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 In the world of trading, understanding the different order types is essential for executing strategies effectively. Among these order types, GTC, IOC, and FOK orders play crucial roles, particularly in fast-paced markets like cryptocurrency trading. GTC (Good-Til-Canceled) Order A GTC order is an order to buy or sell a security that remains active until the trader decides to cancel it. Unlike other orders that expire at the end of a trading day, a GTC order continues to stay on the order book, allowing traders to take advantage of market opportunities over time. Key Features:
 <ul>
 <li>Remains active until manually canceled or fulfilled.</li>
 <li>Ideal for long-term traders aiming to execute trades at specific price levels.</li>
 </ul>
 Example: FIBO places a GTC buy order for Bitcoin at $60,000. The order will stay active until the price reaches $60,000, the order is filled, or the trader cancels it. IOC (Immediate-Or-Cancel) Order An IOC order requires that all or part of the order is executed immediately. Any portion of the order that cannot be executed immediately is canceled.
 Key Features:
 <ul>
 <li>Prioritizes speed and execution over complete fulfillment.</li>
 <li>Suitable for traders seeking immediate partial execution in volatile markets.</li>
 </ul>
 Example: FIBO places an IOC sell order for 1 ETH at $2,800. If only 0.5 ETH can be sold at that price immediately, the remaining 0.5 ETH of the order will be canceled. FOK (Fill-Or-Kill) Order A FOK order demands that the entire order be executed immediately and in full. If this is not possible, the order is canceled outright. FOK orders are commonly used when traders want to secure specific prices for large quantities without partial fills.
 Key Features:
 <ul>
 <li>No partial execution; it's all or nothing.</li>
 <li>Preferred by traders handling large-volume trades to avoid slippage.</li>
 </ul>
 Example: FIBO places an FOK buy order for 1BTC at $60,000. If 1 BTC cannot be purchased at that price instantly, the entire order is canceled. How to Choose the Right Order Type? The choice between GTC, IOC, and FOK orders depends on your trading strategy and objectives:
 <ul>
 <li>GTC Orders: Use for setting long-term price targets.</li>
 <li>IOC Orders: Use when immediate execution is essential, even if only partially filled.</li>
 <li>FOK Orders: Use for large trades where full execution at a specific price is critical.</li>
 </ul>
 Understanding GTC, IOC, and FOK orders empowers traders to execute trades more effectively and align them with their goals. By choosing the right order type, you can manage risks, optimize strategies, and make the most of trading opportunities in any market. Note: GTC/IOC/FOK orders are only available in Perpetual Contract (USDT-M) and Inverse Perpetual Contract (COIN-M).
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What Is GTC/IOC/FOK Order?

What Is GTC / IOC / FOK Order?｜BYDFi Help Center

A Reduce Only order is a special type of order designed to reduce or close an existing position — it will never increase your position size or open a new one. This order type is widely used for risk management and capital control, helping traders avoid overexposure and unexpected reverse positions. <h2>Key Benefits of Reduce Only Orders</h2><ul><li>✅ Risk management: Prevents unwanted increases in exposure.</li><li>✅ Capital control: Lets you scale down positions according to market conditions.</li><li>✅ Trade protection: Avoids accidental reverse orders when stop-loss or take-profit orders are triggered.</li></ul>👉 In short, Reduce Only ensures that your order will only decrease your open position size, never add to it. <h2>Example of a Reduce Only Order</h2>A trader holds a long position of 20,000 USDT with:<ul><li>A stop-loss set at 18,000 USDT</li><li>A take-profit limit order set at 22,000 USDT</li></ul>Scenario:<ol><li>The market first drops to 18,000 USDT (stop-loss triggers).</li><li>Then the price rebounds to 22,000 USDT.</li></ol><ul><li>If the trader enabled Reduce Only, no reverse short position will be opened at 22,000 USDT.</li><li>If Reduce Only was not selected, the 22,000 USDT take-profit order could create a reverse position.</li></ul>⚠️ This shows how Reduce Only helps avoid unexpected opposite positions. <h2>How to Set a Reduce Only Order on BYDFi</h2><h3>On APP</h3>Make sure you are in One-Way Position Mode (check at the top right of the trading panel).<img src="https://uploads.bydfi.in/events/cms/BYD.1758100944722.image.png" alt="BYD.1758100944722.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758100944722.image.png" style="width: 50%;"/>Tick the Reduce Only checkbox when placing your order.<img src="https://uploads.bydfi.in/events/cms/BYD.1758100971051.image.png" alt="BYD.1758100971051.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758100971051.image.png" style="width: 50%;"/> <h2>When to Use Reduce Only Orders</h2><ul><li>You want to close or decrease an existing position without risk of opening a new one.</li><li>You are managing stop-loss and take-profit orders.</li><li>You want to prevent reverse orders caused by market volatility.</li></ul> <h2>Summary</h2><ul><li>Reduce Only orders are a powerful tool for controlling exposure in derivatives trading.</li><li>They ensure that your trades will only reduce your current position, never increase it.</li><li>Ideal for stop-loss and take-profit strategies to avoid reverse positions.</li><li>Available on both BYDFi PC and App platforms.</li></ul> ✅ By using Reduce Only orders on BYDFi, you can trade safer, manage risks effectively, and protect your capital against unexpected market moves.

How to Use Reduce Only Order on BYDFi (APP)

How to Use Reduce-Only Order on BYDFi (APP)｜BYDFi Help Center

A Reduce Only order is a special type of order designed to reduce or close an existing position — it will never increase your position size or open a new one. This order type is widely used for risk management and capital control, helping traders avoid overexposure and unexpected reverse positions. <h2>Key Benefits of Reduce Only Orders</h2><ul><li>✅ Risk management: Prevents unwanted increases in exposure.</li><li>✅ Capital control: Lets you scale down positions according to market conditions.</li><li>✅ Trade protection: Avoids accidental reverse orders when stop-loss or take-profit orders are triggered.</li></ul>👉 In short, Reduce Only ensures that your order will only decrease your open position size, never add to it. <h2>Example of a Reduce Only Order</h2>A trader holds a long position of 20,000 USDT with:<ul><li>A stop-loss set at 18,000 USDT</li><li>A take-profit limit order set at 22,000 USDT</li></ul>Scenario:<ol><li>The market first drops to 18,000 USDT (stop-loss triggers).</li><li>Then the price rebounds to 22,000 USDT.</li></ol><ul><li>If the trader enabled Reduce Only, no reverse short position will be opened at 22,000 USDT.</li><li>If Reduce Only was not selected, the 22,000 USDT take-profit order could create a reverse position.</li></ul>⚠️ This shows how Reduce Only helps avoid unexpected opposite positions. <h2>How to Set a Reduce Only Order on BYDFi</h2><h3>On PC</h3>Make sure you are in One-Way Position Mode (check at the top right of the trading panel).<img src="https://uploads.bydfi.in/events/cms/BYD.1758099920240.image.png" alt="BYD.1758099920240.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758099920240.image.png" style="width: 100%;"/>Tick the Reduce Only checkbox when placing your order.<img src="https://uploads.bydfi.in/events/cms/BYD.1758099956179.image.png" alt="BYD.1758099956179.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758099956179.image.png" style="width: 100%;"/><h2>When to Use Reduce Only Orders</h2><ul><li>You want to close or decrease an existing position without risk of opening a new one.</li><li>You are managing stop-loss and take-profit orders.</li><li>You want to prevent reverse orders caused by market volatility.</li></ul> <h2>Summary</h2><ul><li>Reduce Only orders are a powerful tool for controlling exposure in derivatives trading.</li><li>They ensure that your trades will only reduce your current position, never increase it.</li><li>Ideal for stop-loss and take-profit strategies to avoid reverse positions.</li><li>Available on both BYDFi PC and App platforms.</li></ul> ✅ By using Reduce Only orders on BYDFi, you can trade safer, manage risks effectively, and protect your capital against unexpected market moves.

