Unified Account - Cross Margin Trading Rules for Multi-Currency Margin Mode
Última atualização: 09/12/2025
1. Introduction
The Multi-Currency Margin Mode is an essential feature of the Unified Trading Account, allowing users to use multiple cryptocurrencies as margin for spot, margin, and futures (delivery & perpetual) trading. With the collateral currency haircut system, assets in different cryptocurrencies can contribute to your margin balance, improving capital efficiency and enhancing the flexibility of your trading strategies. When a user’s available balance or available equity for a specific cryptocurrency is insufficient, but their overall margin value in USD is sufficient, they can still sell the cryptocurrency using spot leverage or trade futures that use the cryptocurrency as the settlement currency. If the equity of that cryptocurrency falls below zero due to excessive selling or losses on futures settled in that cryptocurrency, a debt in that cryptocurrency will automatically be incurred, and interest will be charged.
Key features of Multi-Currency Margin Mode:
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Multi-currency margin: You can use assets like BTC, ETH, USDT, and others as margin, based on their respective haircuts.
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Profit and loss offsetting: You can offset profits and losses from different products and currencies, reducing your overall risk.
In the multi-currency margin mode, the risk in the cross margin account is measured by converting the margin value into USD. As long as the total adjusted equity, converted to USD, is sufficient relative to the maintenance margin required in USD for all positions, the user can continue holding their positions. If insufficient, it will trigger a reduction in positions or forced liquidation.
2. Fields and Formulas for Assets
2.1 Currency
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Term
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Definition
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Formula
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Coin Balance
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Balance of the coin in cross margin mode
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Actual spot balance in your account
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Unrealized PNL (Cross Margin)
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Total unrealized PNL for all positions in cross margin mode with the coin as the settlement currency.
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Cross Margin Unrealized PNL for Perpetual Contracts + Cross Margin Unrealized PNL for Delivery Contracts
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Coin Equity (Cross Margin)
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Equity of coin in the cross margin mode
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Balance + Unrealized PNL (Cross Margin)
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Equity Reserved
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The current amount of the coin that is reserved.
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Spot Orders + Estimated Fees & Taxes Reserved for All Orders
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Debt
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The debt for the coin in cross margin mode. Interest is calculated based on this value.
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abs(min(Equity (Cross Margin),0))
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Margin Reserved for Debts
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The margin reserved for debt borrowing in the coin.
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Debt / Leverage Borrowing Multiplier
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Margin Reserved for Futures
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The total margin reserved for all futures positions and open orders with the coin as the settlement currency.
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∑ (Total margin reserved by futures positions in the settlement currency)
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Margin Reserved by Coin
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The total margin reserved for debt and futures positions in the coin.
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Margin Reserved for Debts + Margin Reserved for Futures
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Maintenance Margin for Debts
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Maintenance margin for debt borrowing in the coin.
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Debt * Maintenance Margin Rate
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Maintenance Margin for Futures
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The total maintenance margin for all futures positions and open orders with the coin as the settlement currency.
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∑ (The maintenance margin of futures positions in the settlement currency)
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Maintenance Margin by Coin
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The total maintenance margin for debt and futures positions in the coin.
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Maintenance Margin for Debts + Maintenance Margin for Futures
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Borrowable Quantity
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The maximum quantity of the coin that can be borrowed in the current account.
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min(Available Margin in Account * Leverage Multiplier / Index Price, Coin Borrowing Gradient Limit – Coin Debt, Remaining Borrowable Amount on the Platform)
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2.2 Account
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Term
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Definition
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Formula
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Account Adjusted Equity
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The net value of all collateral currencies in the account, converted to USD, which can be used as margin for orders and positions in the cross margin mode.
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∑ (Positive Balance of Collateral Currency x USD Index Price x Haircut) + ∑ (Negative Balance of Collateral Currency x USD Index Price) + Spot (and Margin) Order Discount Loss
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Account Unrealized PNL
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The total unrealized profit and loss of all cross-margin positions in the account.
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∑ (Unrealized PNL (Cross-Margin) by Coin x USD Index Price)
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Account Margin Reserved
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The total margin reserved for debts and futures in the account.
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∑ (Margin Reserved by Coin x USD Index Price)
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Account Maintenance Margin
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The total maintenance margin for debts and futures in the account.
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∑ (Maintenance Margin by Coin x USD Index Price)
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Account Available Margin
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The net value of all margin available for spot, margin, and derivatives trading in the account, converted to USD.
