What is a unified account

1.What is a unified account?

The unified account is a next-generation trading system introduced by Bitget, designed to allow users to trade spot and various derivatives using multiple crypto assets within a single account. This system simplifies the trading process by eliminating the need for fund transfers between different accounts. Moreover, profits and losses across different products can be calculated and offset together, enhancing capital efficiency. The unified account offers three new account modes to meet diverse trading preferences and needs: single-currency margin (coming soon),multi-currency margin, and portfolio margin (coming soon). Details are as follows:

Account mode	Features	Eligibility
single-currency margin (coming soon)	Supported trading types: - Spot trading - Margin trading - USDT-M perpetual futures - USDC-M perpetual futures - Coin-M perpetual futures - Coin-M delivery futures * In single-currency cross margin mode, all trading types with the same settlement currency share the margin, and profits and losses across different products can be calculated and offset together.	All registered users. This is the default account mode.
Cross-currency margin (available now)	Supported trading types: - Spot trading - Margin tradign - USDT-M perpetual futures - USDC-M perpetual futures - Coin-M perpetual futures * In cross-currency cross margin mode, all trading types share the margin, and profits and losses across different products can be calculated and offset together.	Trading account equity needs to be at least $10,000 and users must complete the quiz to activate the mode.
Portfolio margin (coming soon)	Supported trading types: - Spot trading - Margin tradign - USDT-M perpetual futures - USDC-M perpetual futures - Coin-M perpetual futures - Coin-M delivery futures * In portfolio margin mode, all trading types share the margin, and margins for all derivatives with the same index can be calculated together. Profits and losses across different products can also be calculated and offset.	Trading account equity needs to be at least $10,000 and users must complete the quiz to activate the mode.

2. How to set the mode in a unified account?

Users can select their desired account mode by navigating to Settings > Account Mode. Please note that account mode switching is only supported when there are no open orders or positions. If you're unable to switch modes, ensure that all orders are canceled, positions are closed, or debts are repaid first. Currently, Bitget only supportsmulti-currency margin mode, and mode switching is unavailable at this time.

Sub-accounts are not supported under the unified account feature yet. Future updates will include support for sub-accounts and related features.

3. Asset-related terminology

The terminology for unified account assets undermulti-currency margin mode is as follows:

Dimension	Terms	Explanation
Coin	Equity	The total equity of a specific coin in the cross margin account. Coin equity = Balance + Frozen margin + unrealized PnL
	Balance	The balance of a specific coin in the account.
	Available	The current available balance of a specific coin in the account for opening positions. Available = Balance + unrealized PnL Note: Realized PnL in the available balance can be used for opening futures positions but cannot be used to place spot orders.
	Utilized	The utilized quantity of a specific coin in the account, including cross margin open orders, undeducted interest in the cross margin account, and bot orders.
	Unrealized PnL	The total profits of all futures positions settled in a specific coin in the account. Unrealized profits = Profits of USDT-M perpetual futures positions in cross margin mode + profits of USDC-M perpetual futures positions in cross margin mode + profits of coin-M perpetual futures positions in cross margin mode
	Debt	Debt = ABS(min(balance + unrealized PnL, 0))
Account	Account equity	The net value of all coin assets in the account converted into fiat currency. Account equity = sum (coin equity × coin in USD price).
	Adjusted equity	The net value of assets in the account that can be used as margin for spot and perpetual futures trades in cross margin mode, converted into fiat currency. Adjusted equity = Positive equity of each coin × spot pair in USD price × coin haircut + negative equity of each coin × spot pair in USD price – discounted amount of open spot orders – estimated transaction fees of all existing open orders. Discounted amount: The change in converted fiat value caused by the difference in haircuts between the bought and sold coins.
	Position value	The total value of all positions (in USD) in cross margin mode. Note: The USD value calculation formulas for positions under different business lines are as follows: 1. Futures: Position value in USD = Position size × mark price × quote coin in USD price + order size × order price × quote coin in USD price 2. Borrowing: Borrowed coin in USD value = Debt coin quantity × index price
	Frozen margin	The net value of the Frozen margin by all cross margin positions and open orders in the account, converted into fiat currency. Frozen margin = Sum[coin quantity(borrowings + cross margin open orders + cross margin positions) × coin price]
	Maintenance margin	The total maintenance margin of all cross margin positions in the account. Maintenance margin = Sum[quantity of coin in cross margin positions × coin price] Maintenance margin = Position value × maintenance margin rate For more details on maintenance margin rate rules, you can refer to [link].
	Account leverage	Overall leverage of the account. Account leverage = Position in USD value ÷ Account equity
	Margin rate	A risk measurement indicator for cross margin accounts. Cross margin account's margin ratio = (maintenance margin + partial liquidation transaction fees)÷Account equity Both maintenance margin and partial liquidation transaction fees are calculated by adding the position size and the open order size.

