<img src="https://uploads.bydfi.in/events/cms/BYD.1744282198889.image.png" alt="BYD.1744282198889.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1744282198889.image.png" style="width: 100%;"/>Please note that the calculation may include transaction fees, funding fees, and real-time market fluctuations. These two factors could contribute to the situation where users see a profit while holding a position but experience a loss upon closing it. For <a href="https://www.bydfi.com/en/swap/btc-usdt" target="_self">Perpetual Contracts</a>:You can refer to the following table to clearly understand the fees included in the profit and loss displayed during holding and closing positions.The calculation of profit and loss for perpetual contracts can be found in the article "<a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/3bpsehwceoan" target="_self">P&L Calculations (USDT-M)</a>". For COIN-M contracts, please refer to this article: "<a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/8wx07lmaudxp" target="_self">P&L Calculations (COIN-M)</a>"<table style="width: auto;"><tbody><tr><td colSpan="1" rowSpan="1" width="auto"> </td><td colSpan="1" rowSpan="1" width="auto">Calculation of Unrealized P&L</td><td colSpan="1" rowSpan="1" width="auto">Calculation of Realized P&L</td></tr><tr><td colSpan="1" rowSpan="1" width="auto">P&L of the Position</td><td colSpan="1" rowSpan="1" width="auto">Yes</td><td colSpan="1" rowSpan="1" width="auto">Yes</td></tr><tr><td colSpan="1" rowSpan="1" width="auto">Transaction Fees</td><td colSpan="1" rowSpan="1" width="auto">No</td><td colSpan="1" rowSpan="1" width="auto">Yes</td></tr><tr><td colSpan="1" rowSpan="1" width="auto">Funding Fees</td><td colSpan="1" rowSpan="1" width="auto">No</td><td colSpan="1" rowSpan="1" width="auto">Yes</td></tr></tbody></table> In addition to the aforementioned fees that may affect your actual net profit, please be aware that the market is continuously volatile. Closing positions in market order mode cannot guarantee the exact amount of your profits. You can make use of our provided TP/SL settings, as well as <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/nidiilpqe7bl" target="_blank">stop limit/market orders</a> in perpetual contracts.

The Unrealized Profit is Positive But the Closing Result Shows a Loss

<img src="https://uploads.bydfi.in/events/cms/BYD.1744280799001.image.png" alt="BYD.1744280799001.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1744280799001.image.png" style="width: 100%;"/>To profit from a contract transaction of encrypted currency assets, you can choose to go long or short on the underlying trading pairs based on market price fluctuations. <h3>How to Go Long</h3> Going long means that investors anticipate the market will rise in the future and purchase a certain number of bullish contracts on encrypted currency assets. When you expect the contract price to rise, you can go long through contract trading. The operation process is as follows: transfer a part of the USDT to the USDT-M account as margin, select the required leverage, order type, and buy a certain number of contracts. When the price of the long contract rises, sell it at a high price to generate income; in other words, buy low and sell high. Taking BTC contract trading as an example, we buy a contract worth 1 BTC at the price of $5,000 per coin. If the price of BTC rises to $5,500 per coin, we sell the contract worth 1 BTC to generate a profit of $500. <h3>How to Go Short</h3> Going short means that investors anticipate the market will fall in the future and sell a certain number of bearish contracts on encrypted currency assets. When you expect the contract price to fall, you can short the contract through contract trading. The operation process is as follows: transfer a part of the USDT to the USDT-M account as margin, select the required leverage and order type, and sell a certain number of contracts. When the price of the short contract falls, buy it at a low price to generate income; in other words, sell high and buy low. Taking BTC contract trading as an example, we sell a contract worth 1 BTC at the price of $5,000 per coin. If the price of BTC falls to $4,500 per coin, we buy the contract worth 1 BTC to generate a profit of $500.

