Limits

Initial Margin Fraction [IMF]
The total IMF is the minimum OMF needed to open a new order.
The base IMF is the IMF per market computed as:
For derivative markets, IMFbase=1leveragemaxIMF_{base} = \frac{1}{leverage_{max}}IMFbase​=leveragemax​1​
 
For borrowing, IMFbase=1.1W−1IMF_{base} = \frac{1.1}{W} - 1IMFbase​=W1.1​−1
 where W is the weight of the asset being borrowed
where leveragemaxleverage_{max}leveragemax​
 is the max allowed initial leverage per market (ex: 20)
The total IMF is computed as the average of each market's base IMFs weighted by the position open notional for that market
IMFtotal=∑position open notional×IMFbasetotal position open notionalIMF_{total} = \frac{\sum position \space open \space notional \times IMF_{base}}{total \space position \space open \space notional}IMFtotal​=total position open notional∑position open notional×IMFbase​​
OMF needs to be above the IMF to increase a position.
OMF needs to be above the IMF after withdrawal.
Cancel Margin Fraction [CMF]
The total CMF is the minimum OMF needed to not have your open orders cancelled.
The base CMF is the CMF per market:
For derivative markets, CMFbase=5×IMFbase8CMF_{base} = \frac{5 \times IMF_{base}}{8}CMFbase​=85×IMFbase​​
​
For borrowing, the CMF base is the same as the borrow IMF base
The total CMF is computed as the average of each market’s CMF weighted by the position open notional for that market
CMFtotal=∑position open notional×CMFbasetotal position open notionalCMF_{total} = \frac{\sum position \space open \space notional \times CMF_{base}}{total \space position \space open \space notional}CMFtotal​=total position open notional∑position open notional×CMFbase​​
Maintenance Margin Fraction [MMF]
The total MMF is the minimum MF needed to not be liquidated.
The base MMF is the MMF per market:
For derivative markets, MMFbase=IMFbase2MMF_{base} = \frac{IMF_{base}}{2}MMFbase​=2IMFbase​​
​
For borrowing, MMFbase=1.03W−1MMF_{base} = \frac{1.03}{W} - 1MMFbase​=W1.03​−1
 where W is the weight of the asset being borrowed
The total MMF is computed as the average of each market’s MMF weighted by the position notional for that market
MMFtotal=∑position notional×MMFbasetotal position notionalMMF_{total} = \frac{\sum position  \space notional \times MMF_{base}}{total \space position \space notional}MMFtotal​=total position notional∑position notional×MMFbase​​
MF needs to be above the MMF to place new orders.

Definitions

Borrow Margin

Last modified 4mo ago

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Contents

Initial Margin Fraction [IMF]

Cancel Margin Fraction [CMF]

Maintenance Margin Fraction [MMF]