How to Use Reduce Only Order on BYDFi (PC)

How to Use Reduce-Only Order on BYDFi (PC)｜BYDFi Help Center

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 When a user opens a position, the user's wallet needs a certain initial margin to open the position. In addition, if the trigger price is lower than the mark price when the user places an order, an "opening loss" will occur. Therefore, users need more margin to avoid liquidation when opening a position. Opening Cost = Initial Margin + Open Loss (If any) Step 1: Calculate the Position Value Position Value = Par Value * Cont / Entry Price Position Value = (1 USD * 10000) / 65000 USD = 0.15384615 BTC Step 2: Calculate the Initial Margin ( 10X Leverage) Initial Margin = 0.15384615 BTC / 10 =0.01538462 BTC Step 3: Calculate the Open Loss Open Loss = Absolute Value {Minimum [0, Number of Orders x Contract Multiplier x (1 / Order Price - 1 / Mark Price)]} Open Loss for Long Positions: = Absolute Value {Minimum [0.10000 x 1x (1 / 65,000 USD - 1 / 64,802 USD)]} = 0.00047007BTC Open Loss for Short Positions: = Absolute Value {Minimum [0.10000 x 1x (1 / 64,802 USD - 1 / 65,000 USD)]} = 0 Step 4: Calculate Opening Cost Since there is an opening loss on the long position, the opening cost of the long position requires an additional opening loss in addition to the initial margin in order to avoid liquidation when opening the position. Long Position Opening Cost: 0.01538462 BTC + 0.0004700 BTC = 0.01585462 BTC (difference due to rounding off) The short order is open without an opening loss, so the opening cost of the short order is the initial margin. Short Position Opening Cost: 0.01538462 BTC + 0 = 0.01538462 BTC
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Opening Cost Calculation

Opening Cost Calculation｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cmsBYD.1735301417084.image.png" alt="BYD.1735301417084.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1735301417084.image.png" style="width: 100%;"/>In the cryptocurrency market, prices are highly volatile and investors and traders are often exposed to significant price risk. In order to manage these risks, many investors choose to hedge their positions using currency-based sustainable contracts. What is Hedging?While buying/selling, you can sell/buy the same amount but in the opposite direction of contracts at BYDFi as a way to protect against risk and offset losses due to price movements. In times of market instability, you can ensure the value of your crypto currency holdings. Here is an example of how you can hedge through a COIN-M Perpetual Contract on BYDFi: FIBO purchases and holds one ETH at the price of 3,000 and purchases the following specification contracts through BYDFi. Product: ETHUSD COIN-M Perpetual Contract Specification: 1X Leverage/Short If the price of ETH remains at 3,000 There is no profit or loss on positions. If the price of ETH drops to 1,500 There is an opening position of 1 ETH. When the user closes the position, he will have the original 1 ETH + 1 ETH position profit = 2 ETH. Even if the market price drops by half, the total value of the position remains the same. If the price of ETH rises to 6,000 There is an opening position of 0.5 ETH. When the user closes the position, he will have the original 1 ETH - 0.5 ETH position loss = 0.5 ETH. 0.5 ETH = $3,000, so the total value of the holdings remains the same. If the user only holds 1 ETH, he will face a higher risk if the market rises or falls as mentioned above. However, through this method of operation, users can still achieve a hedge even if the market is unstable. Note: The above calculation of profit and loss does not include transaction fees. Advantages and Risks of Hedging Advantages:<ul><li>Risk reduction: By hedging, you can protect your spot position from losses during price fluctuations.</li><li>Flexibility: Currency-based perpetual contracts allow you to open and close positions at any time, providing you with the flexibility to respond to market movements.</li><li>Long-term use: Since the perpetual contract has no expiration date, you can hold the hedged position for a long time.</li></ul>Risk:<ul><li>Transaction costs: Handling fees will be incurred for each trade and may be higher especially if positions are adjusted frequently.</li><li>Funding Costs: A perpetual contract involves a funding rate, which is a cost for the duration of the position and may increase when market funding rates are unfavorable to you.</li><li>Leverage Risk: Hedging with leverage can be more capital efficient, but it can also increase risk, especially during times of high market volatility.</li></ul>Hedging with currency-based perpetual contracts is an effective risk management strategy to protect your assets in the event of high volatility in the cryptocurrency market. By properly calculating the contract size, opening short positions, monitoring market movements, and adjusting positions at any time, you can minimize your risk and invest securely during market volatility.

How to Hedge with COIN-M Perpetual Contracts

Hedging with COIN-M Perpetual Contracts｜BYDFi Help Center

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 <img src="https://uploads.bydfi.in/events/cmsBYD.1735298444483.image.png" alt="BYD.1735298444483.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1735298444483.image.png" style="width: 100%;">What is the COIN-M Perpetual Contract? What is the difference between Coin-M and USDT-M Perpetual Contracts?
 When placing an order using BTC as the margin, the transaction fee, funding fee, and settlement of the unrealized profits and losses are all settled in BTC. Taking BTCUSD as an example, the COIN-M Perpetual Contract is placed and settled with BTC, and the USDT-M Perpetual Contract is placed and settled with USDT.
 
 Where should the funds be placed when trading COIN-M Perpetual Contracts?
 You may start trading the COIN-M Perpetual Contract after transferring assets to the COIN-M account.
 Please refer to this article about how to transfer your assets: <a href="https://www.bydfi.com/server/en/support/FAQs/articles/c32m7u7vpqgd" target="_blank">How to Transfer Assets?</a>
 
 Is it possible to switch between cross and isolated mode in real time? 
 BYDFi supports switching between cross and isolated mode when there are no open positions; when there are open positions or trigger orders, switching between cross and isolated mode is not supported.
 
 What is the risk limit?
 BYDFi implements a tiered margin system, with different levels based on the value of user positions. The larger the position, the higher the initial margin rate when opening a position. The larger the value of the contract held by the trader, the lower the maximum leverage that can be used. Each contract has a specific maintenance margin rate, and margin requirements increase or decrease as risk limits change.
 
 Can the unrealized profit be used to open positions or make withdrawals?
 No, unrealized profit can only be settled after closing the position. Unrealized profit does not increase the available balance, so it cannot be used to open a position or make withdrawals.
 
