Margin & liquidation
Understand cross collateral, isolated positions and liquidation risk.
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Choose cross or isolated margin
| Mode | Collateral |
|---|---|
| Cross | Eligible collateral is shared by cross positions within one trading account. |
| Isolated | Collateral is assigned to an individual position. Its unrealized profit does not fund other positions. |
Some markets require isolated margin. The market’s available modes are shown in the order ticket. Both modes remain subject to the account-wide daily and total loss limits.
Add or remove isolated collateral
Adding collateral uses available cross balance. A removal must leave enough collateral for the position, including the required buffer: the larger of initial margin and 10% of notional. Some isolated markets prevent manual removal.
Reducing a position releases proportional collateral and realizes its associated P&L and closing fee. A close or reversal ends that position’s existing collateral allocation.
Initial margin and maintenance
Initial margin is the collateral required to open exposure. Maintenance is the minimum required to keep it open and depends on the market and position size. Lowering leverage does not change the market’s maintenance schedule.
The displayed liquidation price is an estimate. Other positions, funding, collateral transfers and new fills can change it. The account’s loss limit can close a position before that estimated price is reached.
What happens at liquidation
A position or cross balance that falls below maintenance can be liquidated against available market depth. Closing fees apply at the market’s taker rate. Remaining collateral stays in the account when closing restores sufficient maintenance.
If a deeply depleted position cannot close against usable liquidity, a simulated backstop settlement may close the remaining exposure at the mark price. This is labelled as a settlement adjustment in history, rather than an ordinary market fill. An isolated settlement affects that position’s collateral; a cross settlement affects the cross balance.
Liquidity and data interruptions can delay closing. Neither a liquidation estimate nor an account loss floor guarantees a particular exit price. Read the account closure rules.