Introducing Coincall Account Mode
Coincall supports simultaneous trading of spot, futures and options in a single account without the need to transfer funds between multiple accounts. Trading instruments denominated in the same clearing currency share margin, making capital utilization much more efficient.
Coincall currently offers two account modes to cater to different trading needs: Single Currency Margin (SCM ) and Multi-Currency Margin (MCM) .
Below is a comparison of these two account modes:
| Account Mode | Features | condition |
| Multi-currency Margin (MCM) | Convert other assets to the value of USDT to support futures and options trading and increase capital efficiency. Offsetting P&L between derivative products and allowing opening positions with floating profits. | User Default Mode |
| Tradable Products: Spot, Futures, Options | ||
| Available modes: Cross Margin | ||
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Futures and options share USDT assets as margin Risk isolation between USDT and other currency assets |
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| Single Currency Margin (SCM) | Tradable Products: Spot, Futures, Options | Can be switched if there are no positions, open orders or debts |
| Available modes: Cross Margin |
How to set up account mode
Users can set their account mode according to their preference. You can switch account mode by going to "Settings" -> "Margin Mode" or "Wallet" -> "Current Margin Mode". If your account has open orders, positions or loans, you will be prohibited from switching modes.
Introducing the two account modes
At Coincall, trading rules for spot, futures and options products are consistent in both single currency and multi-currency margin modes, however there are differences in the calculation of overall account equity and available margin.
Here is a detailed explanation of the single currency margin mode:
Single Currency Margin Mode
At Coincall, derivative products such as futures, options etc. follow a margin trading system and margin supports USDT as the currency and settlement currency.
For example, if account A deposits 1,000 USDT, it can enter into futures and options trading, but if account B deposits the equivalent value in BTC, it cannot directly trade derivative products - it must convert the BTC to USDT through spot trading before it can enter into derivatives trading.
In single currency margin mode, the margin calculation for each position is independent and the total margin for your account is the sum of the individual position margins.
Futures and options contracts are subject to margin trading, and before trading you need to understand the concepts of Initial Margin (IM) and Maintenance Margin (MM):
Initial Margin (IM): The minimum margin required to open a position, including open orders and existing positions.
Maintenance Margin (MM): The minimum margin required to maintain a position. If an account's margin falls below the maintenance level, the position will be liquidated.
Conceptual definition of account assets:
| Product-specific terms | Calculation formula |
| Withdrawable balance | * USDT Withdrawable Balance = Available Margin - Max(0, (Sum of Remaining Trial Funds - Total IM - Sum of Opening Prices * Quantity * Position Direction)) |
| * Non-USDT Withdrawable Balance = Available Margin | |
| Available Margin | * USDT Available Margin = Margin Balance - IM - Option/Futures Order Freeze Fee - (Withdrawal Freeze + Withdrawal Freeze Fee) - Spot Order Freeze |
| * Non-USDT Available Margin = Margin Balance - (Withdrawal Freeze + Withdrawal Freeze Fee) - Spot Order Freeze | |
| Margin Balance | * USDT Margin Balance = Net Asset Value - Sell Option Valuation - Buy Option Valuation |
| * Non-USDT Margin Balance = Net Asset Value | |
| Net Asset Value | * USDT Net Asset Value = Deposit - Withdrawal - Withdrawal Fee + Remaining Trial Funds + System Transfer + Realized Gains from Options + Realized Gains from Futures + Unrealized Gains from Options + Unrealized Gains from Futures + Profits and Losses from Option Exercise - Option/Futures Order Fees - Option Exercise Fees - Option/Futures Liquidation Penalties + Futures Position Funding Fee + Net Spot Buy Quantity - Spot Order Fees + Fee Rebates + Fee Discounts + Cumulative Interest Income |
| * Non-USDT Net Asset Value = Deposit - Withdrawal - Withdrawal Fee + Net Spot Buy Quantity - Spot Order Fees + Fee Rebates + Fee Discounts + Cumulative Interest Income | |
| Unrealized Gain/Loss | (Mark Price - Average Opening Price) * Quantity * Position Direction; Buy = +1, Sell = -1 |
| Realized profit and loss |
(Closing Price - Average Opening Price) * Closing Quantity * Position Direction; Buy = +1, Sell = -1 |
| Option exercise settlement profit and loss |
Exercise Settlement Income - Average Opening Price * Pre-exercise Quantity * Position Direction; Buy = +1, Sell = -1 |
| Option exercise settlement income | For at-the-money and in-the-money options not exercised at expiration, exercise P&L = 0; |
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For out-of-the-money options exercised at expiration, exercise P&L = (Settlement Price - Option Strike Price) * Pre-exercise Quantity * Position Direction * Call or Put; Buy = +1, Sell = -1; Call = +1, Put = -1 |
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| Settlement price | Average of underlying index prices 30 minutes before option expiration |
| Futures Funding Fee | Futures Position Quantity * Funding Rate |
| * When the Funding Rate is positive, long pays short; when the Funding Rate is negative, short pays long; no fees are charged by the exchange platform | |
| Sell Option Evaluation | Mark Price * Quantity, with Quantity being negative |
| Buy Option Valuation | Mark Price * Quantity, with Quantity being positive |
| Initial Margin | Sell Option Position IM + Sell Option Order Opening IM + Buy Option Order Opening IM + Futures Position IM + Futures Order Opening IM |
| Maintenance Margin | Sell Option Position MM + Futures Position MM |
| Initial Margin Rate | Total IM / Margin Balance |
| Maintenance Margin Requirement | Total MM / Margin Balance |
Single Currency Margin Mode Risk Control Rules : Link to Risk Control Rules
In single currency margin mode, derivative products such as futures and options are liquidated and margined using only USDT. In this mode, USDT assets are isolated from other assets in the wallet to ensure that liquidation of futures and options liquidated in USDT does not lead to losses to other assets.
