Closing multiple open spot positions on margin
When trading using margin, you agree to close your open positions on a “First in First Out” (FIFO) basis. This means that if you have multiple positions open in the same currency pair, the position opened first will be closed first. Suppose you opened two “long BTC” positions, by purchasing 1 BTC on margin each time. If you then enter into a closing transaction to sell 1 BTC, the long BTC position that will be closed will be the one that was opened first.
If you use the closing order tool (shown below) at the bottom of your open positions list, the different volume settings will have the following results:
- 100% volume: creates a limit order that, if filled, will close all your open positions. It does not matter what level of leverage you select for this closing order.
- 50% volume: creates a limit order that, if filled, will close 50% of your open positions by volume, starting with your oldest positions. It does not matter what level of leverage you select for this closing order.
- 25% volume: creates a limit order that, if filled, will close 25% of your open positions by volume, starting with your oldest positions. It does not matter what level of leverage you select for this closing order.
- 200% volume: creates a limit order that, if filled, will close all your open positions and create an opposing position of the same volume (i.e. close a 1 BTC long position and open a 1 BTC short position). The leverage level does matter for this order, since the newly opened position will use leverage at the level selected in the order. This is also referred to as “flipping” a position.
Note that you can enter a different volume amount or select a different order type in the order form if you want to do something different from the four options above.
Settling multiple open spot positions on margin
The FIFO rule also applies to positions you close through settlement. This means that if you have multiple positions open in the same currency pair, the position opened first will be settled first. Suppose you opened two “long BTC” positions, by purchasing 1 BTC on margin each time. If you then do a Buy Settle Position order for 1 BTC, the long BTC position that will be settled will be the one that was opened first.
If you use the settle order tool (shown below) at the bottom of your open positions list, the different volume settings will have the following results:
- 100% volume: creates a settle order that will settle all your open positions. It does not matter what level of leverage you select for this settle order.
- 50% volume: creates a settle order that will settle 50% of your open positions by volume, starting with your oldest positions. It does not matter what level of leverage you select for this closing order.
- 25% volume: creates a settle order that will settle 25% of your open positions by volume, starting with your oldest positions. It does not matter what level of leverage you select for this closing order.
- 200% volume: you can’t settle more than 100% of your open positions, so this will create an order that will settle all your open positions (the remaining volume of the order will be canceled). It doesn't matter what level of leverage you select for this settle order.
Note that you can enter a different volume amount for the order if you wish.
