When it opens, you choose a margin mode and a leverage for each position before you open it, and neither can be changed afterwards.
Leverage is a whole number from 1x up to the market's maximum, which the ticket shows. You enter a Margin budget, and the ticket estimates the quantity, the position's value, the margin it will lock and the fee. Higher leverage gives a larger position for the same margin and brings the liquidation price closer to your entry price.
- Isolated: only the margin of that position backs it, so a liquidation costs at most that margin. Once you can trade Futures, you can also add isolated margin to an open position.
- Cross: all your cross positions share the available collateral in your Futures account. A gain on one can support another, but a loss can liquidate every cross position together. To add collateral, transfer more USDT into Futures.
Every position needs a maintenance margin to stay open: a percentage of its value at the financial mark. The ticket shows your Available collateral, CROSS equity and the amount Available to transfer out.
If closing a cross position at a loss uses more than your available collateral, a CROSS settlement deficit appears. It isn't cash: later settled credits and transfers into Futures repay it first. Until it is repaid you can't open new positions or transfer out of Futures, but you can still reduce positions.