In ~ March 19, 2024, we have upgraded our trading technology and announced significant changes to our API and cross-margin system. As mentioned, we have begun gradually migrating all trading accounts to the new system. This process is expected to take approximately 3 weeks and we will notify you when the migration is complete.
The team wanted to take a moment to explain some of the changes you’ll see during your account migration process, and most importantly, some of the benefits you’ll experience.
Notable changes include updates to the positions table, wallet page, and cross margin system.
No direct action is required during this migration.
Show expected changes during migration
As we migrate your account to the new system, you may notice that some numbers have changed on your BitMEX trading terminal and wallet pages.
Trading terminal display updates
The following fields in the Position table can be changed (eventually they will apply to all accounts):
- Unrealized P&L will be equal to the position P&L.
- The liquidation price will be close to the market average price (see explanation below for details).
- Realized P&L may decrease (and unrealized P&L may increase by the same amount).
next field won’t change:
- size
- admission price
- Influence
- position profit/loss
We also gun This is the value displayed in the upper right corner of the trading terminal. You will now see your margin balance, which represents your total assets on the exchange (previously it would show your wallet balance minus any unrealized P&Ls from your margin balance, which you can still see on your wallet page).
profit The available margin will continue to be displayed.
Wallet page display updates
In addition to the changes visible in the BitMEX trading terminal, the wallet page has also been updated.
In particular, we’ve cleaned up the way columns are displayed.
- balance It shows the value (“market valuation”) of each asset.
- Available Shows the balance available for derivatives trading.
- Withdrawal possible It shows how much you can withdraw and how much you can use as Spot. switch.
You can also expand each asset (e.g. USDT) to view other details, such as wallet balance. Hover your mouse over the information icon for each field to see a detailed description.
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Margin system changes for a better trading experience
We’ve updated the way our cross margin system works to provide you with a better trading experience. These changes are also responsible for some of the display changes mentioned above (e.g., the liquidation price is closer to the market average price). Here’s a full overview of what you can expect as a result of the update.
Unrealized P&L may be shared between cross margin positions.
This means you do not need to realize a profit or loss on one position to support another position using cross margin in the same account using the same payment currency. During the migration process, for open positions with Cross Margin and Real P&L enabled, realized profits will automatically be converted to unrealized P&L, so you will see realized P&L decrease and unrealized P&L increase accordingly.
In cross margin, only the maintenance margin is locked.
Now only the maintenance margin is locked, allowing you to load larger positions incrementally. But pay close attention to the liquidation price!
In cross margin, margin is continuously shared across all open positions until there is not enough to cover the required maintenance margin.
When this happens, all cross margin positions and settlement currencies in that account will be liquidated simultaneously.
One big advantage is that the new cross margin does not increase the liquidation probability and in most cases reduces it.
However, unrealized profits from specific positions are not protected as in the traditional system. If you do not want a position with shared margin, set it to isolated margin or sub account.
Since liquidation now works differently, the liquidation price display has changed.
When trading under cross margin, the liquidation price is always moving. The existing system displays the liquidation price assuming all positions are available. every Available margin.
The new system uses: partial allocation Indicates the liquidation price assuming the position shares the available margin according to the maintenance margin.
This is why when you transfer your account the liquidation price shown will be closer to the current market average price.
This does not mean you are more likely to be liquidated. This is just a more realistic view of what could happen.
If you choose to display the liquidation price, the changes will also be reflected on the trading charts.
Do you have any questions?
We understand this may be a big change for some of you, so below is a list of answers to some frequently asked questions.
Can unrealized P&L be used for everything?
Unrealized P&L can be used as margin for derivatives positions, but only realized balances can be withdrawn, transferred or used for BitMEX spot or conversion transactions.
What if I want to only use isolated margin?
The experience for positions using isolated margin is the same as the existing BitMEX experience. If you do not want your positions to share margin, set Margin to Isolated.
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