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In this article we will be looking at the difference between the two different margin modes, Cross Standard Margin (X:SM) and Cross Portfolio Margin (X:PM), and how they affect the margin requirements for your derivatives positions.

Margin is the funds in your account that can be used as collateral for your derivative positions. Each derivative position, or combination of derivatives positions, will have certain requirements for the amount of margin which you are required to keep in your account to support the positions. 

There are two types of margin requirement, initial margin (IM), and maintenance margin (MM). Initial margin determines whether there is enough margin in an account to open new positions or increase the risk in the account. Maintenance margin determines whether existing positions can remain open. IM and MM are separate thresholds, and are not added together.

Initial margin requirements are the minimum amount of margin required to open a position. Any open order or open position contributes to your initial margin usage. If the account does not have enough funds to cover the initial margin requirements, there can be no new orders placed that would increase the margin usage. However, orders that reduce the margin usage may still be placed.

In certain portfolios, closing or reducing an existing position on a particular instrument could increase the margin usage of the account, because that instrument is hedging a position in another instrument.

Maintenance margin requirements are the minimum amount of margin required to keep a position open. Any open position requires maintenance margin. If the account does not have enough funds to cover the maintenance margin requirements, the positions will be incrementally liquidated. The details of the liquidation process depend on the margin model used on the account, and are ultimately at the discretion of the risk team. While the maintenance margin usage exceeds 100%, and therefore liquidation is in progress, the account holder will not be able to adjust the portfolio themselves.

Both initial margin (IM) and maintenance margin (MM) are calculated in real time, 24 hours a day, every day. This means that the consequences of either IM or MM usage breaching 100% as discussed above, can be immediate. Margin requirements are also not static, and can change based on several factors such as price movement, time passing, or volatility.

While all account types have IM and MM requirements, how these figures are calculated depends on which margin mode a trader has chosen in their account. Some are better suited to different types of positions or portfolios. The two margin modes we are looking at today are Cross Standard Margin (X:SM) and Cross Portfolio Margin (X:PM).

The X in these abbreviations stands for cross collateral. Cross collateral refers to being able to use a currency other than the settlement currency of an instrument to satisfy the margin requirements of positions and orders on that instrument. For example, cross collateral could allow a trader to use BTC to satisfy the margin requirements of instruments that have a settlement currency of USDC, or vice versa.

Even in a cross collateral account, not all assets are treated the same though. Some assets that are deemed riskier (for example, less well established altcoins) may have haircuts applied to their value for the purposes of satisfying margin requirements. Some assets may not even be considered a cross collateral currency at all, meaning they can’t be used as cross collateral.

For those that are considered cross collateral currencies though, they can be used to satisfy the margin requirements for any derivative position.

Both of the margin modes that we are discussing today use cross collateral, but let's now look at where they differ, and when each may be useful.

In an account with standard margin (SM) enabled, the margin requirements for each position are calculated separately. The margin requirements for each of the individual positions are then summed together to give the total margin requirements for the account. There is no offset for positions that hedge each other.

For example, if an account using standard margin is holding two positions, which separately have maintenance margin requirements of $1,000 and $1,500, then the maintenance margin requirement for the whole account is simply $1,000 + $1,500 = $2,500. There is no consideration given to whether these positions offer any type of hedge on each other or not.

With standard margin, long option positions are paid for up front, and the option itself requires no additional position margin. Its value, including unrealised gains, remains isolated and tied up in the option instead of becoming margin for other positions. This means that a portfolio that contains only long options can not accidentally add in leverage (and therefore risk liquidation), as would be possible in a portfolio margin account.

Standard margin benefits from being simple, and it’s easy for anyone to calculate the margin requirements based on the formulas given in the documentation for each product. There are even some positions, such as futures or perps positions of a certain size that do not offset each other, which may have lower margin requirements when using standard margin. The downside to standard margin of course, is the lack of any offsetting when it comes to positions that hedge each other, which is of particular interest for options traders.

Portfolio margin (PM) is a margin system which takes the entire portfolio into consideration, including both futures and options together. The system estimates the profit or loss of the portfolio based on several different scenarios, such as movements in price and volatility, and uses the worst performing of those scenarios for the portfolio overall to calculate the margin requirements for the account.

The parameters used in the tested scenarios include:

• Price up/down by various amounts

• Implied volatility up/down

• Delta

• Basis

(for full details, see the documentation on the website)

By looking at the whole portfolio, positions that hedge each other will automatically benefit from any offsetting in the form of reduced margin requirements. This is of particular use to portfolios that contain options.

Each of the available margin modes has advantages and disadvantages depending on what type of positions or portfolios an account is holding.

Cross Standard Margin (X:SM) benefits from:

• Very simple calculations.

• Possibly lower margin requirements for portfolios consisting of only futures positions.

• Long options are paid for up front, avoiding accidental leverage.

But it does have some potential drawbacks, such as:

• Hedged positions do not lead to margin offsets.

• Margin requirements are therefore likely to be higher for portfolios that contain positions that hedge each other, e.g. an option spread, or an option that is hedged with a future.

Cross Portfolio Margin (X:PM) benefits from:

• Automatic margin offsets for positions that at least partially hedge each other.

• Margin requirements are likely to be lower for hedged portfolios.

• Lower margin requirements can lead to better capital efficiency.

However, X:PM does have some drawbacks, such as:

• The calculation is much more complicated, meaning replicating it would require replicating the model in software.

• For portfolios consisting of only futures, margin requirements can be higher than standard margin, depending on the instrument and position size.

So which margin mode is best for an account depends on what portfolios are likely to be constructed in an account, as well as in some cases the size of the positions. The margin mode that is used in an account can be changed at any time, as long as the account already satisfies the margin requirements of the new margin mode at the moment of the change. When changing the margin mode, the margin levels for each of the available margin modes are shown.

One way to get to this screen is from the margin details widget. Clicking the account margin mode brings up details for the margin mode currently active in the account. Clicking change on this screen brings up the ability to select from the available margin modes, along with the current margin requirements demanded by each margin mode.

For the full details of each margin mode available on the platform, please read the documentation on the website.

Product availability varies by jurisdiction. Fees apply. Options trading carries significant risk and may not be suitable for everyone. Leverage in futures trading can work for you or against you. The risk of loss using leverage can exceed your initial investment amount. Information is provided for informational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset or to employ a particular investment strategy.