How to Go Long/Short

<img src="https://uploads.bydfi.in/events/cms/BYD.1744272793190.image.png" alt="BYD.1744272793190.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1744272793190.image.png" style="width: 100%;"/>The "funding rate" is used to narrow the price difference adjustment mechanism between the perpetual contract and the corresponding spot market, which is a unique function of the perpetual contract market. Its calculation is related to the value of the position, and it will affect the profit and loss of the position and even the liquidation price. Funding Fee Settlement Mechanism The perpetual contract uses "funding fees" to anchor the contract price to the spot price. Unlike delivery contracts, perpetual contracts do not require delivery, and users can hold them for a long time. But if there is no delivery, a mechanism is needed to ensure that the contract price and the spot price tend to be consistent. This is what we call "funding fees." The funding fee is paid between long/short parties, and the positive/negative funding rate determines which party needs to pay. The funding fee is completely settled between users, and the platform does not charge any fees for it. When the funding rate is positive, long users will pay funding fees and short users will get funding fees. The Effect of Funding Fees on Position P&L and Forced Liquidation The settlement of the funding fee may indirectly affect the profit and loss of the position. When the user needs to pay the funding fee and there is no available balance, the position will suffer a loss, which will be reflected in the reduction of the position margin. Liquidation is triggered when the position margin is reduced below the maintenance margin. It can be seen that the "funding fee" will not directly affect the forced liquidation, but it will affect the position margin. Continuous payment of funding fees may result in the position margin being lower than the maintenance margin, resulting in forced liquidation. Formula: Funding Fee = Position Value * Funding Rate"Position Value" is determined by the mark price at the settlement time of the funding rate. Example of USDT-M ContractTrader B holds a long order of 1 BTCUSDT contracts, and the mark price at the time stamp of the funding fee swap is 20,000 USDT, and the current funding rate is -0.01%. Par Value =100USD/Cont First, calculate the position value:Position Value = Par Value * Contract Quantity * Mark PricePosition Value = 100*1*20,000 = 2,000,000USDT Then calculate the BTCUSDT funding fee:Funding Fee = Position Value * Funding RateFunding fee = 2,000,000 USDT * 0.01% = 200 USDTSince the funding rate is negative (-0.01%), short positions will pay funding fees to long positions. So, Trader B will receive 200 USDT of funding fees, and multiple parties holding the same number of contracts in short positions will be charged 200 USDT of funding fees. How to Manage Position Risk? The settlement of the funding fee is linked to and positively correlated with the position value. The greater the value of the position, the more funding fees will be paid or obtained. If the position is large, it is recommended that you pay more attention to the impact of the settlement of funding fees on the position. Close the position in advance by avoiding the settlement time of the funding fee. The funding fees of perpetual contracts are settled every 8 hours at 08:00, 16:00, and 00:00 SGT, respectively. Only users who hold positions at the time of settlement need to pay or charge funding fees; if the position has been closed before settlement, no funding fees need to be charged or paid. How Do I Use the Funding Fee Mechanism to Stabilize Arbitrage? In addition to paying funding fees, users may also be able to receive funding fees. We can use it to obtain low-risk and long-term income while also diversifying funds and making profits even in low-volatility markets. In other words, funding rate arbitrage can be realized by opening short orders of perpetual contracts and long orders of Spot at the same time. For specific arbitrage operations, you can refer to this article: <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/ypovqsnvee0p" target="_blank">How to Hedge with COIN-M Perpetual Contracts</a>

The Impact of Funding Fees on Position P&L

<img src="https://uploads.bydfi.in/events/cms1736162438914FakcSwX4Wd9W.png" alt="image.png" data-href="" style="width: 100%;"/>Initial MarginInitial margin refers to the minimum collateral amount required to open a position in leveraged trading. The leverage used by traders is inversely proportional to the initial margin required to hold a position. The higher the leverage, the less initial margin is required. In the USDT-M Perpetual Contract, the initial margin is obtained by multiplying the order value by the initial margin rate. The initial margin rate depends on the leverage used. Initial Margin = Contract Quantity * Entry Price / Leverage Example:FIBO opened a long order of 0.5 BTC at 30,000 USDT with 100X leverage.Initial Margin = (0.5 * 30,000) / 100 = 150 USDT Maintenance MarginThe maintenance margin is the minimum amount of margin a trader needs to keep a position open. The maintenance margin will increase or decrease based on the risk limit chosen by the trader. By default, the risk limit for all trading pairs will start from the lowest maintenance margin in their respective <a href="https://www.bydfi.com/en/swap-info?page=5&amp;type=usdt" target="_blank">risk limit tables.</a> When the margin level used for a position is lower than the maintenance margin level, the position will be liquidated. Position Value = Contract Quantity * Entry PriceMaintenance Margin = Maintenance Margin Rate * Position Value - <a href="https://www.bydfi.com/en/swap-info?page=5&amp;type=usdt" target="_blank">MMQC</a>The required Maintenance Margin Rate (MMR) for a position is based on the margin level requirement for the value of the position. Example:FIBO opened a long position of 1 BTC at 10,000 USDT with 100X leverage in isolated mode.Initial Margin = 1 BTC * 10,000 * 1/100 = 100 USDTMaintenance Margin = 1 BTC * 10,000 * 0.5% = 50 USDT This means that the position's maximum loss is 50 USDT (100 USDT - 50 USDT); otherwise, it will be forced to liquidate.

Initial Margin and Maintenance Margin (USDT-M)

1. Click the stop button on the running Spot Grid page<img src="https://uploads.bydfi.in/events/cmsBYD.1736764985707.image.png" alt="BYD.1736764985707.image.png" data-href="" style="width: 50%;"/>2. Choose whether you would like to sell your token or simply stop the trading bot, then click "Confirm"<img src="https://uploads.bydfi.in/events/cms/BYD.1743586852466.image.png" alt="BYD.1743586852466.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1743586852466.image.png" style="width: 50%;"/>3. After stopping the Spot Grid bot, you can view the history in the "Stopped" section, including the total profit and the parameters you configured for the bot<img src="https://uploads.bydfi.in/events/cms/BYD.1743586964067.image.png" alt="BYD.1743586964067.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1743586964067.image.png" style="width: 50%;"/>4. Click "Detail" to view more information, such as the bot's created time and transaction history<img src="https://uploads.bydfi.in/events/cms/BYD.1743586975182.image.png" alt="BYD.1743586975182.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1743586975182.image.png" style="width: 50%;"/>5. You can also copy the bot's parameters or share the profits with your friends<img src="https://uploads.bydfi.in/events/cms/BYD.1743586986007.image.png" alt="BYD.1743586986007.image.png" data-href="https://uploads.bydfi.in/events/cms/BYD.1743586986007.image.png" style="width: 50%;"/>