Coin haircut

In themulti-currency margin mode, assets in cross-margin positions are converted into USD and used as margin. However, since different cryptocurrencies exhibit varying levels of market liquidity, the platform applies a haircut to calculate the actual USD value of each currency, helping to mitigate market risk. The current haircuts for cryptocurrencies are outlined in the table below and may be updated periodically based on market conditions.

Example:

1. Assume that you have 1 BTC and 500 DOT as margin in your account, and the BTC/USD index price is $50,000. The haircut for DOT is zero, and for BTC, is 0.98 (as the value for 1 BTC is between 0 and $1,000,000). The account USD value is calculated as: $50,000 × 1 BTC × 0.98 = $49,000.

2. Assume that you have 40 BTC as margin in your account, and the BTC/USD index price is $50,000. The haircuts for BTC are 0.98 (for BTC valued below $1,000,000) and 0.97 (for BTC valued over $1,000,000). The account USD value is calculated as: $1,000,000 × 0.98 + $1,000,000 × 0.97 = $1,950,000.

3. For coins with a USD index price, the USD index price will be used directly. For coins with a USDT trading pair index price instead of USD, the product of the USDT trading pair index price and USDT/USD index price will be applied. For coins with only a BTC trading pair spot price (instead of USD or USDT trading pair index price), the product of the BTC trading pair spot price and the BTC/USD index price will apply. For coins with only an ETH trading pair spot price (instead of USD or USDT trading pair index price, or BTC trading pair spot price), the product of the ETH trading pair spot price and the ETH/USD index price will apply.

4.Trading rules

Inmulti-currency margin mode, all assets are converted to USD based on their haircuts, which are affected by liquidity, and serve as margin for all trading products.

A debt for a coin will automatically incur when a user places or fills a sell order or generates a negative profit with insufficient balance. Interest is charged on the liability amount, which is also factored into the initial and maintenance margin calculations according to the tier system.

1. 1. Order review rules (cross-currency cross margin mode)

Inmulti-currency cross margin mode, when a user makes a spot or perpetual futures trade, the overall Account equity in the account must be greater than or equal to the Frozen margin (including the order).

(i) Account has sufficient Account equity:

Coin	Coin equity	USD price	haircut
BTC	1	50,000	1
USDT	100	1	1
DOT	20	5	0.5

Consider the following example: A user wants to buy 20 DOT at a price of 5 USDT (for simplicity, we'll exclude transaction fees and interests).

Account equity = Positive equity of each coin × spot pair USD price × coin haircut) + negative equity of each coin × spot pair USD price – discounted amount of pending spot orders – estimated transaction fees of all existing pending orders.

The discounted amount is based on the coin's haircut. The lower the haircut for a coin, the greater the discounted amount. The discounted amount reaches zero when the haircut is 1.

Since the haircut for DOT is 0.5, the discounted amount for the spot order is calculated as: 20 × 5 × (1 – 0.5) = $50.

Account equity = 1 × 50,000 × 1 + 100 × 1 × 1 + 20 × 5 × 0.5 = $50,150

Since the Account equity ($50,150) is greater than the Frozen margin (including the discounted amount), the order is placed successfully.

(ii) Account has sufficient Account equity but insufficient balance for a particular coin:

Coin	Account equity	USD price	haircut
BTC	1	50,000	1
USDT	100	1	1
DOT	0	5	0.5

A user wants to sell 20 DOT at a price of 5 USDT.

Account equity = positive equity of each coin × spot pair USD price × coin haircut + negative equity of each coin × spot pair USD price – discounted amount of pending spot orders – estimated transaction fees of all existing pending orders.

Account equity = 1 × 50,000 + 100 × 1 = $50,100

The discounted amount is zero since the haircut for USDT is 1.

Frozen margin for this order = (20 × 5) ÷ 10 = $10

Account equity = 1 × 50,000 × 1 + 100 × 1 = $50,100

Since the Account equity ($50,100) is greater than the Frozen margin ($10), the order is placed successfully.

(iii) Interest-free amount

(a) Borrowings resulting from leverage and unrealized losses in futures positions will affect the margin limit of different tiers, the main account limit, and the platform's total loan limit.

(b) No interest is charged on unrealized losses of futures positions within the interest-free quota. However, any amount exceeding this quota will incur borrowing interest.