 Is the insurance pool for COIN-M Perpetual Contracts shared or currency-independent?
 COIN-M perpetual contracts are settled using the cryptocurrency. As a result, the insurance pools are separate due to the difference in currency.
 
 What is an Inverse Contract?
 The Inverse Contract is also known as the COIN-M Contract. Traders need to first confirm how much USD to trade and then use the underlying currency (e.g., BTC, ETH) to calculate margin, profit, and loss. If a trader wants to trade Bitcoin contracts, they must use Bitcoin as the underlying currency, and if they are trading Ether contracts, then they need to hold Ether.
 
 Can I trade ETH on BYDFi if I have BTC?
 No, traders need to have ETH to trade the ETHUSD COIN-M Perpetual Contract.
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COIN-M Perpetual Contracts FAQ

COIN-M Perpetual Contracts FAQ｜BYDFi Help Center

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 <img src="https://uploads.bydfi.in/events/cmsBYD.1735300655567.image.png" alt="BYD.1735300655567.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1735300655567.image.png" style="width: 100%;">Regardless of any trades, it is important to understand how P&amp;L is calculated before entering one.We will introduce them one by one in order so that traders can understand exactly how the following variables affect the calculation of profit and loss.
 
 Average Entry Price (AEP) of Position
 In BYDFi's COIN-M trading (BTCUSD, ETHUSD, DOTUSD, and XRPUSD), whenever traders add on to their position, the average entry price will change.
 
 Example: FIBO now holds a long position of 1,000 BTCUSD with the opening price of 5,000 USD. An hour later, FIBO decides to open an additional position of 2,000 with an opening price of 6,000 USD.
 
 Average Entry Price = Contract Quantity / Total Contract Value in BTC Contract Quantity = 1,000 + 2,000 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;= 3,000
 
 Total Contract Value in BTC = (1,000 / 5,000) + (2,000 / 6,000) &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;= 0.53333334 BTC
 
 Average Entry Price = 3,000 / 0.53333334 BTC &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 　 　 = 5,625 USD
 
 Contract Value (Position) = Contract Quantity * Contract Multiplier / Average Entry Price
 
 Unrealized Profit and Loss (P&amp;L)
 Once the order is filled, the position and its unrealized profit and loss can be instantly seen in the position area.
 
 The formula for calculating unrealized profit and loss will be different according to the direction of your trade. Long Positions Example: FIBO holds a long position of 1,000 BTCUSD with an entry price of 5,000 USD. When the current mark price in the position table is displayed as 5,500 USD, the unrealized profit and loss will be displayed as 0.01819 BTC.
 
 Unrealized Profit and Loss = Contract Quantity * [(1/ Average Entry Price) - (1 / Current Mark Price)]
 = 1,000 * [(1 / 5,000) - (1/ 5,500)] = 1,000 * 0.00001819 BTC = 0.01819 BTC
 
 Short Positions Example: FIBO holds a short position of 1,000 BTCUSD with an entry price of 5,000 USD. When the current mark price in the order table is displayed as 4,500 USD, the unrealized profit and loss will be displayed as 0.02223 BTC.
 
 Unrealized Profit and Loss = Contract Quantity * [(1 / Current Mark Price) - (1/ Average Entry Price)]
 = 1,000 * [(1 / 4,500) - (1 / 5,000)] = 1,000 * 0.00002223 BTC = 0.02223 BTC
 
 Notice:
 <ul>
 <li>In COIN-M Perpetual Contracts, your profit and loss are settled in the underlying assets, not in USD. The US dollar (USD) here is mainly used as a quotation mechanism, just for traders' reference.</li>
 <li>It refers to the fluctuation in the price (such as 500 USD), and it does not necessarily mean that you have won or lost 500 USD.</li>
 <li>When the leverage is increased, it will not directly affect your profit or loss. On the contrary, profit and loss are determined by position size and price fluctuations. In simple terms: The higher the leverage, the lower the margin collateral needed to open your position. The larger the contract quantity, the bigger the profit or loss. The greater the distance between the price and the entry price, the greater the profit or loss.</li>
 <li>The default unrealized P&amp;L is shown based on the Last Mark Price. Place the mouse on the displayed number and the unrealized P&amp;L will be displayed at the mark price.</li>
 <li>Lastly, it is important to note that the calculation of unrealized P&amp;L does not include any transaction fees or funding fees paid or received by the trader in the course of opening, closing, or holding a position.</li>
 </ul>
 
 Percentage of Unrealized P&amp;L (%)
 Unrealized P&amp;L % basically shows the return on investment (ROI) of this position in percentage form. &nbsp;Just like unrealized profit and loss, this figure is constantly changing with the latest market price. Therefore, the formula for the percentage of unrealized profit and loss is as follows:
 
 Percentage of Unrealized P&amp;L (%) = [Unrealized Profit and Loss / Initial Margin] * 100% Initial Margin = (Position Value * Initial Margin Rate) + Transaction Fee Notice:
 <ul>
 <li>There is a misconception among some traders that increasing your leverage will not increase your unrealized profit. An increase in the P&amp;L% is actually due to the decrease in the margin used for the position, not an increase in the actual profit.</li>
 </ul>
 Closed P&amp;L 
 When the trader finally closes the position, the profit and loss are finally realized, and the record can be found in the trade history.
 <table style="width: 100%;">
 <tbody>
 <tr>
 <td colspan="1" rowspan="1" width="auto"> </td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Calculation of Unrealized P&amp;L </td>
 <td colspan="1" rowspan="1" width="auto">Calculation of Closed P&amp;L</td>
 </tr>
 <tr>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Position Profit and Loss (P&amp;L)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
 <tr>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Trading Fee(s)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">NO</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
 <tr>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Funding Fee(s)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">NO</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
 </tbody>
 </table>
 Closed P&amp;L = Position P&amp;L - Opening Fee - Closing Fee - Total Funding Fee Paid/Received
 
 FIBO holds a short position of 1,000 BTCUSD with an entry price of 5,000 USD. When the latest market price is displayed as 4,500 USD, FIBO decides to close the entire position through the market price. Assume that FIBO also opened the position through a market order and paid a total of 0.00005 BTC as funding fees during the position period.
 
 Based on our previous calculation: Position P&amp;L = 0.02223 BTC (Profit) Opening Fee = (1000 / 5000) x 0.06% = &nbsp;0.00012 BTC Closing Fee &nbsp; = (1000 / 4500) x 0.06% = &nbsp;0.00013 BTC Total Funding Charges Paid / Received = 0.00005 BTC (Paid) Closed P&amp;L = 0.02223 - 0.00012 - 0.00013 - 0.00005 = 0.02193 BTC
 
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P&L Calculations (COIN-M)

P&L Calculation (COIN-M)｜BYDFi Help Center

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 <img src="https://uploads.bydfi.in/events/cmsBYD.1735298049579.image.png" alt="BYD.1735298049579.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1735298049579.image.png" style="width: 100%;">Regardless of any trades, it is important to understand how P&amp;L is calculated before entering one. We will introduce them one by one in order so that traders can understand exactly how the following variables affect the calculation of profit and loss.
 
 Average Entry Price (AEP) of Position
 In BYDFi's USDT-M trading, whenever traders add on to their position, the average entry price will change.
 