How to Stop Spot Grid Bot and View Trade History (APP)

<h3>1. Introduction and Acceptance of Terms </h3>This agreement ("Agreement") applies to your ("User" or "you") use of Web3 products and services ("Web3 Services") provided by BYDFi. By using Web3 Services, you acknowledge that you have read, understood, and agreed to comply with all terms and conditions of this Agreement, including but not limited to the Risk Disclosure Statement and Privacy Policy. If you disagree with any part of this Agreement, please cease using BYDFi Web3 Services immediately. <h3>2. Scope of Services</h3>2.1 BYDFi Web3 Wallet Services offers custodial wallet solutions to securely store, receive, and send digital assets, along with cross-chain transaction capabilities across various blockchain networks.2.2 Service Availability Service availability depends on the legal and regulatory requirements of the user's jurisdiction. Some users may be unable to access certain features or the entirety of BYDFi Web3 Services. BYDFi Web3 reserves the right to provide or restrict services based on local laws and regulations. Users are solely responsible for ensuring compliance with local laws when using the services.2.3 Transaction Flexibility and Restrictions Users acknowledge and agree that BYDFi Web3 may, at its sole discretion, perform the following actions for market risk management and compliance purposes: (i) Aggregate transaction data and conduct risk management as needed; (ii) Adjust or optimize trading activities based on market conditions. These actions are at BYDFi Web3's discretion and may occur without prior user notification.2.4 Exclusion of Third-Party Services Any third-party protocols, technologies, or external platforms integrated with BYDFi (e.g., over-the-counter services or decentralized applications) do not constitute part of BYDFi’s service scope. BYDFi does not provide any express or implied warranties for third-party services and assumes no liability for them. <h3>3. User Qualifications and Responsibilities</h3>3.1 User Qualifications Users must meet the legal age of majority in their jurisdiction and possess full legal capacity to enter into binding agreements. Users are responsible for ensuring that their use of BYDFi Web3 Services complies with applicable laws in their jurisdiction.3.2 User Responsibilities(i) Legitimate Use: Users agree to use the services solely for lawful purposes and must not engage in any illegal activities, including but not limited to money laundering, fraud, or financing terrorism; (ii)Account Security: While BYDFi Web3 provides custodial features, users are responsible for safeguarding their accounts and bear the consequences of any loss due to inadequate security measures; (iii)Accurate Information: Users must provide accurate, up-to-date, and truthful information. BYDFi Web3 reserves the right to suspend or terminate accounts if users fail to comply. <h3>4. Risk Disclosure</h3>4.1 Market Risks Digital asset prices are highly volatile and may result in significant financial loss. Users assume all risks associated with trading and holding digital assets.4.2 Technical Risks Blockchain technologies may encounter vulnerabilities, including smart contract errors, network congestion, or technical failures, which could affect the reliability of services or the success of transactions.4.3 Third-Party Risks Using third-party services (e.g., DApps or external protocols) may pose security or legal risks. Users are solely responsible for evaluating and assuming such risks. <h3>5. Fees and Costs</h3>Applicable Fees Certain features of BYDFi Web3 Services may require fees, such as blockchain network transaction fees or other related costs. These fees will be disclosed to users before service usage. All fees are borne solely by the user. BYDFi is not liable for any losses arising from fee changes, payment issues, or related matters. <h3>6. Privacy and Data Security</h3>6.1 Data Collection and Use We may collect data such as wallet addresses, transaction records, and IP addresses to optimize services and ensure compliance with legal requirements.6.2 Data Sharing BYDFi Web3 may share necessary data with third-party service providers (e.g., for technical support and transaction processing) but will never sell users' personal information.6.3 Data Security BYDFi Web3 employs industry-standard encryption and security measures to protect user data and transaction safety. However, users understand that no system is immune to external threats, including but not limited to cyberattacks, data breaches, system failures, or force majeure events. BYDFi Web3 assumes no liability for data loss, transaction failures, or damages resulting from such risks. <h3>7. Limitation of Liability and Disclaimer</h3>7.1 Disclaimer BYDFi Web3 does not guarantee uninterrupted operation, specific functionality, or the success rate of transactions.7.2 Limitation of Liability BYDFi Web3 makes no guarantees regarding the functionality, reliability, uninterrupted operation, or error-free nature of its services, including but not limited to the timeliness or success of transaction execution. Users acknowledge that services may be affected by technical limitations or external factors, and BYDFi is not responsible for any resulting losses. <h3>8. Agreement Modifications and Termination</h3>8.1 Modification Rights BYDFi Web3 reserves the right to modify this Agreement at any time. Changes will be communicated via the official website and take effect immediately. Continued use of the services constitutes acceptance of the updated terms.8.2 Termination Rights If users violate this Agreement or applicable laws, BYDFi Web3 may, at its discretion, suspend or terminate the user's access to the services.

