.00% | Above 1,500 |

## BTCUSD Quarterly 0924 & 1231 Contracts | ||

Level | MaintenanceMargin Rate | Position Bracket(Notional Value in BTC) |

1 | 1.00% | Max Position 10 |

2 | 2.50% | Max Position 50 |

3 | 5.00% | Max Position 100 |

4 | 10.00% | Max Position 200 |

5 | 12.50% | Max Position 400 |

6 | 15.00% | Max Position 800 |

7 | 25.00% | Max Position 1,500 |

8 | 50.00% | Above 5,000 |

## ETHUSD Perpetual | ||

Level | MaintenanceMargin Rate | Position Bracket(Notional Value in ETH) |

1 | 0.50% | Max Position 15 |

2 | 0.65% | Max Position 100 |

3 | 1.00% | Max Position 250 |

4 | 2.50% | Max Position 500 |

5 | 5.00% | Max Position 1,000 |

6 | 10.00% | Max Position 1,500 |

7 | 12.50% | Max Position 2,000 |

8 | 15.00% | Max Position 5,000 |

9 | 25.00% | Max Position 7,500 |

10 | 50.00% | Above 7,500 |

## ETHUSD Quarterly 0924 & 1231 Contracts | ||

Level | MaintenanceMargin Rate | Position Bracket(Notional Value in ETH) |

1 | 1.00% | Max Position 100 |

2 | 2.50% | Max Position 500 |

3 | 5.00% | Max Position 1,000 |

4 | 10.00% | Max Position 2,000 |

5 | 12.50% | Max Position 3,000 |

6 | 15.00% | Max Position 5,000 |

7 | 25.00% | Max Position 10,000 |

8 | 50.00% | Above 50,000 |

Leverage | Maintenance Margin Rate | ETCUSD PerpetualPosition(Notional Value in ETC) | TRXUSD PerpetualPosition(Notional Value in TRX) | EOSUSD PerpetualPosition(Notional Value in EOS) | BNBUSD PerpetualPosition(Notional Value in BNB) | XRPUSD Perpetual, XRPUSD Quarterly 0924 & 1231Position(Notional Value in XRP) | LINKUSD Perpetual, LINKUSD Quarterly 0924 & 1231Position(Notional Value in LINK) | BCHUSD Perpetual, BCHUSD Quarterly 0924 & 1231Position(Notional Value in BCH) |

11x-20x | 2.50% | Max Position 25,000 | Max Position 5,000,000 | Max Position 30,000 | Max Position 2,000 | Max Position 500,000 | Max Position 10,000 | Max Position 500 |

8x-10x | 5.00% | Max Position 50,000 | Max Position 10,000,000 | Max Position 150,000 | Max Position 4,000 | Max Position 1,000,000 | Max Position 20,000 | Max Position 1,500 |

7x | 5.00% | Max Position 100,000 | Max Position 20,000,000 | Max Position 300,000 | Max Position 10,000 | Max Position 1,500,000 | Max Position 40,000 | Max Position 2,000 |

6x | 5.00% | Max Position 250,000 | Max Position 50,000,000 | Max Position 450,000 | Max Position 20,000 | Max Position 2,000,000 | Max Position 60,000 | Max Position 3,000 |

5x | 10.00% | Max Position 500,000 | Max Position 100,000,000 | Max Position 600,000 | Max Position 40,000 | Max Position 3,000,000 | Max Position 80,000 | Max Position 5,000 |

4x | 12.50% | Max Position 750,000 | Max Position 200,000,000 | Max Position 750,000 | Max Position 60,000 | Max Position 5,000,000 | Max Position 100,000 | Max Position 7,500 |

3x | 15.00% | Max Position 1,000,000 | Max Position 300,000,000 | Max Position 1,500,000 | Max Position 100,000 | Max Position 10,000,000 | Max Position 150,000 | Max Position 10,000 |

1-2x | 25.00% | Above 1,000,000 | Above 300,000,000 | Above 1,500,000 | Above 100,000 | Above 10,000,000 | Above 150,000 | Above 10,000 |

Leverage | Maintenance Margin Rate | BNBUSD Quarterly 0924 & 1231Position(Notional Value in BNB) | LTCUSD Perpetual, LTCUSD Quarterly 0924 & 1231Position(Notional Value in LTC) | ADAUSD Perpetual, ADAUSD Quarterly 0924 & 1231Position(Notional Value in ADA) | DOTUSD Perpetual, DOTUSD Quarterly 0924 & 1231Position(Notional Value in DOT) |

11x-20x | 2.50% | Max Position 1,000 | Max Position 2,500 | Max Position 250,000 | Max Position 25,000 |

8x-10x | 5.00% | Max Position 2,000 | Max Position 5,000 | Max Position 500,000 | Max Position 50,000 |

7x | 5.00% | Max Position 5,000 | Max Position 10,000 | Max Position 1,000,000 | Max Position 70,000 |

6x | 5.00% | Max Position 10,000 | Max Position 25,000 | Max Position 2,000,000 | Max Position 80,000 |

