页面历史记录

Section 1 - Introduction to Futures Contract

As different platforms have different mechanisms, the following contents take 【MXC Contract】 as an example:

1、The Overview of Perpetual Contract

A Perpetual Contract is a derivative product that is similar to a traditional Futures Contract, but has a few differing specifications:

Perpetual Swap has no delivery date and never expires;

As there is no delivery date, a funding cost mechanism is used to ensure that the Perpetual Swap price is anchored to the spot market;

2、The mechanics of Perpetual Contacts

When trading perpetual contracts, a trader needs to be aware of several mechanics of the market. The key components a trader needs to be aware of are:

Mark Price:  Perpetual Contracts are marked according to the Fair Price Marking method. The Mark Price determines Unrealized PNL and liquidation prices.

Initial Margin ：These key margin levels determine how much leverage one can trade with and open a position.

Maintenance Margin ：It is required for remaining the positions and avoiding auto-liquidation.

Funding：Periodic payments exchanged between the buyer and seller every 8 hours. If the rate is positive, then longs will pay and shorts will receive the rate, and vice versa if the rate is negative.

You will only pay or receive funding if you hold a position at the Funding Timestamp.

Funding Timestamps: 04:00 UTC, 12:00 UTC and 20:00 UTC.

Traders can observe the current funding rate for a contract on the indicator column of “funding rate”.

3、Funding

Funding is the core operating mechanism of Perpetual Contracts. The funding will be charged at UTC4 00(12:00 Singapore time), utc12:00 (20:00 Singapore time) and utc20:00 (04:00 Singapore time).

Funding is calculated as:

Funding Amount= Value of Positions × Funding Rate

Your position value is irrespective of leverage. For example, if you hold 100 BTCUSDT contracts, funding is charged/received on the notional value of those contracts, and is not based on how much margin you have assigned to the position.

4、The calculation for funding

The Funding Rate is comprised of two main parts: the Interest Rate and the Premium / Discount. This rate aims to keep the traded price of the perpetual contract in line with the underlying reference price. In this way, the contract mimics how margin-trading markets work as buyers and sellers of the contract exchange interest payments periodically.

The interest rate depends on the borrowing rate of the base currency and the  accounting currency。

Interest Rate (I) = (Interest Quote Index - Interest Base Index) / Funding Interval

The perpetual contract may trade at a significant premium or discount to the Mark Price. In those situations, a Premium Index will be used to raise or lower the next Funding Rate to levels consistent with where the contract is trading. Each contract’s Premium Index is available on the specific instrument’s Contract Specifications page and is calculated as follows:

Premium Index(P)=Max(0,Impact Bid Price−Mark Price)−Max(0,Mark Price−Impact Ask Price)/Spot Price+ reasonable basis of Mark price

After determining the premium index, we set a buffer limit of 0.05% for the funding premium rate, so:

Funding Rate (F) = Premium Index (P) + clamp(0.01% - Premium Index (P), 0.05%, -0.05%)

When I-P is in the interval, capital rate F=I. In this case, we call it "F value", which means the funding rate is in the most stable range.

5、The Limit of Funding

MXC imposes caps on the Funding Rate to ensure the maximum leverage can still be utilized. To do this, two caps are imposed:

The absolute Funding Rate is capped at 75% of the Initial Margin - Maintenance Margin. If the Initial Margin is 1% and the Maintenance Margin is 0.5%, the maximum Funding Rate will be 75% * (1% - 0.5%)= 0.375%.

The Funding Rate may not change by more than 75% of the Maintenance Margin between Funding Intervals.

 |F1-F2|<= Maintenance Margin * 75%，F1、F2 are continuous Funding Rates.

MXC does not charge any fees on funding; it is exchanged directly peer-to-peer.

6、Fee

Fee of MXC is as follow，

Note: the contract fee will be charged first and returned later. The settlement will be made at 20:00 UTC each day and the corresponding trading fee will be returned.

Section 2 - Introductory Tutorial

Login

1. Visit MXC's official website （https://www.mexc.com/) with a browser and click "Future Contracts ".
    

Carefully read the trading page of perpetual contract and understand the information of each section, including: contract information, pending orders, settlement history， trading data, position record, depth chart, etc.

At the same time, the bottom left of the page of contract information shows the relevant information of the contract, listed your common trading problems and the index information, easy to check at any time!