 Example: FIBO now holds a long position of 0.1 BTCUSDT with the opening price of 40,000 USDT. An hour later, FIBO decides to open an additional position of 0.1 with an opening price of 42,000 USDT.
 
 Average Entry Price = Total Contract Value in USDT / Contract Quantity Total Contract Value = [(Contract Quantity 1 * Price 1) + (Contract Quantity 2 * Price 2)...]
 
 Total Contract Value = [ (Contract Quantity 1 * Price 1) + (Contract Quantity 2 * Price 2) ]
 = [ (0.1 * 40,000) + (0.1 * 42,000) ] = 8,200
 
 Contract Quantity = 0.1 + 0.1= 0.2 BTC Average Entry Price = 8,200 / 0.2 = 41,000
 
 Unrealized Profit and Loss (P&amp;L)
 Once the order is filled, the position and its unrealized profit and loss can be instantly seen in the position area.
 The formula for calculating unrealized profit and loss will be different according to the direction of your trade. Long Positions Example: FIBO holds a long position of 0.2 BTCUSDT with an entry price of 41,000 USDT. When the current mark price in the position table is displayed as 43,000 USDT, the unrealized profit and loss will be displayed as 400 USDT.
 Unrealized Profit and Loss = Contract Quantity * (Current Mark Price - Position Entry Price)
 = 0.2 * (43,000 - 41,000)= 400 USDT
 
 Short Positions Example: FIBO holds a short position of 0.4 BTCUSDT with an entry price of 40,000 USDT. When the current mark price in the order table is displayed as 39,000 USDT, the unrealized profit and loss will be displayed as 400 USDT. Unrealized Profit and Loss = Contract Quantity * (Position Entry Price - Current Mark Price)
 = 0.4 * ( 40,000 - 39,000) = 400 USDT Notice:
 <ul>
 <li>In USDT-M Perpetual Contracts, your profit and loss are settled in USDT. This is the exact opposite &nbsp;of COIN-M Perpetual Contracts, which are settled in the currency being traded (e.g., a BTCUSD COIN-M Perpetual Contract is settled in BTC).</li>
 <li>A fluctuation in price (e.g., 1000 USDT) in either direction, assuming a position size of 1 BTC, means that the trader has made or lost 1000 USDT.</li>
 <li>When the leverage is increased, it will not directly affect your profit or loss. On the contrary, profit and loss are determined by position size and price fluctuations. In simple terms: The higher the leverage, the lower the margin collateral needed to open your position. The larger the contract quantity, the bigger the profit or loss. The larger the price movement relative to the entry price, the bigger the profit or loss.</li>
 <li>The default unrealized P&amp;L is shown based on the Last Mark Price. Place the mouse on the displayed number and the unrealized P&amp;L will be displayed at the mark price.</li>
 <li>Lastly, it is important to note that the calculation of unrealized P&amp;L does not include any transaction fees or funding fees paid or received by the trader in the course of opening, closing, or holding a position.</li>
 </ul>
 Percentage of Unrealized P&amp;L (%)
 The rate of return basically shows the return on investment (ROI) of this position in percentage terms. Just like unrealized profit and loss, this figure is constantly changing with the latest market price. Therefore, the formula for the percentage of unrealized profit and loss is as follows:
 
 Percentage of Unrealized P&amp;L (%) = [Unrealized Profit and Loss / Position Margin] * 100% Position Margin = Initial Margin + Closing Fee
 
 For example, FIBO holds a long position of 0.2 BTCUSDT, and the entry price is 41,000 USDT. When the latest market price is displayed as 43,000 USDT, the unrealized profit and loss will be displayed as 400 USDT. The leverage is 10X.
 
 Based on the previous calculation, the unrealized profit and loss of the position = 400 USDT Initial Margin = (Contract Quantity * Entry Price) / Leverage= (0.2 * 41,000) / 10 = 820 USDT Closing Fee = Bankruptcy Price * Contract Quantity * 0.06% = 36877.86 * 0.2 * 0.06% = 4.4253USDT Percentage of Unrealized P&amp;L (%) = [ 400 USDT / ( 820 USDT + 4.4253 USDT ) ] * 100% = 48.52%
 
 Notice:
 <ul>
 <li>There is a misconception among some traders that increasing your leverage will not increase your unrealized profit. An increase in the P&amp;L% is actually due to the decrease in the margin used for the position, not an increase in the actual profit. Using FIBO as an example again, notice that regardless of leverage is 10X, 5X, or 50X, the unrealized P&amp;L remains the same. If FIBO uses the leverage of 10X, Unrealized P&amp;L = 400 USDT and the Percentage of Unrealized P&amp;L = 48.52% If FIBO lowers the leverage to 5X, Unrealized P&amp;L = 400 USDT and the Percentage of Unrealized P&amp;L = 24.32% If FIBO increases the leverage to 50X, Unrealized P&amp;L = 400 USDT and the Percentage of Unrealized P&amp;L = 237.49% </li>
 <li>For cross-margin mode, the position margin will be calculated based on the maximum leverage used for the particular currency (for example, BTCUSDT = 125X).</li>
 </ul>
 Closed P&amp;L
 When the trader finally closes the position, the profit and loss are finally realized, and the record can be found in the trade history.
 <table style="width: 100%;">
 <tbody>
 <tr>
 <td colspan="1" rowspan="1" width="506.03"> </td>
 <td colspan="1" rowspan="1" width="486.76" style="text-align: center;">Calculation of Unrealized P&amp;L </td>
 <td colspan="1" rowspan="1" width="402.23" style="text-align: center;">Calculation of Closed P&amp;L</td>
 </tr>
 <tr>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Position Profit and Loss (P&amp;L)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
 <tr>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Trading Fee(s)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">NO</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
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 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">Funding Fee(s)</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">NO</td>
 <td colspan="1" rowspan="1" width="auto" style="text-align: center;">YES</td>
 </tr>
 </tbody>
 </table>
 Closed P&amp;L = Position P&amp;L - Opening Fee - Closing Fee - Total Funding Fee Paid/Received
 FIBO holds a short position of 0.4 BTCUSDT with an entry price of 40,000 USDT. When the latest market price is displayed as 39,000 USDT, the unrealized profit and loss will be displayed as 400 USDT. FIBO decides to close the entire position through the market price. FIBO opened the position through a market order, and paid a total of 4.2 USDT of funding fees during the holding period.
 