BYDFi Web3 Services Agreement

Please go the BYDFi homepage and click "Spot" in the navigation bar below to enter the spot trading page.After entering the spot trading page, click on the search bar on the left and select LTVs for leveraged token trading.<img src="https://support.bydfi.com/hc/article_attachments/10887737481231" alt="" data-href="" style="width: 50%;">View other leveraged token products, slide to view other spot products as well<img src="https://support.bydfi.com/hc/article_attachments/10887732605711" alt="" data-href="" style="width: 50%;">Select Limit/Market order below and enter the number of leveraged tokens or USDT you want to buy, and click Buy.<img src="https://support.bydfi.com/hc/article_attachments/10887732606479" alt="" data-href="" style="width: 50%;">

Leveraged Token Operation Guide (APP)

<html>
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 <img src="https://uploads.bydfi.in/events/cmsBYD.1735298444483.image.png" alt="BYD.1735298444483.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1735298444483.image.png" style="width: 100%;">What is the COIN-M Perpetual Contract? What is the difference between Coin-M and USDT-M Perpetual Contracts?
 When placing an order using BTC as the margin, the transaction fee, funding fee, and settlement of the unrealized profits and losses are all settled in BTC. Taking BTCUSD as an example, the COIN-M Perpetual Contract is placed and settled with BTC, and the USDT-M Perpetual Contract is placed and settled with USDT.
 
 Where should the funds be placed when trading COIN-M Perpetual Contracts?
 You may start trading the COIN-M Perpetual Contract after transferring assets to the COIN-M account.
 Please refer to this article about how to transfer your assets: <a href="https://www.bydfi.com/server/en/support/FAQs/articles/c32m7u7vpqgd" target="_blank">How to Transfer Assets?</a>
 
 Is it possible to switch between cross and isolated mode in real time? 
 BYDFi supports switching between cross and isolated mode when there are no open positions; when there are open positions or trigger orders, switching between cross and isolated mode is not supported.
 
 What is the risk limit?
 BYDFi implements a tiered margin system, with different levels based on the value of user positions. The larger the position, the higher the initial margin rate when opening a position. The larger the value of the contract held by the trader, the lower the maximum leverage that can be used. Each contract has a specific maintenance margin rate, and margin requirements increase or decrease as risk limits change.
 
 Can the unrealized profit be used to open positions or make withdrawals?
 No, unrealized profit can only be settled after closing the position. Unrealized profit does not increase the available balance, so it cannot be used to open a position or make withdrawals.
 
 Is the insurance pool for COIN-M Perpetual Contracts shared or currency-independent?
 COIN-M perpetual contracts are settled using the cryptocurrency. As a result, the insurance pools are separate due to the difference in currency.
 
 What is an Inverse Contract?
 The Inverse Contract is also known as the COIN-M Contract. Traders need to first confirm how much USD to trade and then use the underlying currency (e.g., BTC, ETH) to calculate margin, profit, and loss. If a trader wants to trade Bitcoin contracts, they must use Bitcoin as the underlying currency, and if they are trading Ether contracts, then they need to hold Ether.
 
 Can I trade ETH on BYDFi if I have BTC?
 No, traders need to have ETH to trade the ETHUSD COIN-M Perpetual Contract.
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COIN-M Perpetual Contracts FAQ

<img src="https://uploads.bydfi.in/events/cms17361624003555thABVCJESPY.png" alt="image.png" data-href="" style="width: 100%;"/>What is the USDT-M Perpetual Contract? <a href="https://www.bydfi.com/en/swap/btc-usdt" target="_blank">The USDT-M Perpetual Contract,</a> also called a forward contract, is often referred to as a USDT-margined contract. What are the differences between USDT-M and COIN-M Perpetual Contracts?Intuitive Margin and P&L Calculation: In USDT-M Perpetual Contracts, both margin and profit/loss (P&L) are calculated in USDT, providing an intuitive experience. For example, in a 1 BTC contract, a 100 USDT price fluctuation results in a gain or loss of 100 USDT. The P&L directly follows the USDT value curve.Stability of Margin: COIN-M Perpetual Contracts are coin-margined, so traders must hold more volatile assets like BTC, ETH, EOS, or XRP as margin, exposing them to coin-holding risks even if they don’t actively trade. In contrast, USDT-M Perpetual Contracts use stablecoin as margin, reducing exposure to currency volatility and eliminating the need for hedging against coin-holding risks. How much leverage does the USDT-M Perpetual Contract support?The maximum leverage of each trading pair is different; please refer to <a href="https://www.bydfi.com/en/swap-info?page=4&type=usdt" target="_blank">USDT-M Perpetual Contracts Trading Rules</a><a href="https://support.bityard.com/hc/en-us/articles/5657651686297-USDT-Pepetual-Contract-Trading-Rules" target="">.</a> Can I hold long side and short side positions at the same time?Yes, users can use "Hedge" mode to hold both side positions at the same time. Can the cross-margin mode and isolated margin mode of the USDT-M Perpetual Contract be switched in real time?BYDFi supports switching between the isolated/cross modes when there are no holding positions.When there is an open position or a limit order, switching between the isolated/cross modes is not supported. What is the Risk Limit? BYDFi implements a tiered margin system, with different levels based on the value of user positions. The larger the position, the lower the leverage allowed, and the initial margin rate is higher when opening a position. The larger the value of the contract held by the trader, the lower the maximum leverage that can be used. Each contract has a specific maintenance margin rate, and margin requirements increase or decrease as risk limits change. Can the unrealized Profit be used to open positions? Yes, in cross-margin mode, unrealized profit can be used to open new positions, enhancing capital efficiency. Is the insurance pool for USDT-M Perpetual Contracts shared or currency-independent? Unlike COIN-M Perpetual Contracts that use the currency standard for settlement, USDT-M Perpetual Contracts are all settled in USDT. The <a href="https://www.bydfi.com/en/swap-info?page=2&type=usdt" target="_blank">insurance pool </a>of USDT-M Perpetual Contracts is also shared by all contracts.

