Dear BIT users,
BIT plans to launch a brand new tiered-leverage and margin rule for perpetual contracts at 9:00 on August 11, 2023 (UTC), and the existing perpetual leverage and margin rules will no longer apply.
The new rules will determine the maximum position size based on the user's leverage, while the position size will determine the corresponding maximum leverage and maintenance margin coefficient. In general, the larger the position size, the smaller the maximum leverage will be, and the higher the maintenance margin ratio required.
- The current positions and open orders of perpetual contract users will be affected by the new rules. Please refer to the updated leverage and margin tier adjustments to avoid forced liquidation of positions or cancellation of orders.
- If the existing positions and open orders of contract users exceed the maximum position limit of the current tier, the position quantity will remain unchanged after the new rules take effect. However, users will not be able to place new orders (reduce-only orders excluded) until they reduce the position leverage. If users fail to reduce the leverage by themselves, the system will automatically reduce the position leverage to the maximum leverage of the corresponding level after the upgrade, which may lead to the cancellation of the user's open orders.
The affected scope includes all USD perpetual contracts and USDT perpetual contracts on BIT.
The new contract tiered-leverage and margin rule categorize different contracts into three tiers, with different tiered-leverage and margin configurations as follows:
|Tier||Perpetual Contract||Max Leverage||Position Value||Maintenance Margin Rate (MM%)||Maintenance Margin Quick Calculation Amount|
|1||BTC, ETH Perpetual Contracts||50||0-25,000||1.00%||0|
|2||ADA, BCH, ETC, BNB, XRP, LTC Perpetual Contracts||25||0-12,500||2.00%||0|
|3||Other Perpetual Contracts||25||0-5,000||2.00%||0|
Initial Margin = Position Value / Leverage
Maintenance Margin = Position Value * Maintenance Margin Rate - Maintenance Margin Quick Calculation Amount
The calculation unit for Position Value and Maintenance Margin Quick Calculation Amount is USD or USDT.
Thank you for your support!
BIT will continue to provide you with high-quality services.
Aug 9, 2023
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