Margining
Margin calculations closely mirror the formulas utilized by centralized derivatives exchanges.
Margin Mode
When opening a position, a margin mode must be selected. Cross margin (default) utilizes shared collateral across all cross-margin positions for maximum capital efficiency. An isolated margin restricts collateral allocation to the specific asset, ensuring liquidation:
In isolated positions, the margin doesn't affect cross/other isolated positions.
In cross/other isolated positions, the margin doesn't affect this isolated position
Isolated margin only supports USDC as collateral, and PNL can be offset within positions using the same asset.
Cross margin supports multiple assets (USDC, BTC, ETH) as collateral, and PNL can be offset across them.
Initial Margin and Leverage
Users may select leverage as any integer between 1 and the asset-specific maximum leverage. Position margin requirements are calculated as: Initial Margin = Position Size × Mark Price ÷ Leverage
Cross Margin:
Initial margin is locked and non-withdrawable
Unrealized PNL automatically serves as available margin for new positions
Isolated Margin:
Supports post-opening margin adjustments (add/remove)
Unrealized PNL applies as an additional margin to the open position
Unrealized PNL and transfer margin
Unrealized PNL withdrawal from isolated positions or cross accounts follows the following formulas:
initialMargin = entryPrice * positionSize / leverage
floatingMargin = isolatedMargin - initialMargin
floatingProfit = calculateFloatingProfitAndLoss(...)
availableSubtractMargin = max(0, min(floatingMargin, floatingMargin + floatingProfit))
'Transfer' encompasses any non-trading margin removal, including:
External withdrawals
Transfers to spot wallets
Isolated margin position transfers
Maintenance Margin & Liquidation Mechanics
Cross positions trigger liquidation when: Account Value (incl. unrealized PNL) < Maintenance Margin × Total Open Notional PositionMaintenance Margin = Position value * mainMarginRateThe value of mainMarginRate in various symbols is different. For example, when you open a position below maxNominalValue of 12,500,000 USDC under BTC_USDC, then the mainMarginRate is 0.004. The current Maintenance Margin Rate (mainMarginRate) on SoDEX Testnet for different symbols is consistent, as follows (Updated on 2025.08.01):
1
10,000,000
0.30%
0.50%
200x
1x
2
12,500,000
0.40%
0.80%
125x
1x
3
20,000,000
0.50%
1.00%
100x
1x
4
25,000,000
1.00%
2.00%
50x
1x
5
50,000,000
2.50%
5.00%
20x
1x
6
100,000,000
5.00%
10.00%
10x
1x
7
200,000,000
10.00%
20.00%
5x
1x
8
400,000,000
12.50%
25.00%
4x
1x
9
1,500,000,000
15.00%
33.30%
3x
1x
10
2,000,000,000
25.00%
50.00%
2x
1x
11
5,000,000,000
50.00%
100.00%
1x
1x
Isolated positions follow identical liquidation logic, with computation inputs solely comprising:
Isolated margin balance
The isolated position's notional value
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