Navigating the advanced features of a unified trading account can be complex, especially when it involves margin mechanics, interest calculations, and cross-market risk management. This comprehensive guide breaks down key aspects of OKX’s Unified Account system—covering auto-borrow functionality, interest deductions, repayment methods, arbitrage strategies, and portfolio-level risk offset mechanisms.
Whether you're a seasoned trader or exploring multi-market trading for the first time, understanding how these systems interact is essential for optimizing capital efficiency and minimizing liquidation risks.
How Does the Auto-Borrow Feature Work in a Unified Account?
The Unified Account operates exclusively in auto-borrow mode, meaning manual borrowing is not supported. This streamlined approach simplifies leveraged trading across spot, futures, and options.
- In isolated margin and spot-futures cross margin modes, auto-borrow is triggered when opening a position. Funds are automatically borrowed to cover the trade size if your available balance is insufficient.
- Upon closing the position, an automatic repayment process begins—first settling accrued interest, then repaying the principal.
- In multi-currency margin mode, if your trading amount exceeds your current balance, the deficit is covered via auto-borrow from eligible assets in your portfolio.
This seamless integration allows traders to execute high-impact trades without pre-funding every transaction.
👉 Discover how auto-borrow maximizes your trading flexibility with intelligent margin use.
When Are Interests Calculated and Deducted?
Interest management is transparent and predictable within the Unified Account framework.
- Interest is calculated hourly, precisely on the hour, based on outstanding liabilities.
- The calculation occurs in real time but does not immediately impact your visible account or position balance—it's applied silently in the background.
- Deductions occur every hour, directly reducing equity through an increase in liability.
This hourly model ensures accurate cost tracking and supports precise profit-and-loss forecasting, especially for long-term positions.
How Are Interest Charges Applied?
The method of interest deduction depends on your margin mode:
- For isolated margin and spot-futures cross margin positions:
Interest is deducted from the position’s liability. This increases the total amount owed over time—even if the asset price remains stable. - For multi-currency margin liabilities:
Interest is deducted from the overall liability balance of the account. Since this mode aggregates collateral across multiple assets, interest impacts the net liability of the entire portfolio.
Understanding this distinction helps traders manage compounding costs more effectively, particularly in volatile markets.
How Does Repayment Work?
Repayment mechanics vary depending on the margin configuration:
- In isolated and spot-futures cross margin modes:
Repayment happens automatically when you close a position. The system first settles any accrued interest before deducting the borrowed principal. In multi-currency margin mode:
You have greater control—you can repay by either:- Transferring the required currency into your account
- Purchasing the liability-denominated asset directly
This flexibility empowers users to manage debt proactively rather than waiting for position closure.
Can I Get an Interest-Free Range on My Liabilities?
Yes—but only under specific conditions.
- Only liabilities arising from unrealized P&L on contract positions qualify for an interest-free range.
Liabilities from:
- Leveraged spot trading
- Realized P&L from closed contracts
Do not benefit from interest-free treatment.
This feature rewards strategic holding of open derivatives positions while discouraging excessive leverage in spot markets.
Why Doesn’t My Borrowable Amount Increase With More Margin?
Even with increased equity, your borrowable limit may remain unchanged due to three primary factors:
- Leverage Settings: Higher leverage reduces borrowing capacity. Try lowering your leverage to unlock more funds.
- Account-Level Borrow Limits: You may have reached your tier-based borrowing ceiling. Upgrading your account level can increase this limit.
- Market Demand Constraints: During periods of high demand, crypto borrowing pools may be exhausted. Wait and retry later when liquidity improves.
Adjusting your strategy around these constraints can significantly improve capital utilization.
👉 Learn how to optimize your margin efficiency and unlock hidden borrowing power.
How Can I Perform Arbitrage Using a Unified Account?
The Unified Account enhances arbitrage opportunities by allowing profit-and-loss offsetting across markets.
Positive Premium (Futures > Spot):
- Open a long spot/margin position
- Simultaneously open a short futures position of equal size
- Close both when the premium narrows for risk-neutral gains
Negative Premium (Futures < Spot):
- Open a short spot/margin position
- Simultaneously open a long futures position of equal size
- Exit when convergence occurs
Thanks to risk offsetting, your effective margin requirement drops dramatically compared to managing these trades separately—reducing liquidation risk and improving ROI.