USDT-M Perpetual Contracts FAQ

<img src="https://uploads.bydfi.in/events/cms1736162481120hqtKY7ZpvHdA.png" alt="image.png" data-href="" style="width: 100%;"/>What are Leveraged Tokens?Leveraged tokens are derivative products without margin and with leverage, usually more suitable for short-term investment in one-sided markets. What is Net Value (NAV) ?Net value refers to the value of leveraged tokens.Taking BTC3L as an example, if the BTCUSDT price increases by 1%, the net value of BTC3L will increase by 3%.NAV= Previous Rebalanced NAV*[1±3*(Latest Deal Price of Underlying Asset-Previous Rebalanced Price of Underlying Asset)/Previous Rebalanced Price of Underlying Asset*100%] Naming RulesTaking ETH as an example,ETH3L refers to the token that holds ETHUSDT perpetual contract long position with 3x leverage. ETH3S refers to the token that holds ETHUSDT perpetual contract short position with 3x leverage. Which Account can Trade Leveraged Tokens on BYDFi?Leveraged token trading will be directly conducted through your BYDFi spot account. Fees for Leveraged TokensTrading fee 0.2% ; Management fee 0.03%For more details, please refer to: <a href="https://www.bydfi.com/en/support/FAQs/articles/txaswymdqx2f" target="_blank">Fees for Leveraged Tokens</a> Will My Tokens be Forcibly Liquidated?Due to the fact that the price will not drop to zero, it largely avoids the risk of liquidation in leveraged trading. What is Leveraged Tokens Rebalancing?The rebalancing mechanism is the process of flexibly adjusting positions to achieve the target leverage. When the actual leverage ratio fails to reach the target leverage range, the rebalancing mechanism will be triggered automatically.You can refer to: <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/w0jvdcouytej" target="_blank">Leveraged Tokens Rebalancing</a> Does Leveraged Tokens Support Withdrawals?Currently, BYDFi does not support leveraged tokens withdrawals.

Leveraged Tokens FAQ

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 The reason why a position is liquidated despite setting a stop-loss order might be due to differences in the trigger price.
 Forced liquidation is triggered when the margin ratio of a position reaches 100%. Users can set TP/SL orders to be executed based on either the <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/fohsab3raa6f" target="">latest price</a> or the <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/kwghxoslyf14" target="">mark price</a>.
 
 In the chart, the flag icon represents the mark price.
 <img src="https://uploads.bydfi.in/events/cms1736162477465Cw3uhoiiuIBX.png" alt="image.png" data-href="" style="width: 50%;">
 On the TP/SL settings page, users can adjust whether orders are triggered by the latest price or the mark price.<img src="/guide-media/01JBV88RY61MGNG81J4SX87N0Q" alt="" data-href="" style="">
 <img src="https://uploads.bydfi.in/events/cms1736162477496c6lwqICMuTmJ.png" alt="image.png" data-href="" style="width: 50%;">
 
 Therefore, if a user sets a SL order, it is possible for the position to be liquidated first when the margin ratio reaches 100%. This will cancel the user's TP/SL orders. For details on the reason for cancellation, please refer to <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/mstolr0em3cy" target="">The Process of Forced Liquidation.</a>
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Set a Stop-Loss but Got Liquidated?

🔥 What is Pump.fun?Pump.fun is a tool designed to enhance market liquidity and spark community participation. Through smart contracts, it automates price-driving mechanisms, allowing users to take part in the growth and trading of tokens in a transparent and fair environment, without presales or team allocations. Whether you're a beginner or an experienced trader, Pump.fun offers exciting profits and fun. ✨ Why is Pump.fun so attractive?• Easy to use: With a simple, intuitive interface, anyone can participate without needing complex technical knowledge or large amounts of funds. &nbsp; • Early-stage projects: Join tokens early for the chance to participate in significant price growth. &nbsp; • Fast transactions: Enjoy a fast and low-cost trading environment. 💡 Key Features:• Instant price boosting: Smart contracts automatically adjust prices, causing rapid price increases as more people participate. &nbsp; • Transparent and decentralized: All transactions occur transparently on the blockchain, ensuring fairness. &nbsp; • Permissionless participation: Anyone can easily join without complex verification or registration processes. &nbsp; • High liquidity rewards: The earlier you join, the higher your potential profits, giving you an edge in the market. 🚀 How to get started?1. Open BYDFi: Open your BYDFi app.2. Choose a project: Select a token or project you're interested in from the Pump.fun interface.3. Participate in trading: Buy tokens based on your strategy and watch the price rise as the community gets involved.4. Profit and exit: Sell at the right time to realize your profits.<img src="https://uploads.bydfi.in/events/cmsBYD.1739180354489.image.png" alt="BYD.1739180354489.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1739180354489.image.png" style="width: 50%;"/><img src="https://uploads.bydfi.in/events/cmsBYD.1739180621199.image.png" alt="BYD.1739180621199.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1739180621199.image.png" style="width: 50%;"/><h3></h3><h3>⚠️ Risk Warning:</h3>While Pump.fun provides high-reward opportunities, it also comes with market volatility risks. Be sure to do your research before participating, and only invest what you can afford to lose. Experience Pump.fun now and get ahead in the world of decentralized trading, feeling the thrill of the market's pulse! 🚀🌕 &nbsp; 👉 Start participating now: <a href="https://apps.apple.com/us/app/bydfi-buy-btc-eth-doge/id6444251506" target="_blank">iOS</a> / <a href="https://play.google.com/store/apps/details?id=com.bydfi.app" target="_blank">Android</a>

What is Pump.fun?