1. 2. Margin rules (cross-currency cross margin mode)

(i) Initial margin

Total initial margin = Initial margin for loans + initial margin for derivatives

Initial margin for loans = Quantity of the loan coin × loan coin USD price ÷ leverage

Initial margin for derivatives = max (Initial margin to hold long positions + initial margin to open long positions, initial margin to hold short positions + initial margin to open short positions)

Initial margin to hold derivatives positions = Position size × mark price × (1 ÷ leverage + taker fee rate) × quote coin USD price

Initial margin to open derivatives positions = Position size × order price × (1 ÷ leverage + taker fee rate) × quote coin USD price

Total initial margin = Initial margin for loans + initial margin for derivatives

(ii) Maintenance margin

Total maintenance margin = Maintenance margin for loans + maintenance margin for derivatives

Maintenance margin for loans = Quantity of the loan coin × loan coin USD price × maintenance margin rate

Maintenance margin for derivatives = max (Maintenance margin to hold long positions + maintenance margin to open long positions, maintenance margin to hold short positions + maintenance margin to open short positions)

Maintenance margin to hold positions = Position size × (maintenance margin rate + taker fee rate) × mark price × quote coin USD price

Maintenance margin to open positions = Position size × (maintenance margin rate + taker fee rate) × mark price × quote coin USD price

Total maintenance margin = Maintenance margin for loans + maintenance margin for derivatives

Position rules (cross-currency cross margin mode)

(i) Perpetual futures positions under cross margin mode

Perpetual futures trading supports both open/close mode and buy/sell mode inmulti-currency margin mode as follows:

Open/close mode

Buy/sell mode

Terms	Explanations
Holdings	Under buy/sell mode, holdings are positive for long positions and negative for short positions.
Available to close	Only displayed under open/close mode (refer to "holdings" above).
Profits	Unrealized PnL = Position direction × (mark price – average entry price) × position size The direction is displayed as "1" for long positions and "-1" for short positions.
ROI	ROI = Profits ÷ margin to open positions
Initial margin	1. Position initial margin = Position size × (maintenance margin rate + taker fee rate) × mark price × quote coin in USD 2. Order initial margin = Position size × (maintenance margin rate + taker fee rate) × order price × quote coin in USD
Maintenance margin	1. Position maintenance margin = Position size × mark price × (1 ÷ leverage + taker fee rate) × quote coin in USD 2. Order maintenance margin = Position size × order price × (1 ÷ leverage + taker fee rate) × quote coin in USD

5. Risk control rules

Risk control

Themulti-currency margin mode has two layers of risk control: Order cancellation alert and partial liquidation alert. These layers will help to ensure smooth trading and protect users from potential issues like order cancellation or liquidation due to insufficient margin.

Order cancellation alert

Order cancellation due to risk control: When the risk level of a user's account exceeds a certain threshold (but has not yet triggered the partial liquidation alert), the system will automatically cancel some open orders. This action is taken to restore the account to a safer state and prevent further risk escalation. By doing this, the system aims to prevent all orders from being canceled if the risk suddenly reaches a more critical level.

Order cancellation rules for cross margin accounts inmulti-currency margin mode:

When the Account equity is less than the Frozen margin, all perpetual futures open orders will be canceled. Spot and margin trading open orders will not be affected.

Partial liquidation alert

Inmulti-currency margin mode, partial liquidation is triggered when the margin rate reaches 100%.

When the margin rate reaches 80%, the system will send an early warning to alert the user about the potential risk of partial liquidation. This 80% threshold is the suggested value, but it may be adjusted based on market conditions and Bitget's settings.

If the margin rate reaches 100%, the system will cancel orders according to the following rules:

Business line	Mode	Cross-currency cross margin
Delivery and perpetual futures	Open/close mode	Cancel all open orders (including bot orders) under the cross margin mode of the current coin.
	Buy/sell mode	Cancel all open orders (including bot orders) under the cross margin mode of the current coin.
Margin trading	-	Cancel all open orders (including bot orders) under the cross margin mode of the current coin.

If, after canceling orders, the margin rate is still 100% or higher, partial liquidation will be triggered.

Partial liquidation is handled by the liquidation engine at the mark price at the time of liquidation. The maintenance margin, determined by the tier of the partial liquidation amount, is used to cover slippage losses during the liquidation. The remainder is injected into the platform's risk provision.

liquidation

The partial liquidation process occurs in three stages:

(i) Phase 1: Reverse long and short positions. In open/close mode, long and short positions of the same futures are partially liquidated.

(ii) Phase 2: Spot asset conversion. If the account is still not secured, the system enters into the second phase. It will convert spot assets with a higher haircut to repay liabilities, increasing the account's account equity and unlocking the margin for debt.

(iii) Phase 3: Partial liquidation of non-hedged futures positions. If the situation remains unresolved, the system enters into the third phase. It will partially liquidate the remaining non-hedged futures positions, starting with those that most effectively reduce the risk. Each partial liquidation will lower the corresponding tier of the position until the account is restored to a safe state.

If all futures positions are reduced to Tier 1 but the account is still not secured, the system will directly take over the user's account assets and any remaining positions.

If the user's account assets become negative due to liquidation, the risk provision is used to offset the negative assets, resulting in a collateral shortfall compensation statement.