Trade

1. Select the trading pair in the trading pair switching area. It mainly includes futures with USDT margin trading and coin margin trading.
   USDT margin futures is a perpetual contract with USDT as margin, while coin margin futures is a perpetual contract with base currency as margin.
2. Mange your funds. If currently available funds are insufficient, transfer the funds from the spot account to the futures account.
   If there is still no funds in the account, you can recharge or trade with legal tender.

Margin

3. order management，put an order on order sector

Leverage

MXC provide difference times for leverage that support 100 times leverage for Cross Mode and 1-100 leverage for Fixed Mode。

全仓保证金

也称为“跨期保证金”，是指将账户所有可用余额作为保证金来避免强制平仓。任何其他仓位已实现盈利都可以帮助在亏损仓位上增加保证金。请注意，默认状态下所有仓位最初设置为“全仓保证金”。

Cross Margin Mode

For Cross Margin Mode, the Position Margin required varies with the price movements. For avoiding liquidations, all available balances in an account will be used as margin. Any realized profits could help increase margin for a losing position. Note that all positions are initially set to "cross margin mode" by default.

逐仓保证金

用户的最大损失仅限于所使用的起始保证金。 在某仓位被强制平仓时，你的任何可用余额都不会用于增加此仓位的保证金。通过隔离某仓位使用的保证金，你可以限制在此仓位的损失至起始保证金额，从而在你的短期投机交易策略失效时帮助到你。 当使用逐仓保证金时，可以选择合适的杠杆。杠杆越高，越少的保证金会被用于此仓位。

Fixed Margin mode

In this mode，the Position Margin remains the same even the price fluctuates and the maximum loss is limited to the initial margin.  Your available balances will not be used to increase the margin for the position that need to be liquidated. You can limit losses by isolating the margin used in a position when the short-term speculative trading strategy fails. You can choose the appropriate leverage for Fixed Margin Mode, The higher the leverage, the less margin will be used for the position.

委托管理：

所有买卖合约的委托，都可以在【当前委托】列表看到，并且撮合成功前均可以点“撤销”按钮取消委托。

其中，“保证金”只计算未成交部分所需保证金，而“手续费”只计算已成交部分所产生的费用。

Order Management

You can find all your orders for Perpetual Swap trading under "Trade Orders". All orders can be canceled until they are matched.

"Margin" only includes the amount required for the unfilled orders, while "Fee" only includes the fee required for the filled orders.

限价委托

限价委托是交易者用来指定买卖的最高或最低价格，交易者通过限价委托来减少其交易成本。但是如果委托价格远离当前市场价格，那么委托有可能不会被成交。在限价委托中，用户需输入所限制的仓位价格及仓位张数。

Limit Order

Limit order is an order that limits the maximum buying price of the buyer, and the minimum selling price of the seller. After your order is placed, system will post it on the order book, and match it with the orders available - at the price you specified or better. If the order price is far from the current market price, this trade might fail.

市价委托

市价委托是指在当前市场中立即成交，当交易者需要紧急成交委托时，会选择这种类型。选择此类型是请注意委托列表，否则一个巨大的市价委托可能“击穿列表”，造成市场冲击成本。

A market order is an order to quickly buy or sell at the best available current price. Unlike limit orders, where orders are placed on the order book, market orders are executed instantly at the current market price. Please pay attention to the orderbook for avoiding market loss if you choose this mode.

计划委托

计划委托是一种条件订单，当价格波动达到指定触发价格后，将以指定的执行价格进行买卖操作，交易者可以通过此类型设定委托单，对已持有仓位进行止盈止损。也可以设定在指定价格触发后，以指定执行价格进行开仓，减少他们的交易成本。

Trigger order is a pre-set order that will only be triggered under specific conditions. Once the latest traded price has reached the "trigger", the pre-set order will be executed. By using trigger order, trader can take profits and stop losses for open positions without much efforts. Also, you could open a position by setting a trigger price for reducing the trading cost.