 Based on our previous calculation: Position P&amp;L = 400 USDT (Profit) Opening Fee = Contract Quantity * Entry Price * 0.06% = 9.60 USDT Closing Fee = Contract Quantity * Closing Price * 0.06% = 9.36 USDT Total Funding Charges Paid/Received = 4.20 USDT (Paid) Closed P&amp;L = 400 - 9.60 - 9.36 - 4.20 = 376.84 USDT
 
 Notice:
 <ul>
 <li> The above example only applies to the opening and closing of the position with a single order. &nbsp;</li>
 <li> For a partial closing, the closing P&amp;L is calculated proportionally to all fees (opening fees and funding fees), based on the percentage of the partial closing, and then proportionally displayed in the closing P&amp;L.</li>
 </ul>
 
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P&L Calculations (USDT-M)

P&L Calculation (USDT-M)｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162481120hqtKY7ZpvHdA.png" alt="image.png" data-href="" style="width: 100%;"/>What are Leveraged Tokens?Leveraged tokens are derivative products without margin and with leverage, usually more suitable for short-term investment in one-sided markets. What is Net Value (NAV) ?Net value refers to the value of leveraged tokens.Taking BTC3L as an example, if the BTCUSDT price increases by 1%, the net value of BTC3L will increase by 3%.NAV= Previous Rebalanced NAV*[1±3*(Latest Deal Price of Underlying Asset-Previous Rebalanced Price of Underlying Asset)/Previous Rebalanced Price of Underlying Asset*100%] Naming RulesTaking ETH as an example,ETH3L refers to the token that holds ETHUSDT perpetual contract long position with 3x leverage. ETH3S refers to the token that holds ETHUSDT perpetual contract short position with 3x leverage. Which Account can Trade Leveraged Tokens on BYDFi?Leveraged token trading will be directly conducted through your BYDFi spot account. Fees for Leveraged TokensTrading fee 0.2% ; Management fee 0.03%For more details, please refer to: <a href="https://www.bydfi.com/en/support/FAQs/articles/txaswymdqx2f" target="_blank">Fees for Leveraged Tokens</a> Will My Tokens be Forcibly Liquidated?Due to the fact that the price will not drop to zero, it largely avoids the risk of liquidation in leveraged trading. What is Leveraged Tokens Rebalancing?The rebalancing mechanism is the process of flexibly adjusting positions to achieve the target leverage. When the actual leverage ratio fails to reach the target leverage range, the rebalancing mechanism will be triggered automatically.You can refer to: <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/w0jvdcouytej" target="_blank">Leveraged Tokens Rebalancing</a> Does Leveraged Tokens Support Withdrawals?Currently, BYDFi does not support leveraged tokens withdrawals.

Leveraged Tokens FAQ

Leveraged Tokens FAQ｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms/BYD.1747037027358.image.png" alt="BYD.1747037027358.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1747037027358.image.png" style="width: 100%;"/>By default, the candle chart on BYDFi displays the historical trend of the platform's latest transaction prices. Since BYDFi employs a margin ratio-based liquidation mechanism, forced liquidation is triggered when the margin ratio reaches 100%. Therefore, the latest transaction price and liquidation price are for reference only. Once the margin ratio reaches 100%, your position will be taken over by the liquidation engine and eventually closed at the bankruptcy price. What Is the Bankruptcy Price?The bankruptcy price is the theoretical price at which a position is closed after being taken over by the liquidation engine when the margin is fully depleted (reaches zero). Thus, the bankruptcy price is not displayed on the chart but is used to calculate the final financial outcome. Any difference between the bankruptcy price and the market's latest price is added to the insurance fund. For details, refer to the article on the forced liquidation process below. SummaryWhen managing your position, focus on the margin ratio instead of solely on the latest transaction price. To avoid forced liquidation, consider adding more margin when necessary to reduce liquidation risk. Related Articles:<a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/mstolr0em3cy" target="_blank">The Process of Forced Liquidation (USDT-M)</a><a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/qv2a04edzk3i" target="_blank">The Process of Forced Liquidation (COIN-M)</a><a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/f5tskl421ho6" target="_blank">Liquidation Price Calculation (USDT-M)</a><a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/qzpvgt1ov8xg" target="_blank">Liquidation Price Calculation (COIN-M)</a>

Why Can't I See the Bankruptcy Price on the Chart?

Why Can’t I See the Bankruptcy Price on Chart?｜BYDFi Help Center

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 The reason why a position is liquidated despite setting a stop-loss order might be due to differences in the trigger price.
 Forced liquidation is triggered when the margin ratio of a position reaches 100%. Users can set TP/SL orders to be executed based on either the <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/fohsab3raa6f" target="">latest price</a> or the <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/kwghxoslyf14" target="">mark price</a>.
 
 In the chart, the flag icon represents the mark price.
 <img src="https://uploads.bydfi.in/events/cms1736162477465Cw3uhoiiuIBX.png" alt="image.png" data-href="" style="width: 50%;">
 On the TP/SL settings page, users can adjust whether orders are triggered by the latest price or the mark price.<img src="/guide-media/01JBV88RY61MGNG81J4SX87N0Q" alt="" data-href="" style="">
 <img src="https://uploads.bydfi.in/events/cms1736162477496c6lwqICMuTmJ.png" alt="image.png" data-href="" style="width: 50%;">
 
 Therefore, if a user sets a SL order, it is possible for the position to be liquidated first when the margin ratio reaches 100%. This will cancel the user's TP/SL orders. For details on the reason for cancellation, please refer to <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/mstolr0em3cy" target="">The Process of Forced Liquidation.</a>
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Set a Stop-Loss but Got Liquidated?

Stop-Loss Set but Still Liquidated?｜BYDFi Help Center

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 <body>
 <img src="https://uploads.bydfi.in/events/cms1736162475497DZIp1vfAH1lG.png" alt="image.png" data-href="" style="width: 100%;">When the margin ratio of a position reaches 100%, forced liquidation is triggered, resulting in the loss of all margin allocated to that position. 
 <h3>Margin Rate Calculation Formula</h3>
 Isolated Margin Rate
 
 (Contract Quantity * Par Value / Entry Price * Maintenance Margin Rate - MMQC + Contract Quantity * Par Value / Mark Price * Liquidation Fee Rate) / (Margin + Unrealized PNL) * 100%
 
 Example:
 FIBO holds a 100X leveraged BTCUSD long position with a contract quantity of 1,000, an entry price of 25,000 USDT, a par value of 1 USDT, a maintenance margin rate of 0.5%, a mark price of 24,500 USDT, a liquidation fee rate of 0.006, an unrealized PNL of -0.9995551 BTC, and a position margin of 1BTC, and MMQC is 0.
 
 (1,000 * 1 / 25,000 * 0.005 + 1,000 * 1 / 24,500 * 0.006) / ( 1 - 0.9995551) = 100% 
 
 Cross Margin Rate
 
 (|Long Position Maintenance Margin - Short Position Maintenance Margin| + Par Value * Contract Quantity / Mark Price * Close Fee Rate) / (Account Balance + Cross Margin Unrealized PNL) * 100%
 
 Example:
 FIBO holds a BTCUSD cross margin long position with a contract quantity of 1,000, a par value of 1 USDT, a mark price of 25,000 USDT, a maintenance margin of 0.05 BTC for long positions, 0 BTC for short positions, a liquidation fee rate of 0.006, an account balance of 1 BTC, and an unrealized PNL of -0.95 BTC.
 