Compound Interest without a Margin Requirement<img src="https://support.bydfi.com/hc/article_attachments/10976777822991" alt="" data-href="" style=""/>Leveraged tokens have the characteristic of compounding. If the user purchases a leveraged token that generates a floating profit (the floating profit before rebalancing), the earnings will be added to the principal in the next rebalance, which means adding 3 times the floating profit position, resulting in a compounding pattern. Therefore, the user’s position in the elevated token product will increase, compounding the gains.With the Advantage of Leverage While Minimizing the Risk of Liquidation<img src="https://support.bydfi.com/hc/article_attachments/10976777823631" alt="" data-href="" style=""/>Leveraged tokens come with their own risk control mechanism. For instance, if BTC falls by 33%, a BTC contract of perpetual purchased with 3X leverage will be liquidated. Undoubtedly, this long position will be forced to close, and nothing will be left. However, if the user buys the leveraged token product and does three times longer with the underlying asset of BTC (BTC3L), the leveraged BTC3L will be rebalanced, and the position will be adjusted according to the market decline to avoid liquidation. Even if the BTC price drops by 33%, the user's position still has remaining assets, and there is no liquidation. <a href="https://www.bydfi.com/server/en/support/PRODUCT_DESCRIPTION/articles/w0jvdcouytej" target="_blank">What is Leveraged Token Rebalancing?</a>Fixed Leverage<img src="https://uploads.bydfi.in/events/cmsBYD.1743140365372.image.png" alt="BYD.1743140365372.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1743140365372.image.png" style=""/>Compared to the leverage of futures products in the traditional market, which may be affected by price changes, the leverage of the leveraged tokens can be fixed as much as possible through the price rebalancing mechanism. Such rebalancing allows users who are busy and do not have time to keep an eye on the market to stay within their original investment plan. When the market is unilateral, the advantages of leveraged tokens are most obvious; when the market is oscillating in both directions, it becomes less favorable. Risk warning: Leveraged token products are leveraged and fluctuate widely. Please be familiar with the trading rules and participate with caution.

Advantages of Leveraged Tokens

Leveraged tokens are a type of financial derivative similar to leveraged trading and are popular in the traditional market. Like conventional leveraged trading products, leveraged tokens form their own price system based on the price of the underlying asset multiplied by a certain ratio (e.g., three times). There is no time limit for leveraged tokens, and the price will not go to zero, which greatly avoids the risk of liquidation in leveraged trading. Leveraged Tokens Characteristics:<img src="https://uploads.bydfi.in/events/cmsBYD.1743133312678.image.png" alt="BYD.1743133312678.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1743133312678.image.png" style="width: 100%;"/>Users can buy and sell leveraged tokens in the secondary market at a limit or market price using spot aggregation, and the purpose of leveraged trading can be achieved without margin. Naming Rules:<img src="https://uploads.bydfi.in/events/cms1736162474445Q1BvlspMHZOn.png" alt="image.png" data-href="" style="width: 100%;"/>The name of a leveraged token consists of the name of its underlying asset, the leverage ratio, and the direction of long/short.For Example:BTC3L is a three-time leveraged long bullish BTC token.BTC3S is a three-time leveraged short bearish BTC token.When BTC rises 1%, BTC3L rises 3%, and BTC3S falls 3%.When BTC falls 1%, BTC3L falls 3%, and BTC3S rises 3%.Leveraged Tokens Price:<img src="https://uploads.bydfi.in/events/cms1736162474600r1b06S7avXtx.png" alt="image.png" data-href="" style="width: 100%;"/>The price of the leverage token is composed of two parts: One is the price in the secondary market, which is determined by the strength of the buying (long) or selling (short) orders. The other part is the net asset value (NAV), which is calculated by tracking the upside and downside of the underlying asset and reflects the true value of the leveraged tokens at a certain multiple at that moment.It is recommended that users avoid unnecessary losses when buying/selling leveraged tokens at prices that do not deviate too much from the NAV.For the calculation of NAV, please refer to this article: <a href="https://www.bydfi.com/en/support/PRODUCT_DESCRIPTION/articles/kvamefmzlo8k" target="_blank">Price Mechanism of Leveraged Tokens</a>Risk warning: Leveraged token products are leveraged and fluctuate widely. Please be familiar with the trading rules and participate with caution.

What Are Leveraged Tokens?

