Updated Rules checked 2026-10-18
The difference between cross margin and isolated margin is which money holds up a futures position. Isolated margin uses only the margin assigned to that position, so if it is liquidated you lose at most that margin. Cross margin treats the available balance of the same coin in your futures account as margin. The liquidation price sits further away, but if liquidation does happen, you may lose that coin’s whole balance along with it.
In numbers (an example with a 0.5% maintenance margin rate, fees ignored): a futures account holds 1,000 USDT, and you open 10x longs on BTC and ETH with 200 USDT each. If both coins fall 10% at the same time, both isolated positions have already been liquidated, you have lost 400 USDT, and the remaining 600 USDT is untouched. Under cross margin both positions are still open with 600 USDT of account equity left, and liquidation only comes once both fall about 24.6%, by which point almost all of the 1,000 USDT is gone.
Below I’ve compiled the official rules at 13 exchanges: the default margin mode, whether you can switch while holding positions, One-Way Mode and Hedge Mode, and unified accounts and multi-asset margin, each with an official source. Leverage magnifies both gains and losses. If the price moves against you, the position may be forcibly liquidated and the margin you put in is lost in full.
Key points
When an isolated position is liquidated, the maximum loss is that position’s margin; for cross margin, Bitget states officially that you “may lose all assets in that margin coin.”
A 1,000 USDT account with two 200 USDT, 10x longs (0.5% maintenance margin rate, no fees): under isolated margin each position is liquidated after a 9.55% drop; under cross margin both are liquidated only after both fall 24.62%, but nearly the whole account is lost.
Binance, Bybit and XT state officially that cross margin is the default. Binance and XT do not allow switching margin mode while you have positions or open orders, and Bybit’s margin mode applies to the entire account.
Ourbit only lets you change isolated to cross, not cross back to isolated. At MEXC and Ourbit, a margin mode change does not apply to positions and orders you already hold.
Multi-asset margin at MEXC, HTX and Pionex supports cross margin only. The first switch to OKX’s multi-currency margin mode requires equity of at least USD 10,000 and a knowledge quiz.
The information below was verified against official pages on 2026-10-18 (check date) and is shared for your reference.
What is cross margin?
Cross Margin lets margin in the same coin be shared across all cross positions. OKX’s explanation of cross and isolated margin (updated 2026-08-11) says cross positions with the same settlement coin “share margin, and their profits and losses offset each other,” and that in extreme markets “the entire account may lose all of a given coin.” XT’s page on cross vs isolated margin (updated 2026-06-08) gives a more concrete example: after a BTCUSDT position is liquidated, “he will lose his entire USDT balance, but his BTC balance will not be affected.”
The advantage of cross margin is that liquidation looks at the equity of the whole account, so when one position drops sharply for a short time, the rest of the money in the account steps in first. Gate’s introduction to futures position modes states that cross margin is liquidated when “the account maintenance margin ratio ≤ 100%,” and that when this is triggered “all positions in the account may be forcibly liquidated.”
Example: two cross longs on 1,000 USDT
These are assumptions for illustration, not real quotes from any exchange: the futures account holds 1,000 USDT, BTC is opened at 60,000 and ETH at 3,000, each with 200 USDT of margin at 10x, so each position is worth 2,000 USDT. Both use a 0.5% maintenance margin rate, and fees and funding are ignored. The liquidation condition follows the liquidation price calculator: account equity ≤ position value × maintenance margin rate.
- BTC and ETH both fall 10%: each position loses 200 USDT, so account equity is 1,000 − 400 = 600 USDT. Maintenance margin is 3,600 × 0.5% = 18 USDT, which is nowhere near liquidation, so both positions stay open.
- How far both must fall to be liquidated: solve 1,000 − 4,000x = 0.5% × 4,000 × (1 − x), giving x = 980 ÷ 3,980 ≈ 24.62%. At that point BTC is about 45,226 and ETH about 2,261, the account has only about 15 USDT of equity left, and both positions are liquidated together.
- Only BTC falls, ETH stays flat: apart from the 10 USDT of maintenance margin ETH needs, the other 990 USDT in the account all supports BTC. BTC liquidation price = (60,000 − 990 ÷ 0.033333) ÷ (1 − 0.5%) ≈ 30,452, so BTC has to fall 49.25% before it is liquidated.
A cross liquidation price keeps moving. When another position makes money, it moves further away; when another position loses money, you pay funding, or you transfer funds out of the futures account, it moves closer. KuCoin’s cross margin rules also state that cross margin is based on the account risk ratio and that the liquidation price shown on screen is for reference only.