 (|0.05 - 0| + 1 * 1,000 / 25,000 * 0.006) / (1 -0.95) * 100% = 100%
 
 <h3>Liquidation Price Calculation Formula</h3>
 
 Isolated Margin
 Long Position:
 [Par Value * Contract Quantity * (Liquidation Fee Rate + 1)] / [Margin + Par Value * Contract Quantity * (1 - Maintenance Margin Rate) / Entry Price + MMQC]
 Short Position:
 [Par Value * Contract Quantity * (Liquidation Fee Rate - 1)] / [Margin - Par Value * Contract Quantity * (1 + Maintenance Margin Rate) / Entry Price + MMQC]
 
 Cross Margin
 (Par Value * Long Contract Quantity - Par Value * Short Contract Qunatity + Par Value * Contract Quantity * Maintenance Margin Rate + Par Value * Contract Quantity * Liquidation Fee Rate) / (Wallet Balance +MMQC - Par Value * Short Contract Quantity / Short Entry Price + Par Value * Long Contract Quantity / Long Entry Price) ​ 
 Note:
 <ul>
 <li>Wallet Balance = Transfer In - Transfer Out + Realized PNL</li>
 <li>Maintenance Margin = Position Value * Maintenance Margin Rate - MMQC</li>
 <li>Isolated Margin Position Value = Contract Quantity * Par Value / Entry Price</li>
 <li>Cross Margin Position Value = Contract Quantity * Par Value / Mark Price</li>
 <li>Contract Quantity (Coin) = Contract Quantity (Cont) * Par Value</li>
 <li>MMQC please refer to this <a href="https://www.bydfi.com/en/swap-info?page=5&amp;type=usdt" target="">page</a></li>
 </ul>
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Liquidation Price Calculation (COIN-M)

COIN-M Liquidation Price Calculation｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162473121rNPyOGrMuNPk.png" alt="image.png" data-href="" style=""/>When the margin ratio of a position reaches 100%, forced liquidation is triggered, resulting in the loss of all margin allocated to that position. <h3>Margin Rate Calculation Formula</h3> Isolated Margin Rate(Contract Quantity * Par Value * Entry Price * Maintenance Margin Rate - MMQC + Contract Quantity * Par Value * Mark Price * Liquidation Fee Rate) / (Position Margin + Unrealized PNL) * 100% Example:FIBO holds a 100X leveraged BTCUSDT long position with a contract quantity of 10,000, an entry price of 65,000, a par value of 0.001, a maintenance margin rate of 0.25%, a mark price of 64,875, a liquidation fee rate of 0.006, an unrealized PNL of -1,250, a position margin of 6,500, and MMQC is 250. (10,000 * 0.001 * *65,000 * 0.25% - 250 + 10,000 * 0.001 * 64,875 * 0.006) / (6,500 - 1,250) * 100% = 100% Cross Margin Rate(Total Cross Margin Maintenance Margin + Total Cross Position Close Fee) / (Account Balance + Bonus Balance - Isolated Margin Frozen Amount + Cross Margin Unrealized PNL) * 100% Example:FIBO holds a BTCUSDT cross margin long position with a contract quantity of 10,000, a par value of 0.001 BTC, a mark price of 59,000, a long maintenance margin of 3,000, and a short maintenance margin of 0. The closing fee rate is 0.006. The account balance is 50,000, the bonus balance is 5,000, the isolated margin frozen is 0, and the cross margin unrealized PNL is -48,460. (3,000 + 0.001 * 10,000 * 59,000 * 0.006) / (50,000 + 5,000 - 0 - 48,460 ) *100% = 100% <h3>Liquidation Price Calculation Formula</h3> Isolated Margin Long Position:[Margin - Par Value * Contract Quantity * Entry Price * (1 + Maintenance Margin Rate) + MMQC] / [Par Value * Contract Quantity * (Liquidation Fee Rate - 1)]Short Position:[Margin + Par Value * Contract Quantity * Entry Price * (1 - Maintenance Margin Rate) + MMQC] / [Par Value * Contract Quantity * (Liquidation Fee Rate + 1)] Cross Margin(Wallet Balance + Bonus Balance − Total Frozen Isolated Margin − Total Cross Margin Maintenance Margin − Total Cross Closing Fees + Total Cross Margin Unrealized PNL− Par Value × Long Contract Quantity × Long Position Entry Price + Par Value × Short Contract Quantity × Short Position Open Price) / (Par Value * (Short Contract Quantity - Long Contract Quantity) + | Par Value * Long Contract Quantity * Long Position Maintenance Margin Rate - Par Value * Short Contract Quantity * Short Position Maintenance Margin Rate| + Par Value * Total Quantity * Closing Fee Rate) ​ Note: • Wallet Balance = Transfer In - Transfer Out + Realized PNL • Maintenance Margin = Position Value * Maintenance Margin Rate - MMQC • Isolated Margin Position Value = Contract Quantity * Par Value * Entry Price • Cross Margin Position Value = Contract Quantity * Par Value * Mark Price • MMQC please refer to this <a href="https://www.bydfi.com/en/swap-info?page=5&type=usdt" target="">page</a>

Liquidation Price Calculation (USDT-M)

USDT-M Liquidation Price Calculation｜BYDFi Help Center

The Share Profit Orders feature on BYDFi allows traders to publicly display their trading orders, share strategies, and showcase results. By sharing orders, you can not only highlight your trading experience and profit history but also build transparency and trust within the community. This feature also enables participation in platform campaigns, increasing opportunities for rewards and exposure. <h2>Benefits of Sharing Profit Orders</h2><ul><li>Showcase performance – Share your trading results to highlight your skills.</li><li>Build trust – Increase transparency and credibility within the BYDFi trading community.</li><li>Engage with users – Interact with other traders and exchange strategies.</li><li>Join events – Use shared profit orders to participate in special campaigns and earn rewards.</li></ul> <h2 style="text-align: start;">How to Share Profit Orders on BYDFi (APP)</h2><h3>1. Log in to Your Account</h3>Sign in to your BYDFi account and navigate to Futures from the main menu.<img src="https://uploads.bydfi.in/events/cms/BYD.1758615101693.image.png" alt="BYD.1758615101693.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758615101693.image.png" style="width: 50%;"/><h3>2. Access the Positions Page</h3>Go to the Positions page and select the order you want to share.Click the Share button next to it.<img src="https://uploads.bydfi.in/events/cms/BYD.1758615122043.image.png" alt="BYD.1758615122043.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758615122043.image.png" style="width: 50%;"/><h3>3. Share Your Order</h3>Choose to save the image to your device or share it directly on social media platforms such as Twitter, Telegram, or Instagram.<img src="https://uploads.bydfi.in/events/cms/BYD.1758615152341.image.png" alt="BYD.1758615152341.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758615152341.image.png" style="width: 50%;"/> <h2>Key Notes</h2><ul><li>Shared profit orders help you build your trader profile and gain visibility.</li><li>Profit-sharing images can be used in BYDFi campaigns for rewards and recognition.</li><li>Double-check your order details before sharing to ensure accurate data.</li></ul> ✅ With the Share Profit Order feature on BYDFi, you can enhance your reputation, connect with the community, and unlock more opportunities for growth and rewards.