<img src="https://uploads.bydfi.in/events/cmsBYD.1741588441788.image.png" alt="BYD.1741588441788.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1741588441788.image.png" style="width: 100%;">A Wallet Without Private Keys: Redefining the Web3 GatewayBlockchain wallets are blockchain-based infrastructure of the Web3 ecosystem, safeguarding user assets and enabling decentralized authentication. Traditional wallets rely on private keys or seed phrases for asset management—if lost, recovery is impossible. This critical vulnerability has been a major barrier to the widespread adoption of Web3.As the blockchain ecosystem evolves, increased on-chain interactions bring heightened security risks: private key leaks, lost seed phrases, and hacking incidents have led to billions of dollars in asset losses. Based on this, it is made possible by the integration of MPC (Multi-Party Computation) technology and blockchain signatures, designed to address the vulnerabilities of private key storage and management, allowing users to securely manage digital assets without the need for private keys or seed phrases. What is an MPC Keyless Wallet?MPC (Multi-Party Computation) is an advanced cryptographic technology that enables multiple parties to jointly compute data without revealing their private inputs. Through Distributed Key Generation (DKG), an MPC wallet splits the traditional single private key into multiple private key shares stored across different devices, eliminating the need to store a complete private key in one place. Core Advantages of the Keyless Wallet<h4 style="line-height: 1;">🔒 Enhanced Security No Single Point of Failure. :</h4>The absence of a single private key means no single device can control the assets. Even if one private key share is compromised, it cannot be used to move assets independently.<h4 style="text-align: start; line-height: 1;">🛡️ Lower Recovery Costs:</h4>In case a private key share is lost, users can generate a new share through the MPC share recovery mechanism without the fear of losing their assets.<h4 style="text-align: start; line-height: 1;">⚡ Seamless User Experience, Simplified Web3 Access:</h4>No need for seed phrases or private keys, lowering the barrier to Web3 adoption. 🚀 Start Your New Web3 Journey Today with the BYDFi MoonX!Available on <a href="https://apps.apple.com/us/app/bydfi-buy-btc-eth-doge/id6444251506" target="_blank">iOS</a>/<a href="https://play.google.com/store/apps/details?id=com.bydfi.app" target="_blank">Android</a>.

Introducing the MoonX MPC Wallet

<img src="https://uploads.bydfi.in/events/cms1736162473121rNPyOGrMuNPk.png" alt="image.png" data-href="" style=""/>When the margin ratio of a position reaches 100%, forced liquidation is triggered, resulting in the loss of all margin allocated to that position. <h3>Margin Rate Calculation Formula</h3> Isolated Margin Rate(Contract Quantity * Par Value * Entry Price * Maintenance Margin Rate - MMQC + Contract Quantity * Par Value * Mark Price * Liquidation Fee Rate) / (Position Margin + Unrealized PNL) * 100% Example:FIBO holds a 100X leveraged BTCUSDT long position with a contract quantity of 10,000, an entry price of 65,000, a par value of 0.001, a maintenance margin rate of 0.25%, a mark price of 64,875, a liquidation fee rate of 0.006, an unrealized PNL of -1,250, a position margin of 6,500, and MMQC is 250. (10,000 * 0.001 * *65,000 * 0.25% - 250 + 10,000 * 0.001 * 64,875 * 0.006) / (6,500 - 1,250) * 100% = 100% Cross Margin Rate(Total Cross Margin Maintenance Margin + Total Cross Position Close Fee) / (Account Balance + Bonus Balance - Isolated Margin Frozen Amount + Cross Margin Unrealized PNL) * 100% Example:FIBO holds a BTCUSDT cross margin long position with a contract quantity of 10,000, a par value of 0.001 BTC, a mark price of 59,000, a long maintenance margin of 3,000, and a short maintenance margin of 0. The closing fee rate is 0.006. The account balance is 50,000, the bonus balance is 5,000, the isolated margin frozen is 0, and the cross margin unrealized PNL is -48,460. (3,000 + 0.001 * 10,000 * 59,000 * 0.006) / (50,000 + 5,000 - 0 - 48,460 ) *100% = 100% <h3>Liquidation Price Calculation Formula</h3> Isolated Margin Long Position:[Margin - Par Value * Contract Quantity * Entry Price * (1 + Maintenance Margin Rate) + MMQC] / [Par Value * Contract Quantity * (Liquidation Fee Rate - 1)]Short Position:[Margin + Par Value * Contract Quantity * Entry Price * (1 - Maintenance Margin Rate) + MMQC] / [Par Value * Contract Quantity * (Liquidation Fee Rate + 1)] Cross Margin(Wallet Balance + Bonus Balance − Total Frozen Isolated Margin − Total Cross Margin Maintenance Margin − Total Cross Closing Fees + Total Cross Margin Unrealized PNL− Par Value × Long Contract Quantity × Long Position Entry Price + Par Value × Short Contract Quantity × Short Position Open Price) / (Par Value * (Short Contract Quantity - Long Contract Quantity) + | Par Value * Long Contract Quantity * Long Position Maintenance Margin Rate - Par Value * Short Contract Quantity * Short Position Maintenance Margin Rate| + Par Value * Total Quantity * Closing Fee Rate) ​ Note: • Wallet Balance = Transfer In - Transfer Out + Realized PNL • Maintenance Margin = Position Value * Maintenance Margin Rate - MMQC • Isolated Margin Position Value = Contract Quantity * Par Value * Entry Price • Cross Margin Position Value = Contract Quantity * Par Value * Mark Price • MMQC please refer to this <a href="https://www.bydfi.com/en/swap-info?page=5&type=usdt" target="">page</a>