What is isolated margin?
Isolated Margin assigns margin to each position separately. Bitget’s key futures trading terms define it as “margin is allocated to each position separately. If the loss exceeds the maintenance margin, only that position will be liquidated,” and state that “maximum loss = the margin occupied by that position.” WEEX’s isolated margin explanation uses the example of 1,000 USDT in futures funds with 100 USDT opened at 10x: even if it is liquidated, that trade loses only 100 USDT.
Example: the same two positions under isolated margin
Same conditions as above, but in isolated margin. Each position only counts its own 200 USDT:
- BTC liquidation price: quantity = 2,000 ÷ 60,000 = 0.033333 BTC, so the margin can absorb a 200 ÷ 0.033333 = 6,000 USDT drop. Liquidation price = (60,000 − 6,000) ÷ (1 − 0.5%) ≈ 54,271.36, which is reached after a 9.55% drop.
- ETH liquidation price: (3,000 − 300) ÷ 0.995 ≈ 2,713.57, also 9.55%. With the same leverage and maintenance margin rate, the distance to liquidation under isolated margin depends only on leverage.
- After a 10% drop: both positions have been liquidated, losing 200 USDT each. The other 600 USDT in the account was not assigned to any position, so it is unaffected; if the market keeps falling, you lose nothing more.
| Both coins fall | Isolated: account balance left | Isolated position status | Cross: account equity | Cross position status |
|---|---|---|---|---|
| 5% | 800 USDT | Both open, each down 100 unrealized | 800 USDT | Both open |
| 9.55% | About 600 USDT | Both hit the liquidation price | 618 USDT | Both open |
| 10% | 600 USDT | Liquidated | 600 USDT | Both open |
| 20% | 600 USDT | Liquidated, no further loss | 200 USDT | Both open |
| 24.62% | 600 USDT | Liquidated | About 15 USDT | Liquidation hit, both closed together |
The figures in the table are calculated from the assumptions above (0.5% maintenance margin rate, fees and funding ignored), with isolated liquidation counted as losing the full margin. Real liquidation prices sit closer to the entry price because of closing fees, funding and position tiers. To plug in your own numbers, use the liquidation price calculator.
This table is the trade-off between the two modes. After a 10% drop the cross positions are still alive while the isolated ones are already out; after a 24.62% drop isolated margin has lost at most 400 USDT, while cross margin has lost nearly the whole account. Opening cross positions with another 1,000 USDT in the account gives the same liquidation price as “isolated margin plus another 1,000 USDT of added margin.” The difference is that cross margin needs no manual top-up, and it also ties the whole account together.
Cross vs isolated margin comparison table
| Item | Isolated | Cross |
|---|---|---|
| Money supporting the position | Only the margin assigned to this position (plus any margin you add manually) | Available balance of the same coin in the futures account |
| Maximum loss if liquidated | This position’s margin | All assets in that coin (official wording varies by exchange) |
| How liquidation is decided | This position’s margin ratio | The whole account’s maintenance margin ratio |
| Effect of other positions | None, positions are independent | Losses on other positions move the liquidation price closer, and they may be liquidated together |
| Is the liquidation price stable? | Roughly fixed after opening; it only moves when you add margin or funding is deducted | Keeps changing with the account balance and other positions’ P&L |
| Easy to work out the maximum loss? | Yes, the maximum loss is the margin | You have to count the whole account’s balance in that coin |
Sources: Bitget key futures trading terms, Gate introduction to futures position modes, KuCoin cross margin rules, checked 2026-10-18.
Isolated margin also has a common feature called “Auto Add Margin,” which tops up the position from the account’s available funds before liquidation. WEEX’s explanation of auto add margin (updated 2026-01-08) states that the feature can lower the chance of liquidation, “but in extreme cases it may result in the loss of all available funds in your futures account.” With this feature turned on, the loss cap of an isolated position is no longer just the margin you opened it with.
What are One-Way Mode and Hedge Mode?
Position mode is a separate setting from cross and isolated margin. In One-Way Mode a contract can only have one direction, so an order in the opposite direction first closes the existing position. In two-way mode, which Binance and BingX call “Hedge Mode,” you can hold a long and a short at the same time.
HTX’s position mode explanation has the clearest example: on the BTCUSDT perpetual, you first buy to open a 10-contract long, then sell 20 contracts.
- Hedge Mode: you hold two positions at once, a 10-contract long and a 20-contract short.
