Perpetual Contract User Guide

1. Getting Started with Contract Trading

• Click "Futures" on the homepage and then "USDⓈM-Futures" to enter the Contract Trading page.

Futures Trading

• After logging in, you'll see:

  • Contract information

  • Order placement area

  • Order book and trade history

  • Position overview

  • Depth chart

  • A quick info panel (bottom left) with contract details, index prices, and FAQs for easy access.

2. How to Trade

Step 1: Select a Trading Pair

Select the trading pair in the trade pair switching area. Mainly includes USDT contracts, currency-based contracts, and mixed contract trading.

Trading Pair

Step 2: Transfer Funds

• If your contract account lacks funds, transfer from your spot account.

• If your spot account is also empty, you can deposit funds or purchase via fiat methods.

Transfer Funds

Step 3: Contract Settings

Leverage

• Adjustable up to 125 times depending on the position size and risk limits.

Margin Modes

• Cross Margin (Full Position):

  • Uses your total available balance as margin.

  • Profits from other positions may support losing ones.

  • Default setting.

• Isolated Margin (Restricted Position):

  • Uses only the initial margin set for the position.

  • Limits your loss to the margin assigned to that trade.

  • Best for high-leverage or short-term trades.

Contract Settings

Step 4: Placing an Order

Order Types

• Limit Order: Sets a specific price. It may not fill immediately if the price is far from the market price.

• Market Order: Executes instantly at the best market price. Good for quick entries/exits.

• Conditional Order (Trigger Order): Triggers when a preset price is reached. Useful for setting Take Profit or Stop Loss levels.

• Advanced Order Types:

  • Post Only (PO): Ensures you're always the maker. Cancels if it matches immediately.

  • Immediate or Cancel (IOC): Fills as much as possible instantly; cancels the rest.

  • Fill or Kill (FOK): Must be filled completely at once or canceled entirely.

Placing an Order

Step 5: Go Long or Short

• Buy Long: Expecting the price to rise. Buy now, sell higher later.

• Sell Short: Expecting the price to fall. Sell now, buy back at a lower price.

Opening Cost Calculation:

Opening Cost = (Order Price × Quantity) / Leverage

3. Managing Positions

After an order fills, it becomes an open position. The platform displays:

• Position Size: Quantity of contracts held

• Cost Price: Average entry price (updated if you add to the position)

• Mark Price: System-calculated fair price to avoid unfair liquidations

Mark Price is used instead of the last traded price to calculate unrealized profit/loss and determine liquidation risk.

Key Terms

• Liquidation Price: If the mark price reaches this level, the system will automatically close the position.

• Margin: Required Margin = Position Value / Leverage

• Initial Margin: Minimum required to open a position

• Maintenance Margin: Minimum needed to keep a position open

• Profit and Loss (PnL):

  • Real-time updates based on the difference between cost price and mark price

  • Yield = Profit or Loss / Margin

Closing Positions

• Limit Close: Specify your exit price and the quantity you wish to sell.

• Market Close: Specify quantity; the order is filled at market price.

Take Profit / Stop Loss (TP/SL)

You can assign TP/SL to each position:

• Take Profit: If the latest price is equal to or above the trigger price, a closing order is submitted.

• Stop Loss: If the latest price is equal to or below the trigger price, a closing order is submitted.

4. Contract Configuration

Position Type

• One-Way Mode: Only one direction (long or short) is allowed per symbol.

• Two-Way Mode: You can hold both long and short positions at the same time on the same symbol.

Order Confirmation

Enable or disable the pop-up confirmation box for placing orders.

Contract Unit

Allows you to customize the display of the number of contracts on the trading interface.

5. Margin Models

Isolated Margin

• Margin is limited to that individual position.

• You can manually adjust the margin.

Adjusting Margin:

• Maximum Reduction = Total equity for the position - Initial margin (or 0, whichever is higher)

• Maximum Increase = Available balance

Cross Margin

• All available funds in the account act as shared margin.

• You cannot adjust the margin manually.

• Liquidation is triggered if the overall account balance can't meet maintenance requirements.

Important Note

You cannot switch between Cross and Isolated margin modes while holding positions or having active orders.