1. Introduction
As a leading derivatives exchange, OKX is committed to providing users with top-tier margin infrastructure. To enhance capital efficiency, OKX has upgraded its unified account from Cross-Currency Margin to the advanced Portfolio Margin 2.0 system. This article explores the key differences between these models, their benefits, and practical applications.
2. Key Features Comparison
| Feature | Cross-Currency Margin | Portfolio Margin 1.0 (Derivatives Hedging) | Portfolio Margin 2.0 (Spot-Derivatives Hedging) |
|---|---|---|---|
| Tradable Products | All (Spot, Margin, Futures, Perpetuals, Options) | Same | Same |
| Capital Requirements | Net Assets > $50K | Net Assets > $100K | Net Assets > $100K |
| Eligible Collateral | - All account assets (discounted per currency) - Unrealized P&L from derivatives | Grouped by risk units; evaluated holistically | Includes spot assets' delta hedging (e.g., BTC现货 offsets BTC-USD/USDT risk) |
| Options Valuation | Only short options count toward margin | Both long/short options valued | Same as Portfolio Margin 1.0 |
| Margin Calculation | Position-tier based (isolated) | Scenario-based max loss assessment | Includes spot asset delta hedging |
3. Practical Example
| Scenario | Maintenance Margin |
|---|---|
| Cross-Currency Margin | $7,947 USD |
| Portfolio Margin 1.0 | $33,665 USD |
| Portfolio Margin 2.0 | $9,618 USD |
| Optimization (1.0 → 2.0) | 70% reduction |
👉 Discover how Portfolio Margin 2.0 boosts efficiency
Key Takeaways:
- Users with large asset pools, hedged positions, or spot holdings benefit most.
- Portfolio Margin 2.0 often outperforms Cross-Currency Margin in reducing requirements.
4. Tools & Resources
4.1 Demo Trading
- Cross-Currency Mode: Enable via
Settings > Account Mode. - Portfolio Margin 2.0: Toggle spot-derivative hedging in the position dashboard.
👉 Try OKX's demo trading platform
4.2 Position Builder
Simulate new positions to preview margin impacts. Combine live and demo portfolios for advanced testing.
FAQ
Q: Which margin mode is best for small accounts?
A: Cross-Currency Margin (min. $50K) suits smaller accounts better.
Q: How does delta hedging work in Portfolio Margin 2.0?
A: Spot assets (e.g., BTC) offset delta risk in futures/options positions.
Q: Are options treated differently across modes?
A: Yes—Portfolio Margin values both long/short options, while Cross-Currency only counts shorts.
Conclusion
Portfolio Margin 2.0 revolutionizes capital efficiency by integrating spot assets into risk calculations. For institutional traders and hedgers, it offers unparalleled flexibility. Start with Cross-Currency Margin if you're new, then scale into Portfolio Margin as your strategy evolves.