买入做多
如果交易者判断未来行情价格上涨就做多，买入一定数量的合约。

做多实际上是以合适价格买入合约，等待行情价格上涨后卖出（平仓）赚取其中差价，与现货交易相似，简称“先买后卖”

Open Long:

A trader could buy to open long position if the judgement is that the value of currency will rise in the future. The trade would profit by close long if the price rises. The model "buy now, sell later" is similar to spot trading。

卖出做空

如果交易者判断未来行情价格下跌就做空，卖出一定数量的合约。

做空实际上是以合适价格先卖出合约，等待行情价格下跌后买入（平仓）赚取其中差价，简称“先卖后买”。

Open Short: A trader could sell to open short position if the judgement is that the value of currency will fall in the future. The trade would profit by close short if the price fall. The model  is "sell now and buy later" 。

若完成以上步骤，恭喜您，这个时候您已经交易成功了！

Congratulations！ You have successfully traded at the time you complete the above steps！

• 交易信息

敲黑板，下面是关系到仓位的盈亏和爆仓的重点知识，认真理解哦。

Trade information

It is important knowledge of Profits and Losses/forced Liquidation.

合理价

MXC永续合约采用独特设计的合理价格标记系统，以避免在高杠杆产品上发生不必要的强制平仓。 如果没有这个系统，那么标记价格可能会由于市场被操纵或是缺乏流动性而与价格指数发生不必要的偏差，从而导致不必要的强制平仓。 此系统将标记价格设置为合理价格而非最新交易价格，由此避免不必要的强平。

所有的自动减仓合约都使用合理价格标记方法，此方法只影响强平价格和未实现盈利，对已实现盈利不受影响。

注意：这意味着当你的委托执行后，你可能立即会看到正的或负的未实现盈亏。 发生这种情况的原因是合理价格与成交价格的略微偏差。 这是正常现象，并不意味着你损失了资金，但一定要留意你的强平价格，避免过早地被强制平仓。

MXC employs a unique system called Fair Price Marking to avoid unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price. The system is able to achieve this by setting the Mark Price of the contract to the Fair Price instead of the Last Price.

Also note that Fair Price Marking only affects the Liquidation Price and Unrealized PNL, it does not affect Realized PNL.

Note: This means that you may see a positive or negative Unrealized PNL immediately after an order executes. This happens when the Fair Price is slightly different from the Last Price. This is normal and does not mean you have lost money, but be sure to keep an eye on your Liquidation Price to avoid a premature liquidation.

强平价格

当合理价格达到仓位的强平价格时系统将会对该仓位进行平仓操作，请注意仓位风险，及时增加保证金或者平仓。

Liquidation Price

Liquidation will occur when the reasonable price reached the liquidation price，please keep an eye on liquidation risk and increase your margin or close your position in time.

.

保证金&实际杠杆

MXC永续合约内的所有合约均需要一定的保证金，保证金交易也使你的合约有着更大的杠杆。

在保证金交易的过程中，有以下几个点需要着重关注。

起始保证金： 开出仓位要求的最低保证金金额，同时起始保证金率（开仓仓位价值/仓位保证金）也表现了你的杠杆倍数。

维持保证金：维持仓位的最低的保证金要求，低于这个比例将触发强平事件或部分强平事件。

Margin & Leverage

Margin is required for holding position and allows traders use the function of Leverage。

The key components a traders needs to be aware of are：

Initial Margin: The lowest possible Margin Ratio for opening a position. Also it determine how much leverage one can trade with.

Maintenance Margin：The lowest possible Margin for maintaining the current positions. Full or Partial Liquidation will occur if Margin is lower than Maintenance Margin.

开仓成本： 开仓总共需要的冻结资产，包含了开仓的起始保证金和可能的手续费。

实际杠杆率： 当前仓位包含未实现盈亏的杠杆率。

MXC永续合约对于所有的交易账户使用风险限额，这样可以减少巨大强制平仓发生的可能性。

如果一些用户拥有巨大仓位资金，将可能给其他用户带来风险，如果他们的仓位被强平，其他用户可能会经历自动减仓事件。 风险限额递增模式将帮助避免这种情况的发生，它会提高巨大仓位资金的保证金要求。

关于MXC永续合约保证金指南请查看-内容三-保证金介绍

Contract cost ：The assets required for opening a position，including the initial margin and possible fees.

Actual leverage ratio: the leverage ratio for current position，including UPL.

To avoid unnecessary liquidations, the risk limits is set for all trading accounts. Users might bear some market risk if some traders’ contract fund is too large. For example, Auto-Deleveraging might occur if the position that with huge fund is liquidated. The risk limit escalation model will help avoid this situation by raising margin requirements for large positions.