- One-Way Mode, Reduce-Only unchecked: the 10-contract long is closed first, then a 10-contract short is opened in the opposite direction, leaving only a 10-contract short.
- One-Way Mode, Reduce-Only checked, selling 10 contracts: only the 10-contract long is closed, no opposite position is opened, and you end up with no position.
The most common mistake in Hedge Mode is assuming that pressing “Sell/Short” will close a long. Instead it opens a separate short, and you end up paying fees and funding on both sides. Position mode and margin mode also affect each other: Bybit’s margin mode comparison states that Portfolio Margin supports One-Way Mode only, and HTX’s hedged-position margin optimization specifies that when you hold both long and short on the same contract in the same mode, the margin discount on the hedged portion is 100% (HTX margin explanation).
What are unified accounts and portfolio margin?
Unified accounts, multi-currency margin, portfolio margin and multi-asset margin all either widen “the assets that can count as margin” beyond a single coin or put spot, margin and futures into one account. Each exchange names them differently, so below I only list what is officially stated:
- OKX: OKX’s trading settings tutorial (updated 2026-10-15) lists Spot mode, Futures mode and advanced modes, and the advanced modes are split into Multi-currency margin and Portfolio margin. OKX’s mode comparison (updated 2026-08-11) states that Futures mode has no minimum equity and no knowledge quiz, while the first switch to Multi-currency margin mode requires equity of at least USD 10,000 and a one-time knowledge quiz. That page does not state the requirement for Portfolio margin.
- Bybit: the Unified Trading Account has three modes, Isolated Margin, Cross Margin and Portfolio Margin. Cross is the default, and the selected mode applies to the whole account. Portfolio Margin is aimed at professional derivatives traders and supports One-Way Mode only; the official page does not give a minimum asset requirement.
- Binance: Binance’s guide to enabling the unified account (updated 2026-02-26) lists these conditions: no loans, open orders, positions or negative balances in Cross Margin, USDⓈ-M futures not using Isolated Margin or Multi-Assets Mode, and at most 10 switches within 24 hours.
- Bitget: Bitget’s unified account FAQ (updated 2026-09-21) lists three modes, basic mode, isolated margin mode and advanced mode; only advanced mode offers multi-asset margin and mixing cross and isolated. Before upgrading, the futures account must have no positions or open orders.
- Gate and KuCoin: Gate’s unified account introduction lists four modes, classic spot, single-currency margin, multi-currency margin and portfolio margin, with no stated requirements. KuCoin’s unified account is currently in limited testing and open only to some professional and institutional users.
- Multi-asset margin: MEXC’s multi-asset margin “currently supports only cross margin mode, not isolated margin mode,” and you cannot switch while you have positions, active orders or liabilities. HTX’s multi-assets collateral mode also supports cross margin only, with USDT, BTC and ETH as collateral. Pionex’s multi-asset margin (2026-08-28) likewise supports cross margin only. Ourbit and BingX also offer multi-asset margin or a multi-asset mode, but eligibility is not stated officially.
When you use other coins as margin, watch one more thing: collateral is discounted, and it can fall in price too. HTX’s official example values 1,000 USD of BTC at 95%, so it counts as only 950 USDT of margin, and collateral such as BTC and ETH is discounted by 5% to 10%. If you go long ETH with BTC as margin and both coins fall together, your margin and your position shrink at the same time.