How Do I Arbitrage Funding Rates?
Perpetual contracts offer another arbitrage vector via funding rates.
Positive Funding Rate (Longs Pay Shorts):
- Go long in spot/margin
- Open a short perpetual position
- Profit when funding decreases or turns negative
Negative Funding Rate (Shorts Pay Longs):
- Go short in spot/margin
- Open a long perpetual position
- Close for profit as funding becomes less negative or positive
With Unified Account’s integrated structure, gains in one leg can offset losses in another, maintaining stability even during market swings.
Is the Discount Rate Included in Margin Calculations?
Discount rates apply only in multi-currency margin mode.
- Different tokens are assigned tiered discount rates based on volatility and liquidity.
- These discounts reduce their value when used as collateral—protecting against sudden devaluations.
- In spot-futures cross margin mode, no discounting applies since risk control is based on single-currency valuation.
This ensures conservative yet efficient collateral assessment across diverse asset classes.
Will OKX Shut Down Instruments Individually for Maintenance?
No. One of the core advantages of the Unified Account is system-wide integration.
All instruments—spot, futures, options, perpetuals—are treated as interconnected components of a single portfolio. Maintenance or updates are performed holistically, ensuring no isolated downtime disrupts your multi-market strategies.
What Is the Auto Deleveraging Mechanism (ADL) for Profitable Positions?
In extreme market conditions where counterparty risk rises, OKX employs ADL to rebalance exposure.
Positions are selected for deleveraging based on:
- Account risk level
- Position risk degree
- Profit & Loss ratio
Highly profitable positions with significant exposure may be partially closed to stabilize the system. Traders are notified in advance where possible, and execution follows a transparent priority queue.
How Does Derivatives Risk Offset Work in Portfolio Margin?
Portfolio Margin accounts perform comprehensive stress testing across multiple risk scenarios involving:
- Futures
- Perpetual swaps
- Options
The required margin is set to cover the maximum potential loss under these simulated conditions. When positions hedge each other (e.g., long weekly futures vs short quarterly futures), their risks partially cancel out—reducing total margin needed.
Example Scenarios:
- Futures Calendar Spread:
Long 480K BTCUSD quarterly + Short 480K weekly → Margin drops from $23M (Unified) to $4M (Portfolio) - Short Options Position:
Selling 10K BTCUSD weekly puts → Margin reduced from $4.6M to $650K due to offset logic
These optimizations make complex strategies far more capital-efficient.
How Is Spot-Derivatives Risk Offset Handled?
In Portfolio Margin mode, stress tests include spot and margin positions alongside derivatives.
Users can group spot and margin holdings into:
- USDT-risk units
- Crypto-risk units
This enables cross-market hedging—like holding BTC spot while shorting BTC futures—where directional risk is minimized and margin reflects net exposure.
When correlations are strong and values are balanced, required margin can drop significantly below traditional models.
Frequently Asked Questions (FAQ)
Q: Can I disable auto-borrow in Unified Account?
A: No. Auto-borrow is mandatory in Unified Account—it cannot be turned off. However, you retain full control over when and how much you trade.
Q: Does interest accrue on unrealized P&L liabilities?
A: Yes, but only up to the interest-free threshold. Beyond that, standard hourly interest applies.
Q: How often are discount rates updated?
A: Discount rates are reviewed periodically based on market volatility and may change without notice. Check your collateral details regularly.
Q: Can I switch between margin modes freely?
A: Yes, but switching may trigger position adjustments or require additional collateral depending on current exposure.
Q: Is Portfolio Margin available to all users?
A: Access may depend on account level and trading history. Higher-tier accounts typically qualify for advanced features like Portfolio Margin.
Q: Does risk offset apply to all asset pairs?
A: Only instruments within the same risk unit (e.g., BTC-denominated products) can offset each other. Cross-asset hedging has limited effect.
👉 Maximize your capital efficiency with Portfolio Margin and advanced risk offset tools.