The guideline of perpetual contracts could be checked on the introduction page of margin

未实现盈亏

未实现盈亏默认根据合理价格计算，即按照合理价格平仓时的预估收益，并不意味着平仓后的实际收益，实际平仓收益与平仓价格有关。未实现盈亏的计算也可在【设置】中修改为【最新价】，即按照当前市场最新成交价平仓时的预估收益。

UPL（Unrealized profits and losses）

Unrealized profits and losses (UPL) is calculated according to the reasonable price, that is, the estimated income when closing the position at the reasonable price. UPL does not mean the actual income after closing the position, the actual closing profit is related to the closing price. The calculation of UPL can also be modified in [set] to [latest price], that is, the estimated profits based on the lasted mark price.

已实现盈亏

已实现盈亏主要包括已经发生的资金费用和平仓部分的已实现盈亏，已经发生的资金费用会在仓位保证金中增减。

RPL（Realized profits and losses）

Realized profits and losses（RPL） mainly includes realized funding fee and realized profits and losses for closed part of position. The incurred funding expense will be increased or decreased as a part of the margin.

举个例子：

使用永续合约投资上有什么优势？

假设交易者小A与小B同时参与BTC交易，小A使用MXC永续合约，小B直接购买现货（等同于1倍不开杠杆）。

开仓时BTC价格为7000USDT，开仓价值均为1BTC，MXC永续合约BTCUSDT单张合约价值为0.0001BTC。

A Example：

What are the advantages of using perpetual contracts for investment?

Assume that  A and B trade BTC at the same time, A trade MXC perpetual contracts, and B directly buys BTC on spot market(equivalent 1 leverage). The price of BTC is 7000USDT, the value of position is 1BTC, and the value of single contract of BTCUSDT is 0.0001btc.

买入/做多案例

如果，BTC价格上涨至7500USDT，我们对比小A与小B的收益情况：

Case of Open long

If BTC rises to 7500USDT，the profits of A and B are as follow，

卖出/做空案例

如果，BTC价格下跌至6500USDT，我们对比小A与小B开仓收益情况：

Case of Open short，

If BTC rises to 7500USDT，the profits of A and B are as follow，

通过以上案例对比，我们发现小A使用100倍杠杆，仅用了小B保证金的1%，就获得了相同的收益，以小博大。

如果您需要了解更多关于数据计算结果可使用我们交易页面右上角的“计算器”

The above cases show that A get the same profit and only used 1% of the margin with 100 times of leverage.

If you need to know more about the data, you can use the calculator in the upper right corner of trading page.

三．保证金介绍

1、保证金

MXC永续合约里的所有合约均需要一定的保证金，保证金交易也使你的合约有着更大的杠杆。

在保证金交易的过程中，有以下几个点需要着重关注。

起始保证金： 开出仓位要求的最低保证金金额，同时起始保证金率（开仓仓位价值/仓位保证金）也表现了你的杠杆倍数。

维持保证金：维持仓位的最低的保证金要求，低于这个比例将触发强平事件或部分强平事件。

开仓成本： 开仓总共需要的冻结资产，包含了开仓的起始保证金和可能的手续费。

实际杠杆率： 当前仓位包含未实现盈亏的杠杆率。

三．Margin

1，Margin

Margin is required for holding position and allows traders use the function of Leverage。

The key components a traders needs to be aware of are：

Initial Margin: The lowest possible Margin Ratio for opening a position. Also it determine how much leverage one can trade with。

Maintenance Margin：The lowest possible Margin for maintaining the current positions. Full or Partial Liquidation will occur if Margin is lower than Maintenance Margin

Contract cost ：The assets required for opening a position，including the initial margin and possible fees.

Actual leverage ratio: the leverage ratio for current position，including UPL.

2、风险限额

MXC永续合约对于所有的交易账户使用风险限额，这样可以减少巨大强制平仓发生的可能性。

如果一些用户拥有巨大头寸，他们将给其他用户带来风险，如果他们的仓位被强平，其他用户可能会经历自动减仓事件。 风险限额递增模式将帮助避免这种情况的发生，它会提高巨大头寸的保证金要求。

MXC imposes risk limits on all trading accounts to minimize the occurrence of large liquidations on margined contracts.