Margin modes and switching rules at 13 exchanges
| Exchange | Default margin mode | Switch margin mode with open positions? | One-Way / Hedge Mode | Unified account / multi-asset margin | Official sources |
|---|---|---|---|---|---|
| Binance | Cross (default for all contracts) | No, not with open orders or positions; applies only to the selected contract | Both available, default not stated officially; cannot switch with positions or open orders | Unified account; cannot be enabled while USDⓈ-M uses Isolated Margin or Multi-Assets Mode | Switching guide, Position mode |
| OKX | Cross or isolated chosen per order, default not stated officially | No switch needed; orders in the same coin and direction with different margin types are not merged | Both available, default not stated officially | Multi-currency margin (USD 10,000 + quiz), Portfolio margin | Trading settings, Mode comparison |
| Bybit | Cross | Mode applies to the whole account; switching to isolated requires no options positions or orders, no spot margin orders and no borrowing | One-Way by default; Hedge Mode only for USDT perpetuals; close positions and cancel orders first | Unified Trading Account, Portfolio Margin | Margin modes, Position modes |
| Bitget | Not stated officially | Not stated officially | Hedge Mode by default; cannot switch if any trading pair has positions or open orders | Unified trading account (multi-asset margin in advanced mode) | Position mode, Unified account |
| MEXC | Not stated officially | Yes, but it does not apply to existing positions and open orders | Both available, default not stated officially | Multi-asset margin, cross only | Web tutorial, Multi-asset margin |
| Gate | Not stated officially | One-Way and split positions can switch any time; Hedge Mode requires no positions or open orders in that settlement coin | One-Way, Hedge and split positions, default not stated officially; no positions or open orders before switching | Unified account (single-currency, multi-currency, portfolio margin) | Margin mode, Position mode |
| BingX | Not stated officially | Cannot change positions already opened | Hedge Mode (two-way) by default; no positions or open orders before switching; applies to the whole account | Multi-asset mode, eligibility not stated officially | Cross/isolated tutorial, Position mode |
| KuCoin | Not stated officially | Set per trading pair; close positions and cancel orders in that pair first | Both available, default not stated officially; close positions and cancel orders first | Unified account, limited testing | Margin mode, Position mode |
| HTX | Not stated officially | Cross and isolated can be used at the same time on USDT-margined perpetuals; switching does not affect existing positions | Both available, default not stated officially; in the new system an account can only have one position mode, and you cannot switch with positions or orders | Multi-asset margin, cross only | How-to guide, System upgrade notice |
| XT | Cross (officially stated as default) | No, cancel that pair’s open orders and close positions first | Supports Hedge Mode; the help page does not explain how to switch to One-Way | Not found in the official help center | Cross/isolated, Position mode |
| WEEX | Not stated officially | Not stated officially | Both cross and isolated support two-way positions; no One-Way Mode explanation found | Not found in the official help center | Cross margin, Two-way positions |
| Pionex | Not stated officially | Split positions and cross/isolated can be switched any time without affecting open positions; rules for switching between cross and isolated not stated officially | Both available, default not stated officially; cannot switch with positions or open orders | Multi-asset margin, cross only | Futures FAQ, Split positions |
| Ourbit | Not stated officially | Isolated can change to cross, cross cannot change back to isolated; new settings do not apply to existing positions and open orders | Hedge Mode by default; cannot adjust with positions or open orders; applies to all contracts | Multi-asset margin | Trading modes, Web tutorial |
Checked against each exchange’s official help pages on 2026-10-18. “Not stated officially” means the official pages I found do not say; it does not mean the setting doesn’t exist. The trading screen is the final word.
Keep three things in mind when reading this table. First, Binance, Bybit and XT state that cross margin is the default, so if you move all your USDT into the futures account and place an order right away, all of that USDT carries the risk of the position. Second, if you want to change modes, do it before your first order: Binance, XT and KuCoin do not let you change with open positions, and at MEXC and Ourbit a change applies only to new positions. Third, Bitget, BingX and Ourbit default to Hedge Mode, so close positions with the Close button. For the full steps at each exchange, see that exchange’s futures guide.
How to choose: by trading situation
There is no single right answer to cross or isolated. Below I only list what the rules lead to in each situation; this is not trading advice:
- You open a single position and want to know the maximum loss up front: under isolated margin the maximum loss is the margin you assigned, which you can work out when you open. Under cross margin the maximum loss depends on how much of that coin sits in the futures account.
- You hold several positions at once: cross margin lets their profits and losses offset, so a winning position can hold up a losing one. The cost is that they may be liquidated together; Gate states that when cross margin hits liquidation, “all positions in the account may be forcibly liquidated.”
- Most of your funds are in the futures account: under cross margin all of that money counts as margin. XT’s example notes that the BTC balance is not affected by a USDT futures liquidation, which shows the scope is “the same margin coin”; balances in other coins are outside it.
- You want to change modes after opening: most exchanges require you to close positions and cancel orders first. Ourbit lets you change an open isolated position to cross, but not the other way around.
- You want to use BTC or ETH as margin: multi-asset margin at MEXC, HTX and Pionex supports cross margin only, and collateral is counted at a discount.
- You turned on auto add margin for an isolated position: margin is topped up from the account’s available funds before liquidation, and in extreme cases you may lose all available funds, which makes it work much like cross margin.
What are the risks of cross and isolated margin?
Futures do not protect your principal; the two modes just put the risk in different places. Everything below is stated on official pages:
- Cross margin may lose the whole balance of a coin: Bitget states that once a cross position is liquidated, you “may lose all assets in that margin coin.” WEEX’s cross margin explanation says that when losses exceed the limit, “all futures funds may be deducted.”