Multi-Currency Margin Model
Unlike the single currency margin model, the multi-currency margin model unifies the various currency assets owned by a user and converts them into an equivalent value in USDT. This converted value is utilized as margin for order validation and position holding. If a user's USDT balance or assets are insufficient but the overall USDT value is sufficient, they can still trade futures, options, and other derivative products. If losses in derivative contracts cause a negative USDT balance, they will automatically incur USDT liability and interest will accrue accordingly.
In this model, the calculation logic of Initial Margin (IM), Maintenance Margin (MM), P&L, option exercise settlement profit and income, option valuation, etc. are the same as the single currency margin model. However, there is a difference in risk assessment, which is uniformly measured in terms of USDT value within a multi-currency margin account. In order for a user to maintain a position, the overall effective asset value must be converted to USDT and relative to the maintenance margin for all positions. Failure to meet this requirement will trigger the liquidation or forced liquidation of the position.
Account Asset Concept Explanation:
| Product-specific terms | Currency Dimension | Account Dimension |
| Withdrawable balance | * USDT Withdrawable Balance = Max(0, Available Margin - Max(0, (Remaining Trial Funds Sum - Total IM - Sum of Opening Prices * Quantity * Position Direction for all Options and Futures))) | -- |
| * Non-USDT Withdrawable Balance = Max(0, (Withdrawable Margin - Derivative Trading Frozen Quantity)) | ||
| Available Margin | * USDT Available Margin = Margin Balance - IM - Options and Futures Order Freezing Fee - (Withdrawal Freeze + Withdrawal Freeze Fee) - Spot Order Freeze | Overall Available Margin = Non-USDT Available Margin * Index Price * Corresponding Discount Coefficient + USDT Available Margin |
| * Non-USDT Available Margin = Margin Balance - (Withdrawal Freeze + Withdrawal Freeze Fee) - Spot Order Freeze | ||
| Margin Balance | * USDT Margin Balance = Net Asset Value - Sold Option Valuation - Bought Option Valuation | Overall Margin Balance = Non-USDT Margin Balance * Index Price * Corresponding Discount Coefficient + USDT Margin Balance |
| * Non-USDT Margin Balance = Net Asset Value | ||
| Net Asset Value | * "* USDT Net Asset Value = Deposits - Withdrawals - Withdrawal Fees + Remaining Trial Funds + System Transfers + Realized Gains from Options + Realized Gains from Futures + Unrealized Gains from Options + Unrealized Gains from Futures + Exercised Option Gains - Options and Futures Order Fees - Option Exercise Fees - Option and Futures Liquidation Penalty Fees + Futures Holding Funding - Spot Net Buying Quantity - Spot Order Fees + Fee Rebates + Fee Discounts + Cumulative Interest Income and Expenses | Overall Net Asset Value = Non-USDT Net Asset Value * Index Price + USDT Net Asset Value |
| * Non-USDT Net Asset Value = Deposits - Withdrawals - Withdrawal Fees + Spot Net Buying Quantity - Spot Order Fees + Fee Rebates + Fee Discounts + Cumulative Interest Income and Expenses" | ||
| Liabilities | USDT Liabilities = Min(0, (USDT Net Asset Value - Initial Valuation for Option Buyers |
Conversion Rules: Link to Multi-Currency Margin Account Mode Conversion Rules
Risk Warning:
- In multi-currency margin account mode, if the user's USDT assets are insufficient in net asset value, the user will automatically be put into "loan". When calculating the user's margin, the corresponding part of non-USDT currency assets will be frozen and cannot be withdrawn. After the user closes the position, withdrawal will be possible.
- "Loan" users under multi-currency margin mode will go bankrupt.
Specifically, if ∑(non-USDT currency assets * index price * discount rate) ≤ USDT loss amount, the platform's risk management engine will force liquidate all non-USDT currency assets in the account and convert them to USDT to repay the debt. Users will have a record of the currency conversion in their accounts and will be notified by email.
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