As users amass larger positions, they pose a risk to others on the exchange who may experience a deleveraging event if the position cannot be fully liquidated. The Step model helps avoid this by increasing margin requirements for large positions.

3、动态风险限额

每种合约拥有基础风险限额和递增额。

这些参数，结合了基础维持和起始保证金要求，被用于计算每个仓位完整的保证金要求。

随着仓位的增加，维持保证金和起始保证金要求也会提高。 保证金率将随着风险限额的改变而提高或降低。

Dynamic Risk Limits

Each instrument has a Base Risk Limit and Step. These numbers combined with the base Maintenance and Initial Margin requirements are used to calculate your full margin requirement at each position size.

As the position size increases, the maintenance and initial margin requirements will increase. Users must authorize a higher or lower risk limit on the Positions panel. Margin requirements will automatically increase and decrease as your risk limit changes.

当前合约的风险限额等级：

风险限额等级 = （仓位价值+未成交委托价值-基础风险限额）/递增额+1

注：风险限额等级向上取整

各合约产品的保证金要求如下：

起始保证金：IMR= 风险限额等级 *0.01=[(仓位价值+未成交委托价值-基础风险限额)/递增额+1] *0.01

维持保证金：MMR=风险限额等级 *0.005=[(仓位价值+未成交委托价值-基础风险限额)/递增额+1] *0.005

各合约产品的风险限额如下:

The Risk Limits level of Current position:

Risk Limit level= （Position Value +Order Value -Base Risk Limit）/Step+1

Note：The Risk Limit Level is in integer.

The Margin requirement is as follow；

Initial Margin：IMR= Risk Limit Level*0.01=[(Position Value+ Order Value -Base Risk Limit)/Step +1] *0.01

Maintenance Margin：MMR= Risk Limit Level*0.01=[(Position Value+ Order Value - Base Risk Limit)/Step +1] *0.005

四．合理价格

为什么要采用合理价格计算盈亏和强平？

MXC永续合约采用独特设计的合理价格标记系统，以避免在高杠杆产品上发生不必要的强制平仓。 如果没有这个系统，那么标记价格可能会由于市场被操纵或是缺乏流动性而与价格指数发生不必要的偏差，从而导致不必要的强制平仓。 此系统将标记价格设置为合理价格而非最新交易价格，由此避免不必要的强平。

MXC employs a unique system called Fair Price Marking to avoid unnecessary liquidations in its highly leveraged products. Without this system, unnecessary liquidations may occur if the market is being manipulated, is illiquid, or the Mark Price swings unnecessarily relative to its Index Price. The system is able to achieve this by setting the Mark Price of the contract to the Fair Price instead of the Last Price.

合理标记价格的机制

对于永续合约，其合理价格等于标的指数价格加上随时间递减的资金费用基差。

所有的自动减仓合约都使用合理价格标记方法。 此外请注意，此方法只影响强平价格以及未实现盈亏，它并不影响已实现盈亏。

注意：这意味着当你的委托执行后，你可能立即会看到正的或负的未实现盈亏。 发生这种情况的原因是合理价格与成交价格的略微偏差。 这是正常现象，并不意味着你损失了资金，但一定要留意你的强平价格，避免过早地被强制平仓。

The Fair Price for a Perpetual Contract is calculated using only the Funding Basis rate.  All Perpetual Contracts are subject to Fair Price Marking.

Also note that Fair Price Marking only affects the Liquidation Price and Unrealized PNL, it does not affect Realized PNL.

Note: This means that you may see a positive or negative Unrealized PNL immediately after an order executes. This happens when the Fair Price is slightly different from the Last Price. This is normal and does not mean you have lost money, but be sure to keep an eye on your Liquidation Price to avoid a premature liquidation.