How to Share Your Profit Orders on BYDFi (APP)

How to Share Profit Orders on BYDFi (APP)｜BYDFi Help Center

The Share Profit Orders feature on BYDFi allows traders to publicly display their trading orders, share strategies, and showcase results. By sharing orders, you can not only highlight your trading experience and profit history but also build transparency and trust within the community. This feature also enables participation in platform campaigns, increasing opportunities for rewards and exposure. <h2>Benefits of Sharing Profit Orders</h2><ul><li>Showcase performance – Share your trading results to highlight your skills.</li><li>Build trust – Increase transparency and credibility within the BYDFi trading community.</li><li>Engage with users – Interact with other traders and exchange strategies.</li><li>Join events – Use shared profit orders to participate in special campaigns and earn rewards.</li></ul> <h2>How to Share Profit Orders on BYDFi (PC)</h2><h3>1. Access Derivatives</h3><ul><li>Log in to your BYDFi account on PC.</li><li>Click on Derivatives → USDT-M to enter the trading section.</li></ul><img src="https://uploads.bydfi.in/events/cms/BYD.1758613523085.image.png" alt="BYD.1758613523085.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758613523085.image.png" style="width: 100%;"/><h3>2. Open Positions Page</h3><ul><li>Go to the Positions page to view your open orders.</li><li>Click on the Share button next to the order you want to display.</li></ul><img src="https://uploads.bydfi.in/events/cms/BYD.1758613574988.image.png" alt="BYD.1758613574988.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758613574988.image.png" style="width: 100%;"/><h3>3. Share Your Order</h3><ul><li>Choose to save the image to your device or share directly on social media platforms such as Twitter, Telegram, or Facebook.</li></ul><img src="https://uploads.bydfi.in/events/cms/BYD.1758613616783.image.png" alt="BYD.1758613616783.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1758613616783.image.png" style="width: 100%;"/><h2>Key Notes</h2><ul><li>Shared profit orders can increase your visibility and credibility as a trader.</li><li>Orders can be used for platform events and reward activities.</li><li>Make sure to double-check your positions before sharing to present accurate data.</li></ul> ✅ By using the Share Profit Orders (PC) feature on BYDFi, you can build a stronger reputation, engage with the community, and unlock more opportunities for growth and rewards.

How to Share Your Profit Orders on BYDFi (PC)

How to Share Profit Orders on BYDFi (PC)｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms/BYD.1747362404391.image.png" alt="BYD.1747362404391.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1747362404391.image.png" style="width: 100%;"/>If you encounter the following order-related issues when trading on BYDFi, you can follow the instructions in this article:1. The order is not executed Please confirm the order price. If the price of the order you entered is too much higher or lower than the market price, there is no order in the market that matches your commissioned price, so it won't be matched. Your order will enter the order table and be in a state of waiting to be executed. If you want to fulfill the order as soon as possible, you can consider canceling the order and resetting the price. Or you can use a market order to buy or sell.2. The order is rejected In order to avoid market manipulation and protect traders' interests, BYDFi sets the following restrictions on the execution of spot trading orders:<ul><li>The market order will only be matched and traded with the ten best bid/ask orders in the order form.</li><li>Any order that exceeds this execution limit will be rejected.</li></ul>3. Other order issues If you encounter other order problems, you can login to your BYDFi account, click "Help" in the bottom-right corner, contact BYDFi customer service, or send an email to <a href="mailto:cs@bydfi.com" target="_self">cs@bydfi.com</a> with a screenshot of any error code or exception message, and we will handle it for you as soon as possible.

Why Isn't My Limit Order Being Fulfilled?

Why Isn’t My Limit Order Being Fulfilled?｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162439778D1dlJo1VcnDA.png" alt="image.png" data-href="" style="width: 100%;"/>Initial MarginInitial margin refers to the minimum collateral amount required to open a position in leveraged trading. The leverage used by traders is inversely proportional to the initial margin required to hold a position. The higher the leverage, the less initial margin is required. In the COIN-M Perpetual Contract, the initial margin is obtained by multiplying the order value by the initial margin rate. The initial margin rate depends on the leverage used. Initial Margin = Contract Quantity / Entry Price / Leverage Example:FIBO opened a long order of 500 BTCUSD contracts at 40,000 USD with 50X leverage.Initial Margin = 500 / 40,000 / 50 = 0.00025 BTC Maintenance MarginThe maintenance margin is the minimum amount of margin a trader needs to keep a position open. The maintenance margin will increase or decrease based on the risk limit chosen by the trader. By default, the risk limit for all trading pairs will start from the lowest maintenance margin in their respective <a href="https://www.bydfi.com/en/swap-info?page=5&type=usdt" target="_blank">risk limit tables</a>. When the margin level used for a position is lower than the maintenance margin level, the position will be liquidated. Position Value = Contract Quantity * Entry PriceMaintenance Margin = Maintenance Margin Rate * Position Value - <a href="https://www.bydfi.com/en/swap-info?page=5&type=usdt" target="_blank">MMQC</a>The required Maintenance Margin Rate (MMR) for a position is based on the margin level requirement for the value of the position. Example:FIBO opened a long position of 500 BTCUSD contracts at 40,000 USD with 50X leverage in isolated mode.Initial Margin = 500 / 40,000 / 50 = 0.00025 BTCMaintenance Margin = 0.005 * 0.00025 = 0.00000125 BTC This means that the position's maximum loss is 0.00024875 BTC (0.00025 BTC - 0.00000125 BTC); otherwise, it will be forced to liquidate.

Initial Margin and Maintenance Margin (COIN-M)

Initial & Maintenance Margin (COIN-M)｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162438914FakcSwX4Wd9W.png" alt="image.png" data-href="" style="width: 100%;"/>Initial MarginInitial margin refers to the minimum collateral amount required to open a position in leveraged trading. The leverage used by traders is inversely proportional to the initial margin required to hold a position. The higher the leverage, the less initial margin is required. In the USDT-M Perpetual Contract, the initial margin is obtained by multiplying the order value by the initial margin rate. The initial margin rate depends on the leverage used. Initial Margin = Contract Quantity * Entry Price / Leverage Example:FIBO opened a long order of 0.5 BTC at 30,000 USDT with 100X leverage.Initial Margin = (0.5 * 30,000) / 100 = 150 USDT Maintenance MarginThe maintenance margin is the minimum amount of margin a trader needs to keep a position open. The maintenance margin will increase or decrease based on the risk limit chosen by the trader. By default, the risk limit for all trading pairs will start from the lowest maintenance margin in their respective <a href="https://www.bydfi.com/en/swap-info?page=5&amp;type=usdt" target="_blank">risk limit tables.</a> When the margin level used for a position is lower than the maintenance margin level, the position will be liquidated. Position Value = Contract Quantity * Entry PriceMaintenance Margin = Maintenance Margin Rate * Position Value - <a href="https://www.bydfi.com/en/swap-info?page=5&amp;type=usdt" target="_blank">MMQC</a>The required Maintenance Margin Rate (MMR) for a position is based on the margin level requirement for the value of the position. Example:FIBO opened a long position of 1 BTC at 10,000 USDT with 100X leverage in isolated mode.Initial Margin = 1 BTC * 10,000 * 1/100 = 100 USDTMaintenance Margin = 1 BTC * 10,000 * 0.5% = 50 USDT This means that the position's maximum loss is 50 USDT (100 USDT - 50 USDT); otherwise, it will be forced to liquidate.

