Unlike isolated margin mode, the maximum number of open positions in cross margin mode is not limited by the risk limit level. Instead, it depends on various factors such as the total margin in the futures account, leverage multiplier, order price, and more. The higher the leverage multiplier chosen by the user, the larger the number of open positions. This is in contrast to isolated margin mode, where higher leverage leads to fewer open positions.

1. Calculation Formula

Maximum Number of Open Positions = k * ln((C - F) * Lev / p / k + 1)

C: The user’s total margin in cross margin mode is the balance of the futures account minus the margin used for isolated-margin positions. If there are no isolated-margin positions, the entire account balance can be used as the total margin.

F: The funds occupied by positions and pending orders of other futures, excluding the current futures. After subtracting this amount from the total margin, the remaining margin is available for the current futures.

Lev: The leverage multiplier chosen by the user.

P: The price is close to the order price, but it also considers the order book and fees.

K: The amplification factor, which ensures that with the same available margin, you can open more positions as you increase leverage, but the increase slows down. The platform will determine and adjust the K value based on each contract.

Example: If you assume buying a BTC/USDT contract at a price of 60,000 USDT with a leverage multiplier of 10x, your futures account balance is 100,000 USDT, and there are no other pending orders or positions, then the K value for the BTC/USDT contract is 490. Therefore, your maximum number of open positions = 490* ln(100,000 * 10 / 60,000/490 + 1) = 16.39 BTC.

2. More Scenarios

When calculating the maximum number of open positions, the result will be adjusted by subtracting the number of positions and open orders in the same trading direction and adding the number of positions in the opposite trading direction.

That is equal to: k * ln((C - F) * Lev / p / k + 1) – the number of positions & open orders in the same trading direction + the number of positions in the opposite trading direction.

Example: Taking the previous example, if the maximum number of long positions that can be opened is 16.39 and you already hold 10, the maximum number of long positions you can now open is: 16.39 - 10 = 6.39.

Similarly, if you already hold 10 BTC in long positions and have 2 BTC in long-position orders, the maximum number of positions you can open with a new buy order is: 16.39 - 10 - 2 = 4.39.

Additionally, if the calculated maximum number of short positions = 16, but you already hold 10 BTC in long positions, then the current maximum number of short positions is: 16 + 10 = 26. 

 

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