计算永续掉期合约的合理价格

永续掉期合约的合理价格使用资金费用基差率计算：

资金费用基差率 = 资金费率 * (至下一个缴付资金费用的时间 / 资金费用时间间隔)

合理价格 = 指数价格 * (1 + 资金费用基差率)

Calculation of Fair Price for Perpetual Contracts

The Fair Price for a Perpetual Contract is calculated using only the Funding Basis rate:

Funding Basis = Funding Rate * (Time Until Funding / Funding Interval)

Fair Price    = Index Price * (1 + Funding Basis)

五．强制平仓

1、使用合理价格的强制平仓

MXC 使用合理价格标记方法来避免由于缺乏流动性或市场操纵而引起的强制平仓。

附强制平仓的计算方式

逐仓条件下的正向合约：

多仓 Lp=Hp*Vol*S - (IM-MM)/[(1-R)*VOL*S]

空仓 Lp=Hp*Vol*S +(IM-MM)/[(1+R)*VOL*S]

全仓条件下的正向合约：

多仓 Lp=Hp*Vol*S - (可用余额+IM-MM)/[(1-R)*VOL*S]

空仓 Lp=Hp*Vol*S +(可用余额+IM-MM)/[(1+R)*VOL*S]

Lp：强平价格 ；Hp：持仓均价；Vol：持仓量（张） ；S：合约面值；IM：起始保证金；MM：维持保证金 R：吃单手续费率

1. 五. Liquidation

1、Liquidation Process

MXC employs Fair Price Marking to avoid unnecessary liquidations that caused by illiquid markets or manipulation.

The calculated way for liquidation:

Fixed-margin mode：

Long Position Lp=Hp*Vol*S - (IM-MM)/[(1-R)*VOL*S]

Shot Position Lp=Hp*Vol*S +(IM-MM)/[(1+R)*VOL*S]

Cross-margin mode：

Long Position Lp=Hp*Vol*S - (Margin Available +IM-MM)/[(1-R)*VOL*S]

Short Position Lp=Hp*Vol*S +(Margin Availabe +IM-MM)/[(1+R)*VOL*S]

Lp：Liquidation price ；Hp：Average Position Price

；Vol：volume （token/contract）；S：The value of each contract；IM：initial margin ；MM：maintenance margin R：trading fee ratio

2、风险限额要求仓位越大需要的保证金水平更高

仓位大的时候一旦触发强平很可能出现无法安全强平的风险，从而对市场产生影响，而MXC 的强平引擎可以使用更多的保证金来有效的大量平仓。

如果强平被触发，MXC 将取消该合约的所有未成交委托，以释放保证金并保持仓位。 其他合约的委托不受影响。

MXC 使用部分强平方法，此方法会自动尝试减少维持保证金要求而避免全部仓位被强平。

2，Risk Limits Mode requires higher margin levels for larger position sizes.

Risk Limits are also imposed that require higher margin levels for larger position sizes. This gives the MXC liquidation system more usable margin to effectively close large positions that would otherwise be difficult to safely close. If it is safe to do, larger positions are incrementally liquidated.

If a liquidation is triggered, MXC will cancel any open orders on the current contract in an attempt to free up margin and maintain the position. Orders on other contracts will still remain open.

MXC employs a partial liquidation process involving automatic reduction of maintenance margin in an attempt to avoid a full liquidation of a trader’s position.

3、使用最低风险限额的用户

MXC 取消此合约的所有未成交委托。

如果此时还未能满足维持保证金要求，此仓位被强平引擎于破产价格接管。

Users on the Lowest Risk Limit tiers

MXC cancels any open orders in the contract.

If this does not satisfy the maintenance margin requirement then the position will be liquidated by the liquidation engine at the bankruptcy price.

4、使用高风险限额的用户

强平引擎将会用以下方法尝试降低用户的风险限额，从而降低保证金要求：

  1）取消未成交委托，但保留现有仓位，而降低用户的风险限额。

  2）提交 FillOrKill（全数执行或立刻取消）委托，此委托的价值等于目前的仓位价值和符合目前保证金要求的风险限额值之差，从而避免进一步被强平。

  3）如果仓位仍然处于强平状态，那么全部仓位将被强平引擎以破产价格接管。

Users on Higher Risk Limit tiers

The liquidation system attempts to bring a user down to a lower Risk Limit, and thus lower margin requirements by:

1，Attempting to bring a user down to a Risk Limit associated with their open orders and current position.

2，Cancelling any open orders and then attempting to bring a user down to a Risk Limit associated with their current position.

3，Submitting a FillOrKill order of the difference between the current Risk Limit position size and the position size to satisfy the margin requirement to avoid liquidation.

If the position is still in liquidation then the entire position is taken over by the liquidation engine and a limit order to close the position is placed at the bankruptcy price.