- Isolated margin can still be lost in full: isolated margin only limits the scope, and once liquidated you usually do not get that margin back. Binance charges a liquidation clearance fee from the margin left after liquidation, Bybit closes positions in the lowest tier at the bankruptcy price, and Bitget moves remaining margin into its risk reserve fund. See the exchange comparison in the liquidation price calculator for details.
- The account is restricted during cross liquidation: BingX’s liquidation rules state that when cross margin triggers liquidation, the margin account is frozen, and you cannot deposit, withdraw, transfer or place orders.
- The liquidation price moves: a cross liquidation price changes with other positions’ P&L and the account balance, and KuCoin states that the cross liquidation price is for reference only. When funding is deducted from margin, an isolated liquidation price also moves closer; see what is the funding rate for how this works.
- Liquidation uses the mark price: most exchanges trigger liquidation on the mark price, not the last traded price. The difference is explained in mark price vs last price.
- A stop-loss is not guaranteed to fill: in extreme markets it may slip or not fill at all, and the stop price should also sit before the estimated liquidation price. See how to set stop-loss and take-profit for the settings.
FAQ
Which is better, cross or isolated margin?
Neither is better in absolute terms; they differ in how far a loss can reach. Isolated margin’s maximum loss is that position’s margin, but the liquidation price is closer. Cross margin uses the available balance of the same coin to support positions, so the liquidation price is further away, but a liquidation may cost you that coin’s entire balance.
Is the default for new users cross or isolated?
Binance, Bybit and XT state officially that cross margin is the default. The official pages of Bitget, MEXC, Gate, BingX, KuCoin, HTX, WEEX, Pionex and Ourbit do not state a default, and OKX has you choose on each order. Before opening a position, check in the order panel which mode is currently selected.
Can I switch between cross and isolated while holding a position?
At most exchanges, no: you have to close positions and cancel orders first. Binance and XT do not allow a change with any positions or open orders; KuCoin requires you to close that pair’s positions first; MEXC and Ourbit let you change the setting, but it applies only to new positions; Gate’s One-Way Mode can switch at any time; and at HTX, cross and isolated can be used at the same time.
Can cross margin lose more than what is in the futures account?
According to the official wording, the loss scope of cross margin is the assets in the same margin coin in the futures account. XT’s example is that after a USDT futures liquidation you lose your entire USDT balance, while the BTC balance is unaffected. For losses beyond the margin caused by price gaps, OKX and MEXC state that the insurance fund or risk reserve fund covers them; see the liquidation price calculator for each exchange’s rules.
What is the difference between One-Way Mode and Hedge Mode?
In One-Way Mode a contract can only have one direction, and an opposite order closes the position first. Hedge Mode lets you hold a long and a short at the same time. Bybit defaults to One-Way Mode; Bitget, BingX and Ourbit default to Hedge Mode; the other exchanges do not state a default, and most require you to close positions and cancel orders before switching.
Why does the cross liquidation price keep changing?
Because cross liquidation looks at the whole account, not a single position. When other cross positions make money, the liquidation price moves further away; when other positions lose money, you pay funding, or you transfer funds out, it moves closer. KuCoin states that cross margin is based on the account risk ratio and that the liquidation price is for reference only.
How is multi-asset margin different from cross margin?
Multi-asset margin builds on cross margin by also counting other assets such as BTC and ETH as margin, and MEXC, HTX and Pionex all state that it supports cross margin only. Non-stablecoin collateral is discounted (5% to 10% at HTX), and when the collateral falls, your margin shrinks with it.
What is auto add margin for isolated positions?
Auto add margin is a feature that tops up an isolated position’s margin from the futures account’s available funds when the position nears liquidation. WEEX states that it can lower the chance of liquidation, but in extreme cases you may lose all available funds in the futures account, and the feature resets once all positions are closed.
To work out liquidation prices, use the liquidation price calculator. For how fees and funding are calculated, see how futures fees are calculated and what is the funding rate, or run the numbers in the perpetual futures cost calculator. Setup steps and where to find the cross/isolated setting at each exchange are in the Binance futures guide, OKX futures guide, Bybit futures guide, Bitget futures guide, MEXC futures guide, Gate futures guide, BingX futures guide, KuCoin futures guide, XT futures guide, WEEX futures guide, Pionex futures guide and Ourbit futures guide. For choosing a trigger price and setting stops, see mark price vs last price and how to set stop-loss and take-profit. Referral codes for every exchange are collected in the crypto exchange referral code hub.