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Account Adjusted Equity - Account Margin Reserved
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Account Risk Ratio
(Maintenance Margin Rate)
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A risk measurement indicator for cross-margin accounts, used to determine whether liquidation (forced close) should be triggered.
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(Account Maintenance Margin + Estimated Liquidation Fee) / Account Adjusted Equity
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2.2 (a) KuCoin Futures Index Price
KuCoin's futures index price is calculated using a weighted average of spot prices from multiple major exchanges.
Each exchange's contribution depends on its assigned weight:
Weighted Percentage for Exchange i = (Weight of Exchange i) ÷ (Sum of All Exchange Weights) Important
When prices from multiple exchanges are available, but some prices deviate from the median by more than 5%, those outlier prices are not used directly. Instead, they are adjusted as follows:
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If a price is more than 5% above the median → it is adjusted to 1.05 × median price
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If a price is more than 5% below the median → it is adjusted to 0.95 × median price
This mechanism helps filter out abnormal values or extreme market conditions, ensuring a more stable and reliable index price.
For the complete calculation method, see: USDT-Margined Futures Index Price.
2.2 (b) Coin Haircut
The coin haircut is used to calculate the margin value for different coins in a unified trading account in the cross margin mode.
Due to varying price volatility and liquidity across different crypto assets, the system applies a certain percentage haircut to each coin's margin value, ensuring that overall risk is manageable. The coin haircut is divided into tiers based on the number of coins, and each coin has its own dedicated tier.
⚠️ Note: The haircut rates on assets used for Institutional OTC Lending differs from the haircut used in Unified Accounts. The two systems are separate and are calculated independently.
Example of Calculating Adjusted Equity
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BTC Range
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Haircut
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0 - 10 BTC
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0.9800
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10 - 20 BTC
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0.9750
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20 - 30 BTC
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0.9700
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If User A holds 25 BTC and the current BTC USD index price is $120,000:
Account Adjusted Equity = 10 BTC * 0.9800 * $120,000 + 10 BTC * 0.9750 * $120,000 + 5 BTC * 0.9700 * $120,000 = $2,928,000
2.2 (c) Spot (and Margin) Order Discount Loss
Due to varying currency conversion rates, some assets may incur a "discount loss" when placing orders, which is referred to as Spot Order Discount Loss. This is not an actual loss, but rather a reduction in the USD value of the adjusted equity in the cross-margin account after the trade is made. If the adjusted equity of the account is not reduced, the spot and margin order discount loss will be 0. If the spot (or leverage) buy involves a debt asset, the spot and margin order discount loss will also be 0.
⚠️ Note: As orders may not be cancelled during the call auction phase, spot order discount losses for these orders will be 100% discounted, with Spot Order Discount Loss equal to the order value. After the auction phase, the order value will still be fully discounted. We suggest that you cancel the order after the auction phase and place a new one for accurate spot order discount loss calculation.
Example of Calculating Spot and Margin Order Discount Loss
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USDT Tier
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Haircut
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0 - 999999999999 USDT
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1.0000
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BTC Range
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Haircut
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0 - 10 BTC
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0.9800
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10 - 20 BTC
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0.9750
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20 - 30 BTC
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0.9700
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If User A holds 100,000 USDT and places a spot order to buy 1 BTC for 100,000 USDT, with an index price of 1 USDT = $1:
Spot Order Discount Loss = 1 BTC * 100,000 USDT * $1 * (1.0000 - 0.9800) = $2,000
3. Trading Rules
KuCoin's unified trading account mode is based on similar rules to classic spot & futures trading, but it uses the available equity or margin within the unified trading account for both spot and contract trades.
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Spot trading: You can use the available equity of the coin for spot trading (excluding leveraged borrow scenarios). The order discount loss generated cannot exceed the available margin in the account.
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Contract trading: You can use the available margin in the account for futures trading. KuCoin’s unified trading account has optimized contract trading risk limits, initial margin rates, and maintenance margin rates to enhance the user experience and reduce risk..
3.1 Futures Leverage and Risk Limit
For cross-margin futures trading in KuCoin’s unified trading account, the system uses a risk limit tier structure similar to the one used in classic isolated margin futures trading. What sets the Unified Account apart is its automatic matching of the risk limit tier, eliminating the need for users to manually select it.
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Maximum Open Position Value: Based on your chosen leverage multiplier, the system automatically calculates the maximum value you can open for a futures position.
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Maintenance Margin Rate: The system automatically adjusts the maintenance margin rate based on the value of your current futures orders and positions, minimizing the margin required to reduce liquidation risks.