六．自动减仓

当投资者被强制平仓时，他们的剩余仓位将被MXC的永续合约强平系统接管。 如果强平仓位未能够在市场平仓，并且当标记价格达到破产价格时，自动减仓系统将会对持有反方向仓位的投资者进行减仓。减仓的先后顺序将根据杠杆和盈利比率决定。

Auto Deleveraging

When a trader’s position is liquidated, the position is taken over by the MXC liquidation engine. If the liquidation cannot be filled by the time the mark price reaches the bankruptcy price, the ADL（Auto-Deleveraging） system automatically deleverages opposing traders’ positions by profit and leverage priority.

减仓的过程如下：

根据交易员强平仓位的破产价格进行平仓，此时保险基金仍不足时，触发自动减仓策略。

对手方通过收益率和有效杠杆计算出有效杠杆的PnL排名。 交易策略激进且盈利最多的交易员将被ADL序列优先标记。

将ADL被执行方与有效杠杆盈亏排名靠前的交易员以破产价格进行自动减仓。

The process of Auto-deleveraging is as follow，

When the liquidation was conducted with the bankruptcy price, the ADL（Auto-Deleveraging）will automatically occur due to the lack of insurance fund.

The counterparty calculates the PnL ranking of the effective leverage (based on the Profit ratio and Effective Leverage). Deleveraging priority is calculated by profit and leverage. More profitable and higher leveraged traders are deleveraged first.

注：在盘口中央的ADL指示灯会根据你持有该合约的所有仓位（取最高）的排序，对您的仓位进行ADL预警。

Note: You will notice the ADL “lights” that show your position in the queue.

自动减仓机制的排序

盈亏计算：

排序 = 盈利百分比 * 有效杠杆 (如果盈利)

       = 盈利百分比 / 有效杠杆 (如果亏损)

其中：

有效杠杆 = abs(标记价值) / (标记价值 - 破产价值)

盈利百分比 = (标记价值 - 平均开仓价值) / abs(平均开仓价值)

标记价值 = 位于标记价格时的仓位价值

破产价值 = 位于破产价格时的仓位价值

平均开仓价值 = 位于平均开仓价格时的仓位价值

当投资者被强制平仓时，他们的剩余仓位将被MXC永续合约的强平系统接管。 如果强平仓位未能够在市场平仓，并且当标记价格达到破产价格时，自动减仓系统将会对持有反方向仓位的投资者进行减仓。减仓的先后顺序将根据杠杆和盈利比率决定。

减仓的过程如下：

根据交易员强平仓位的破产价格进行平仓，此时保险基金仍不足时，触发自动减仓策略。

对手方通过收益率和有效杠杆计算出有效杠杆的PnL排名。 交易策略激进且盈利最多的交易员将被ADL序列优先标记。

将ADL被执行方与有效杠杆盈亏排名靠前的交易员以破产价格进行自动减仓。

注意：由于合约交易中价格波动产生的影响较大，请在您可承受的范围内选择适当的杠杆、仓位进行交易。

Priority Ranking Calculation

The Calculation of profits/losses

Ranking = PNL Percentage * Effective Leverage  (if PNL percentage > 0)

        = PNL Percentage / Effective Leverage  (if PNL percentage < 0)

where

  Effective Leverage = abs(Mark Value) / (Mark Value - Bankrupt Value)

  PNL percentage = (Mark Value - Avg Entry Value) / abs(Avg Entry Value)

  Mark Value = Position Value at Mark Price

  Bankrupt Value = Position Value at Bankruptcy Price

  Avg Entry Value = Position Value at Average Entry Price

When a trader’s position is liquidated, the position is taken over by the MXC liquidation engine. If the liquidation cannot be filled by the time the mark price reaches the bankruptcy price, the ADL（Auto-Deleveraging） system automatically deleverages opposing traders’ positions by profit and leverage priority.

The process of Auto-deleveraging is as follow，

When the liquidation was conducted with the bankruptcy price, the ADL（Auto-Deleveraging）will automatically occur due to the lack of insurance fund.

The counterparty calculates the PnL ranking of the effective leverage (based on the Profit ratio and Effective Leverage). Deleveraging priority is calculated by profit and leverage. More profitable and higher leveraged traders are deleveraged first.

Note: Please pay attention to the market risk of Contract trading，choose the appropriate leverage and position to trade within your acceptable range.