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在 Coin-M 交易中管理保证金和清算
最近更新 2026年2月27日
How Coin-M margin works
Coin-M contracts use cross margin exclusively. Each of the four supported assets has its own separate wallet, and the collateral in that wallet backs all positions within it.
Key point:
Coin-M wallets are completely isolated from each other and from your Multi-M wallet. A liquidation in your BTC Coin-M wallet does not affect funds in your ETH, LTC, XRP, or Multi-M wallets.
资产 | 指数 | 估值折扣 | 保证金钱包 |
|---|---|---|---|
BTC | BRTI | 不适用 | FI_BTCUSD |
ETH | ETHUSD_RTI | 不适用 | FI_ETHUSD |
LTC | LTCUSD_RTI | 不适用 | FI_LTCUSD |
XRP | XRPUSD_RTI | 不适用 | FI_XRPUSD |
对于每个保证金账户，我们通过将“可用保证金”与未平仓头寸的利润和损失相加来计算您的“投资组合价值”。然后计算未平仓头寸和未结订单的保证金要求。“投资组合价值”即可作为保证金的抵押品的价值。如果投资组合价值高于保证金要求，则账户将全额抵押。公式如下所示：
投资组合价值 = 可用保证金 + 未实现总利润/损失（以美元计）
Your portfolio value determines whether your account is sufficiently collateralized. It's calculated per wallet as:
Formula
Portfolio Value = Available Margin + Total Unrealised P&L (in USD)
If your portfolio value is greater than or equal to the maintenance margin requirement for your open positions, your account is fully collateralized. If it falls below, liquidation may be triggered.
保证金净额结算仅适用于在同一 Coin-M 交易对上交易永续合约和固定到期合约。保证金净额结算发生在同一钱包的多头和空头头寸之间（即同一交易对工具类型），不同钱包（即 BTC 和 ETH）的头寸之间没有保证金净额结算。
例如，在一个到期日的多头 Bitcoin-Dollar 衍生品头寸与另一个到期日的空头 Bitcoin-Dollar 衍生品头寸之间存在保证金净额结算。
然后总保证金要求将计算为：
总保证金要求 = 最大值（保证金多头头寸，保证金空头头寸）
这意味着只计算多头或空头头寸（以较大者为准）的保证金要求。这适用于所有保证金参数（即初始保证金和维持保证金）。
保证金净额结算允许交易者有效利用不同到期日之间的价格差异。例如，如果您认为衍生品 A 的价格相对于衍生品 B 过高，您可以在 A 上开立一个空头头寸，在 B 上开立一个多头头寸。如果差异缩小，则将带来利润。保证金净额结算可确保该头寸的保证金要求不会过高。
Formula:
Total Margin Requirement = Max(Margin for Long Positions, Margin for Short Positions)
Only the larger side (long or short) counts toward your margin requirement. This applies to both initial margin and maintenance margin.
Why this matters: Margin netting makes it efficient to trade spread strategies. For example, if you believe a Fixed contract is overpriced relative to the Perpetual, you can short the Fixed and long the Perpetual. Margin netting ensures you aren't charged the full margin for both sides independently.
重要提示：
Margin netting only works within the same wallet. There is no netting across different assets, a BTC long and an ETH short are in separate wallets and are margined independently.
平仓
当“投资组合价值”低于衍生品保证金钱包中所有未平仓头寸所需的维持保证金时，就会发生清算。其他钱包中的资金（例如持有钱包或 Multi-M 钱包）不会受到 Coin-M 保证金钱包清算的影响。
Liquidation triggers when:
账户余额 = $50,000
多头月度头寸 50,000 @ $3000
系统预留初始保证金 = $15000 (50*3000/10)
维持保证金 = 50x$3000x2% = $300
BTC 交叉头寸 20 BTC @ 40,000
初始保证金 = 40,000 * 20 * 4% = $32,0000
维持保证金 = 40,000 * 20 * 2% = $16,0000
标记价格 ETH = $2,000 → UPL = -$50,000
标记价格 BTC = $40,000 → UPL = $0
账户保证金权益 ($0) < 所有头寸的维持保证金 (300 + 16,000) → 整个账户清算
多种场景可能会导致清算：
- •
价格变动：
价格与您的头寸相反波动，导致您的投资组合价值低于维持保证金
- •
高溢价变动：
由于固定合约的高溢价/折扣，某个头寸的投资组合价值低于维持保证金
- •
保证金净额结算/溢价变动：
在不同到期日持有多头和空头头寸，且永久资金费率使投资组合价值低于所需的维持保证金，或固定到期头寸的溢价变动使投资组合价值低于维持保证金
有关清算的更多信息，请参阅清算常见问题。有关 Multi-M 清算的信息，请参阅保证金和清算 - Multi-M 衍生品。
- •
Monitor your effective leverage. The closer your position size is to your total wallet balance, the higher your leverage, and the less room you have before liquidation. Check your effective leverage regularly in the Position Details view.
- •
Add collateral to your wallet. Transferring additional funds into the relevant Coin-M wallet increases your portfolio value and gives your position more breathing room.
- •
Reduce your position size. Partially closing a position lowers your margin requirement, improving your margin ratio.
- •
Use Stop Loss orders. Attaching a Stop Loss when you open a position sets a predefined exit point, limiting your downside before liquidation is reached.
- •
Keep funds in the correct wallet. Coin-M wallets are asset-specific. Make sure your collateral is in the right wallet for the contracts you're trading. Funds sitting in your BTC wallet don't protect your ETH positions.