Please note that Unified Account Cross Margin Futures use a different risk limit logic compared with the non-tiered risk limits used in Classic Futures Cross Margin. If you're trading under Classic Cross Margin, see this document: Classic Account Cross Margin Trading Overview.
Example of Futures Maintenance Margin Rate
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BTCUSDT Perpetual
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Risk Limit
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Maintenance Margin Rate
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Maximum Leverage Available
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Tier 1
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≤ 100,000.00 USDT
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0.40%
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125
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Tier 2
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≤ 500,000.00 USDT
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0.50%
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100
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Tier 3
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≤ 1,000,000.00 USDT
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1.00%
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50
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Tier 4
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≤ 5,000,000.00 USDT
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2.50%
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20
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Tier 5
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≤ 10,000,000.00 USDT
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5.00%
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10
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Tier 6
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≤ 100,000,000.00 USDT
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10.00%
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5
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If a user selects a 15x leverage for the BTCUSDT perpetual contract, the maximum open position value is 5,000,000.00 USDT, corresponding to Tier 4.
If the total value of the user’s BTCUSDT perpetual contract orders and positions is 800,000.00 USDT, the maintenance margin rate is 1.00%, corresponding to Tier 3.
3.2 Initial Margin Rate for Futures
The initial margin rate is the minimum margin required to open a new position. It defines how much capital needs to be set aside as collateral to open a position.
Initial Margin Rate for Futures = 1 / Leverage Selected by User.
Initial Margin = Contract Value × Initial Margin Rate
3.3 Maintenance Margin Rate for Futures
The maintenance margin rate refers to the minimum margin ratio required to maintain the current position. When the account margin falls below this standard, the system will trigger forced position reduction or liquidation.
The futures contract’s initial margin rate equals the maintenance margin rate that corresponds to the risk limit tier of the contract's value.
Maintenance Margin Rate = The maintenance margin rate defined by the risk limit tier corresponding to the contract's value
Maintenance Margin = Contract Value × Maintenance Margin Rate
4. Risk Control Rules
To protect user assets and ensure system stability, the unified trading account adopts a multi-tiered, full-process risk control system that continuously monitors and manages account funds, positions, borrowed funds, and market volatility.
4.1 Core Risk Indicators
In the cross margin mode, the only risk indicator used to measure risk in the account is the Account Risk Ratio (Maintenance Margin Rate). This applies to both spot and derivative trading, with the account risk ratio determining whether forced liquidation is triggered. The system applies different risk controls based on the account's risk ratio.
KuCoin currently offers several ways to check your Account Risk Ratio:
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App: Under Assets on the Spot/Futures trading page
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Web: In the Asset Overview section at the bottom right of the trading interface
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API: Your current account's risk ratio can also be queried via API. For details, see:
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WebSocket: https://www.kucoin.com/docs-new/3470236w0
4.2 Risk Level and Restrictive Measures
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Account Risk Ratio
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Risk Level
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Business Restrictions
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System Actions
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Risk Ratio = 0%
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No Risk
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None
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None
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0% < Risk Ratio < 60%
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Low Risk
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None
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None
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60% ≤ Risk Ratio < 80%
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Medium Risk
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None
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None
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80% ≤ Risk Ratio < 100%
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High Risk
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Risk Ratio ≥ 85%:
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100% ≤ Risk Ratio
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Liquidation
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About the Estimated Liquidation Price In Unified Account Cross Margin Mode (one-way positions only), the estimated liquidation price is provided for reference purposes only. Under Unified Accounts, the Account Risk Ratio (Maintenance Margin Ratio) is the sole metric used to determine liquidation risk. The liquidation process is triggered only when the Account Risk Ratio ≥ 100%.
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For linear contracts: Estimated Liquidation Price = ((Position's Mark Value - abs(Position's Mark Value) × (Account Effective Margin ÷ ∑ abs(Mark Value of All Positions))) ÷ (1 - Side × MMR - Side × Taker Fee Rate)) ÷ Position Size
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For inverse contracts: Estimated Liquidation Price = Position Size ÷ ((Position Mark Value - abs(Position Mark Value) × (Account Effective Margin ÷ ∑ abs(Mark Value of All Positions))) ÷ (1 - Side × MMR - Side × Taker Fee Rate))
4.3 Risk Management Tips
- Regularly check your account risk ratio and ensure you have a sufficient margin balance.
- Avoid holding large positions in highly volatile assets at the same time.
- Use leverage cautiously and avoid over-borrowing.
- When the market is highly volatile, reduce your positions or increase the margin in stablecoins.
Contact us: @KuCoin_Broker_Grace