On the MTF we use Initial Margin (IM) and Maintenance Margin (MM) to manage the credit risk arising from open positions.
The larger a trader's position, the more liquidity is required to unwind that position in the event of an adverse price move.
Additionally, the more volatile a currency pair, the higher the margin that is required to withstand typical price moves. IM and MM are therefore a function of both, contract type and of position size, as shown in the following tables:
| Category | Level I | Level II | Level III | Level IV | Level V | Level VI | Level VII |
| Class A | 0 - $2,000,000 | $2,000,000 - $5,000,000 | $5,000,000 - $10,000,000 | $10,000,000 - $30,000,000 | $30,000,000 - $50,000,000 | $50,000,000 - $150,000,000 | $150,000,000+ |
| Class B | 0 - $500,000 | $500,000 - $1,500,000 | $1,500,000 - $3,000,000 | $3,000,000 - $10,000,000 | $10,000,000 - $20,000,000 | $20,000,000 - $50,000,000 | $50,000,000+ |
| Class C | - | 0 - $250,000 | $250,000 - $750,000 | $750,000 - $2,000,000 | $2,000,000 - $5,000,000 | $5,000,000 - $10,000,000 | $10,000,000+ |
| Class D | - | - | 0 - $25,000 | $25,000 - $250,000 | $250,000 - $1,000,000 | $1,000,000 - $3,000,000 | $3,000,000+ |
| Class E | - | - | - | 0 - $250,000 | $250,000 - $1,000,000 | $1,000,000 - $2,000,000 | $2,000,000+ |
| Class F | - | - | - | - | 0 - $25,000 | $25,000 - $250,000 | $250,000+ |
| Leverage | 50x | 25x | 20x | 10x | 5x | 3.33x | 2x |
| IM | 2% | 4% | 5% | 10% | 20% | 30% | 50% |
| MM | 1% | 2% | 2.50% | 5% | 10% | 15% |
25% |
Last updated: 14-Feb-2025
Note: Margin percentages are based on the value of the collateral currency at entry price. Margin requirements and maximum position size are calculated for each instrument individually per maturity.
Example: You are long 1,000,000 contracts in the Perpetual Bitcoin-Dollar Futures and 250,000 contracts in the Monthly Bitcoin-Dollar Futures. Your IM requirement for the position in the Perpetual will be 2% for the first 500,000 contracts and 4% for the second 500,000 contracts, resulting in an average IM of 3%. Your IM requirement for the position in the Monthly will be 2%.