BitMEX - x100 leverage exchange guide

[kingscrown]

Of course first register to BlTMEX.com



Placing Orders
1. You may place buy and sell limit orders in the Trade Controls section of the Dashboard.

1. You may not place a buy order higher than the trading session limit up price, or a sell order below the trading session limit down price. This is to protect against fat finger errors.

1. When a trader places a buy or sell order, before he is allowed to submit the order the system will check that he has enough available funds to reserve the initial margin and commission. If the trader has an existing position in that instrument, it will also check that he has enough available funds to cover the change in maintenance margin and PNL, should the position be priced at the order price. If he has enough funds then he is allowed to place the order. Open orders that have not been filled or canceled will reduce the available funds by the initial margin of his order.

1. Traders will not be allowed to set a limit price on a new order that would cause your excess margin to fall below 0 and trigger a margin call event.

1. There are two states of trading and your ability to trade varies depending:

* Trading Status: Active - The contract in question is open for continuous trading and buy and sell orders may be placed.

* Trading Status: Halted - The contract in question is closed for continuous trading and buy and sell orders may not be placed.

Trading Sessions
1. There are three daily trading sessions. 12:00 UTC - 19:59 UTC; 20:00 UTC - 03:59 UTC; 04:00 UTC - 11:59 UTC.

1. Each trading session has a closing price. The closing price is the last traded price of the contract in question. If there are no trades during a trading session, the closing price is the average of the best bid and best ask at the closing time of the trading session.

1. Limit up is 20% above the closing price of the previous trading session.

1. Limit down is 20% below the closing price of the previous trading session.



Margin and Profit & Loss (PNL)
1. Before you are allowed to trade you must first deposit Bitcoin to fund your margin account. All margin and PNL are denominated in Bitcoin.

1. Margin balance is the net of your Bitcoin balance and pending withdrawals, plus your unrealized and realized PNL on all of your open positions (Net Bitcoin Balance + Realised PNL + Unrealised PNL).

1. Excess margin is the portfolio value minus the maintenance margin. If this value drops below 0, a margin call is issued.

1. % Excess margin is the excess margin divided by the gross position value.

1. Target excess margin is 10% of the value of positions calculated at the last price.

- Initial margin (IM) for buy orders is calculated using the limit bid price (IM \* Contracts \* Limit Price \* Multiplier). Commission is reserved using the limit bid price; however, the actual commission paid will be calculated based on the final execution price.

- Initial margin (IM) for sell orders is calculated using the limit offer price or the best bid for that contract, whichever is higher (IM \* Contracts \* Max (Limit Offer Price, Best Bid) \* Multiplier. Commission is reserved using the limit offer price or the best bid for that contract, whichever is higher. The actual commission paid will be calculated based on the final execution price.

- Traders are not charged initial margin if their order will reduce their position size. In the trading session where an order is filled, the trader must keep 10% of the executed value of the order as Session margin (SM). Until the current trading session expires the trader cannot withdraw the additional 10% margin.

- Initial margin will not be charged on open bids that have a matching quantity in open offers. For example, if a trader bids $100 for 20 contracts and offers 15 contracts for $150, he will get charged initial margin on his bids for 5 contracts (20 - 15), and get charged initial margin on his offers for 15 contracts.

- When a trader places an order the initial margin will vary depending on if the order will increase or reduce the size of his position on a particular contract. If the order will increase the size of his position, then the amount by which his position will increase will be charged the full 30% initial margin plus commission. If the order reduces his position, then no initial margin will be charged. The trader will just be charged the commission.

- For calendar spreads if the trading of the spread will reduce the position in the back or front month, no initial margin is needed for the position reduction.

- For contracts that feature the capping logic and where the mark price is set to the fair price, initial margin will be calculated differently. When placing a bid where the the order price is above the mark price, traders must post initial margin based on the order price as well as cover the difference between the order and mark price. When placeing a bid where the order price is below the mark price, traders must post initial margin based on the order price. When placing an offer where the order price is below the mark price, traders must post initial margin based on the order price as well as cover the difference between the order and mark price. When placing an offer where the order price is above the mark price, traders must post initial margin based on the order price.

1. Maintenance margin (MM) for a futures contract is calculated based on the futures contract value using the last traded price. (MM \* Contracts \* Last Price \* Multiplier). The amount of commission applicable to close out all your positions will also be added onto your maintenance margin requirement. This is the bare minimum amount of margin you must maintain.

1. The below describes the composition of the margin requirement split between (initial margin + maintenance margin + session margin):

Order placed but not filled (30% + 0% + 0%)
Order filled and still in current trading session (0% + 20% + 10%)
Trading session ends (0% + 20% + 0%)

Even though initial margin is above maintenance margin traders may not withdraw the difference, i.e. session margin, until the current trading session has passed.

1. Available funds are the Bitcoins you are allowed to withdraw from the exchange. Your available funds is equal to (Margin Balance - Initial Margin - Maintenance Margin - Session Margin - Unrealised PNL, if positive). You are not allowed to withdraw unrealisd PNL until it is realised.

1. In the event a trader goes bankrupt, the exchange will step in to take the other side of that trader’s remaining positions. BitMEX will only extend a settlement guarantee to contracts that are not margined according to the Capped Price or Dynamic Profit Equalisation systems.

1. All margin policies are subject to change. BitMEX will notify traders of any change via their email on file.


Margin Call and Liquidation
Please see the separate guide on Margin Call and Liquidation.

Settlement
1. On settlement day the exchange will clearly display the live ticking settlement price during the calculation period.

1. Contracts will settle as per the settlement guidelines in the contract specifications.

1. Once a contract has expired, the lifetime profit and loss of that contract will be added to the traders Bitcoin balance. This contract will no longer appear on the Positions section.

1. All calculations done by http://BlTMEX are final.

[h3]Market Disruption Event (MDE)[/h3]
1. In the event that the exchange where the settlement price is obtained from is not open during the calculation period for whatever reason, the settlement date for the relevant futures contract and options chain will be moved forward by one day. E.g. If the spot exchange experiences a DDoS attack on the settlement Friday during the TWAP calculation period, the settlement date will be moved to Saturday.

1. In the event that the reference spot exchange ceases to operate or it is clear the exchange is experiencing significant issues with fiat and/or cryptocurrency withdrawals, the reference spot exchange will move to an alternate one decided upon by BitMEX management.

1. If trading is halted on a contract for greater than 50% of the last trading day, the settlement date will be moved later by one day, e.g. if settlement date was on June 24, it would move to June 25.

1. In the event a MDE is declared, an email to all traders will be sent. In addition, the declaration of a MDE will be prominently displayed on the trading dashboard.

1. The declaration of a MDE is at the full discretion of BitMEX, and all decisions are final.

[kingscrown]

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[BitcoinGuides]

Bitmex has 100x but IMO they still lack the liquidity for it. I imagine it would be a nightmare trying to trade even a moderately sized position.

[kingscrown]

Bitmex has 100x but IMO they still lack the liquidity for it. I imagine it would be a nightmare trying to trade even a moderately sized position.

That is why they need to be promoted

Here is even more complex guide:

Want to make money when BTC goes up and down ? Best BITMEX guide here - http://fuk.io/bitmex-the-best-and-safes ... -changing/

[BitcoinGuides]

I really thought that their new fee model would help with liquidity. Negative maker fees, they are paying people to place limit orders.

[kingscrown]

I really thought that their new fee model would help with liquidity. Negative maker fees, they are paying people to place limit orders.

If you know how to use MT4 you can move toSimple - they have x500 + stocks.