Overview
In multi-currency cross-margin mode, your selected collateral cryptocurrencies are converted into their USD-equivalent value to serve as margin for orders and positions. Similarly, in portfolio margin cross-margin mode, assets across various cryptocurrencies are aggregated and converted into USD-equivalent margin. Both modes support the auto-borrow function, which can be toggled on or off based on your trading strategy.
Key Features
- Interest-Free Quota: Liability from unrealized losses in expiry/perpetual futures positions incurs no interest if within the quota. Excess amounts are charged hourly.
- Flexibility: Trade spot margin even when auto-borrow is enabled.
Auto-Borrow Function
When Turned On
- Negative balances incur hourly interest.
- Unrealized losses in futures positions enjoy interest-free benefits (up to quota).
- Spot margin trading remains available.
When Turned Off
- Aggregate liability (negative balance + unrealized losses) is interest-free within quota.
- Exceeding quota triggers forced repayment (system sells other cryptos to cover liability).
- Restrictions: No spot margin, futures, or options trading if equity is below required fees.
Liability Scenarios and Examples
Liability arises when cross-margin equity dips below zero. Common scenarios:
| Scenario | Example Calculation |
|----------|---------------------|
| Spot Margin Order | Selling 1 BTC with insufficient equity incurs 1 BTC liability. |
| Futures Trading Fee | Deduction of 2 USDT fee with zero USDT equity creates 2 USDT liability. |
| Unrealized Losses | –100 USDT loss in a perpetual futures position results in 100 USDT liability. |
👉 Learn more about margin trading strategies
Interest-Free Quota by Crypto
| Crypto | Quota |
|--------|-------|
| USDT | 20,000 USDT + USDC equity |
| BTC | 1 BTC |
| ETH | 5 ETH |
Exceeding the Quota: Excess amounts incur hourly interest.
Borrowing Quotas and Limits
Potential Borrowing
- Includes existing liability + projected liability from pending orders.
- Occupies borrowing quota until orders are canceled/completed.
Tier Limits
- Higher leverage = Lower borrowing cap. Adjust leverage for greater purchasing power.
Platform Quotas
- Sourced from Simple Earn assets. Total borrowing capped by user’s flexible savings balance.
Repaying Liability
- Spot Trading: Profits automatically repay liability.
- One-Click Repay: Sell holdings (e.g., BTC, USDT) to clear debt.
- Transfer-In: Move assets from funding to trading account.
FAQ
Q: How is interest calculated?
A: Hourly on excess liability: (Annualized Rate / 365 / 24) × Excess Amount.
Q: What happens during forced repayment?
A: OKX sells other cryptos in your account to cover the liability.
Q: Can I trade with auto-borrow off?
A: Yes, but only if equity covers required fees.
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Disclaimer: Digital asset trading involves risk. Past performance does not guarantee future results. OKX does not provide investment advice.