Initial Margin and Maintenance Margin (USDT-M)

Initial & Maintenance Margin (USDT-M)｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162425293xuEvZoakMrqC.png" alt="image.png" data-href="" style="width: 100%;"/>Isolated ModeWhen the position margin ratio reaches 100%, the position will be triggered liquidation with a liquidation transaction fee and a liquidation clearance fee. Please note that the position is triggered by the margin ratio, liquidation price is for reference only. Cross ModeWhen the position margin ratio reaches 100%, the position will be triggered liquidation with a liquidation transaction fee and a liquidation clearance fee. Please note that the position is triggered by the margin ratio, liquidation price is for reference only. In addition, all the cross mode positions share the same margin, so as long as one cross mode position triggers liquidation, all the cross mode positions will be closed regardless of whether they are profitable or not. The specific liquidation process is as follows:<ul><li>Cross Mode: Cancel all pending orders (including all pending orders in Isolated Mode)</li><li>Isolated Mode: Cancel all pending orders including TP/SL orders for the specified trading pair (other trading pairs are not affected)</li><li>If the margin maintenance requirement is not met at this point, the position will be taken over by the liquidation engine at the bankruptcy price.</li></ul>When the liquidation is executed at the bankruptcy price, the following scenario occurs:<ul><li>If the position can be executed in the market at a price better than the bankruptcy price, the liquidation clearance fee will be added to the insurance fund.</li><li>If the position cannot be executed at a price better than the bankruptcy price, the breakout loss will be covered by the insurance fund.</li></ul>Example: FIBO holds a 1.5 million BTCUSD long position + 1 million BTCUSD long limit order.When the position margin ratio ≥100%, the system will first cancel the 1 million BTCUSD limit order. This releases a portion of the margin to increase the available balance in an attempt to meet the maintenance margin requirement. If the position is still not margined to the maintenance margin requirement after the limit order is canceled, the liquidation engine will take over the position. Note:<ul><li>Margin Ratio = (Maintenance Margin+ Liquidation Transaction Fee) / Margin Balance</li><li>Liquidation Clearance Fee≈ Position Maintenance Margin = Actual Position Margin + Liquidation PNL - Liquidation Transaction Fee</li><li>Liquidation Transaction Fee = Position Value * Quantity / Mark Price * Liquidation Transaction Fee Rate</li></ul> Risk Control PolicyWhen the margin balance is insufficient, we will send a margin call and a liquidation notice to the user by email. This feature serves as a risk alert that cannot be guaranteed to be sent or delivered in a timely manner. Under certain circumstances (including due to network congestion and poor network conditions), you may be unable or delayed in receiving email alerts during your use of the service, and BYDFi reserves the right to send notifications without obligation. To prevent excessive market risk concentration and manipulation, BYDFi limits individual users' position size. Orders exceeding these limits will be rejected. Additionally, we strictly prohibit users from circumventing position limits through any means, such as multiple accounts, identity masking, third-party account control, or exploiting system vulnerabilities, to maintain market fairness.

The Process of Forced Liquidation (COIN-M)

COIN-M Forced Liquidation Process｜BYDFi Help Center

<img src="https://uploads.bydfi.in/events/cms1736162424272cagpwi7ZjxIW.png" alt="image.png" data-href="" style="width: 100%;"/>Isolated ModeWhen the position margin ratio reaches 100%, the position will be triggered liquidation with a liquidation transaction fee and a liquidation clearance fee. Please note that the position is triggered by the margin ratio, liquidation price is for reference only. Cross ModeWhen the position margin ratio reaches 100%, the position will be triggered liquidation with a liquidation transaction fee and a liquidation clearance fee. Please note that the position is triggered by the margin ratio, liquidation price is for reference only. In addition, all the cross mode positions share the same margin, so as long as one cross mode position triggers liquidation, all the cross mode positions will be closed regardless of whether they are profitable or not. Example: FIBO holds a 1.5 million BTCUSDT long position + 1 million BTCUSDT long limit order.When the position margin ratio ≥100%, the system will first cancel the 1 million BTCUSDT limit order. This releases a portion of the margin to increase the available balance in an attempt to meet the maintenance margin requirement. If the position is still not margined to the maintenance margin requirement after the limit order is canceled, the liquidation engine will take over the position. The specific liquidation process is as follows:<ul><li>Cross Mode: Cancel all pending orders (including all pending orders in Isolated Mode)</li><li>Isolated Mode: Cancel all pending orders including TP/SL orders for the specified trading pair (other trading pairs are not affected)</li><li>If the margin maintenance requirement is not met at this point, the position will be taken over by the liquidation engine at the bankruptcy price.</li></ul>When the liquidation is executed at the bankruptcy price, the following scenario occurs:<ul><li>If the position can be executed in the market at a price better than the bankruptcy price, the liquidation clearance fee will be added to the insurance fund.</li><li>If the position cannot be executed at a price better than the bankruptcy price, the breakout loss will be covered by the insurance fund.</li></ul>Automated Negative Balance ClearanceIf a trader’s account balance is negative due to one or more Bankrupt Positions, BYDFi will use the Futures Insurance Fund to automatically cover the deficit in the trader's account and absorb the losses, to the extent possible. For user accounts that meet the following requirements, our system will automatic clearing of negative balances will occur every 10 minutes:<ul><li>For negative balances in USDT-M accounts, there are no open positions in the account. (Both Cross / Isolated Mode)</li><li>For negative balances in Coin-M accounts, there are no open positions in the account. (Both Cross / Isolated Mode)</li><li>The user did not transfer any funds to deficit losses in the account after liquidation.</li></ul>Note:<ul><li>Isolated Margin Ratio = (Maintenance Margin + Closing Fee) / (Position Margin + Unrealized PNL) * 100%</li><li>Cross Margin Ratio = (Maintenance Margin + Closing Fee) / (Wallet Balance + Bonus Balance - Isolated Frozen Margin + Cross Margin Unrealized PNL) * 100%</li><li>Isolated Margin Liquidation Clearance Fee≈ Position Margin + Liquidation PNL - Liquidation Transaction Fee</li><li>Cross Margin Liquidation Clearance Fee ≈ Wallet Balance + Liquidation PNL - Liquidation Transaction Fee</li><li>Liquidation Transaction Fee = Position Value * Quantity * Mark Price * Liquidation Transaction Fee Rate</li></ul> Risk Control PolicyWhen the margin balance is insufficient, we will send a margin call and a liquidation notice to the user by email. This feature serves as a risk alert that cannot be guaranteed to be sent or delivered in a timely manner. Under certain circumstances (including due to network congestion and poor network conditions), you may be unable or delayed in receiving email alerts during your use of the service, and BYDFi reserves the right to send notifications without obligation. To prevent excessive market risk concentration and manipulation, BYDFi limits individual users' position size. Orders exceeding these limits will be rejected. Additionally, we strictly prohibit users from circumventing position limits through any means, such as multiple accounts, identity masking, third-party account control, or exploiting system vulnerabilities, to maintain market fairness.

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