5x | 10.00% | Max Position 20,000 | Max Position 50,000 | Max Position 4,000,000 | Max Position 100,000 |

4x | 12.50% | Max Position 30,000 | Max Position 75,000 | Max Position 7,000,000 | Max Position 150,000 |

3x | 15.00% | Max Position 40,000 | Max Position 100,000 | Max Position 10,000,000 | Max Position 250,000 |

2x | 25.00% | Max Position 50,000 | Max Position 125,000 | Max Position 15,000,000 | Max Position 500,000 |

1x | 50.00% | Above 50,000 | Above 125,000 | Above 15,000,000 | Above 500,000 |

## 25x COIN-M Futures Contracts | ||

Level | Maintenance Margin Rate | DOGEUSDPosition(Notional Value in DOGE) |

1 | 1.20% | Max Position 500,000 |

2 | 2.50% | Max Position 2,500,000 |

3 | 5.00% | Max Position 5,000,000 |

4 | 10.00% | Max Position 10,000,000 |

5 | 12.50% | Max Position 20,000,000 |

6 | 25.0% | Max Position 50,000,000 |

7 | 50.0% | Above50,000,000 |

25x COIN-M Futures Contracts: DOGEUSD

## 20x COIN-M Futures Contracts | ||||

Level | Maintenance Margin Rate | UNIUSDPosition(Notional Value in UNI) | THETAUSDPosition(Notional Value in THETA) | XLMUSDPosition(Notional Value in XLM) |

1 | 2.50% | Max Position 10,000 | Max Position 10,000 | Max Position 200,000 |

2 | 5.00% | Max Position 20,000 | Max Position 20,000 | Max Position 400,000 |

3 | 10.00% | Max Position 30,000 | Max Position 30,000 | Max Position 600,000 |

4 | 12.50% | Max Position 50,000 | Max Position 50,000 | Max Position 1,000,000 |

5 | 15.00% | Max Position 80,000 | Max Position 80,000 | Max Position 1,500,000 |

6 | 25.00% | Max Position 100,000 | Max Position 100,000 | Max Position 2,000,000 |

7 | 50.00% | Above 100,000 | Above 100,000 | Above 2,000,000 |

20x COIN-M Futures Contracts: UNIUSD, THETAUSD, XLMUSD

## 20x COIN-M Futures Contracts | |||

Level | Maintenance Margin Rate | SOLUSD Position(Notional Value in SOL) | LUNAUSD Position(Notional Value in LUNA) |

1 | 2.50% | Max Position 1,000 | Max Position 5,000 |

2 | 5.00% | Max Position 2,000 | Max Position 10,000 |

3 | 10.00% | Max Position 4,000 | Max Position 20,000 |

4 | 12.50% | Max Position 8,000 | Max Position 40,000 |

5 | 15.00% | Max Position 15,000 | Max Position 80,000 |

6 | 25.00% | Max Position 30,000 | Max Position 150,000 |

7 | 50.00% | Above 500,000 | Above 1,000,000 |

20x COIN-M Futures Contracts: SOLUSD, LUNAUSD

## Cost Required to Open a Position

Traders should ensure that they have the minimum required amount of funds in their wallet before opening a position. The cost required to open a position includes the Initial Margin and open loss (if any). Open loss occurs when the order price is unfavorable to the traders, i.e., Mark Price is lower than the order price for a long order. Binance includes open loss as one of the costs required to open a position to avoid forced liquidation when the traders place the order. If open loss is not counted, there is a high probability that users’ position will get liquidated immediately once they have placed such orders.

Cost = Initial Margin + Open Loss (if any)

### Step 1: Calculate initial margin

Initial Margin

= Notional Value / Leverage Level

= [ (10*100 USD) / 9,800 USD ] / 20

= 0.0051 BTC

### Step 2: Calculate Open Loss

Open Loss = Number of Contract x Contract Multiplier x Absolute Value {min[0, direction of order x (1 / order price - 1 /mark price)]}

*direction of order: 1 for long order；-1 for short order

Open loss of long order

= 10 x 100 USD x Absolute Value {min[0, 1 x (1 / 9,800 USD - 1 / 9,602.6 USD)]}

= 0.002097646 BTC

Open loss of short order

= 10 x 100 USD x Absolute Value {min[0, 1 x (1 / 9,800 USD - 1 / 9,602.6 USD)]}

= 0

### Step 3: Calculate the cost required to open a position

Since the long order has open loss, thus the cost required to open a long position is higher as we need to take open loss into consideration besides the initial margin.

Cost Required to Open a Long Position

= 0.0051 BTC + 0.002096562 BTC

= 0.0072 BTC (difference due to rounding off)

Short order has no open loss, thus the cost required to open a short position is equivalent to the initial margin.

Cost Required to Open a Short Position

= 0.0051 BTC + 0 = 0.0051 BTC

**Disclaimer: The numbers in this article are subject to change without further notice. Please refer to the English version for the most updated numbers.*