Liquidation Price Calculation (USDT-M)

🔥 What is Moonshot?Moonshot shares similarities with Pump.fun in that both are tools designed specifically for decentralized exchanges (DEX), aimed at providing users with more opportunities and an innovative market experience. However, Moonshot focuses on long-term value growth, prioritizing steady investment returns and sustainable value appreciation over time.<h3></h3>💡 Key Features:• Steady Growth: By selecting projects with strong growth potential, Moonshot aims to deliver stable and long-term value growth.• Curated Projects: Our expert team handpicks high-quality, promising projects, ensuring that every participant has access to the best investment opportunities in the market.• Transparent Monitoring: All trades, projects, and fund flows are fully transparent, allowing users to easily understand the market conditions for every action they take. 🚀 How to Participate in Moonshot:1. Connect Your Wallet: Open your MoonX wallet and securely connect it to our platform, preparing your funds for investment.2. Choose High-Potential Projects: Browse through the carefully curated high-potential projects on the Moonshot interface, selecting the long-term growth opportunities that you trust and believe in.3. Long-Term Holding: Based on your investment strategy, buy the tokens of your chosen projects and prepare for long-term holding to support the growth of these projects.4. Monitor and Adjust: As projects develop, continue to monitor their performance and adjust your portfolio flexibly in response to market changes to achieve optimal growth.<img src="https://uploads.bydfi.in/events/cmsBYD.1739181217548.image.png" alt="BYD.1739181217548.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1739181217548.image.png" style="width: 50%;"/><img src="https://uploads.bydfi.in/events/cmsBYD.1739181259146.image.png" alt="BYD.1739181259146.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1739181259146.image.png" style="width: 50%;"/><h3></h3>⚠️ Risk Warning:While Moonshot provides high-reward opportunities, it also comes with market volatility risks. Be sure to do your research before participating, and only invest what you can afford to lose. Experience Moonshot now and get ahead in the world of decentralized trading, feeling the thrill of the market's pulse! 🚀🌕 &nbsp; 👉 Start participating now: <a href="https://apps.apple.com/us/app/bydfi-buy-btc-eth-doge/id6444251506" target="_blank">iOS</a> / <a href="https://play.google.com/store/apps/details?id=com.bydfi.app" target="_blank">Android</a>

What is Moonshot?

<img src="https://uploads.bydfi.in/events/cms1736162413178kRHqkGF4hHaI.png" alt="image.png" data-href="" style="width: 100%;"/>Understanding DelistingIf the BYDFi team finds out that the current item does not meet the requirements to be online or the item is discontinued, the item may be taken down in order to maintain the user's trading experience. How Do I Know When a Token Is Going to Be DelistedWe notify users of the item's removal through various means, including <a href="https://www.bydfi.com/en/support/ANNOUNCEMENT" target="_blank">official announcements</a>, <a href="https://t.me/BYDFiEnglish/274640" target="_self">community announcements</a>, emails, etc. Before the item is taken down, users can still trade until the transaction is stopped. How to Handle Tokens Scheduled for DelistingIf you hold tokens on BYDFi that have been scheduled for delisting, please follow these steps:1. Stop Depositing • Avoid depositing the delisted tokens after the deposit service has been closed, as this may result in unnecessary asset loss. 2. Sell Delisting Token • Check if the balance of the delisted tokens in your Spot account meets the minimum trading amount. The minimum trading amount on BYDFi Spot is 10U. • If your balance of delisted tokens ≥ the minimum order amount, please complete the trade as soon as possible. • If your balance of delisted tokens &lt; the minimum order amount, you can<a href="https://www.bydfi.com/en/support/FAQS/articles/oywjrxt4ipid" target=""> convert the remaining tokens into BYD Points</a>. 3. Withdrawal • Check if the balance of the delisted tokens in your Spot account meets the minimum withdrawal amount. • If your token balance ≥ the minimum withdrawal amount + withdrawal fees, please complete the withdrawal as soon as possible. • If your token balance &lt; the minimum withdrawal amount + withdrawal fees, withdrawal is not possible. Please proceed with trading or<a href="https://www.bydfi.com/en/support/FAQS/articles/oywjrxt4ipid" target=""> convert the remaining tokens into BYD Points</a> based on the specific balance. Will I Lose My Money if I Miss the Token Removal Announcement?If you do not sell or withdraw your tokens before the token removal, BYDFi team will try to retrieve the asset for you, but we cannot guarantee the retrieval for you.If you contact <a href="mailto:cs@bydfi.com" target="_self">customer service</a> and confirm that the asset can be recovered, you will have to pay for the process fee and provide the corresponding address, no additional fee will be charged.The asset recovery process will take 7-10 working days, so please be patient and we will notify you by email as soon as the results are available.Users must apply for token recovery within two months after the removal of the token.

How to Deal with Delisted Tokens

<h3>Introduction to Risk Limit on BYDFi</h3>The risk limit system on BYDFi plays a crucial role in managing risk and helping traders avoid excessive exposure to market volatility. This system automatically adjusts based on the trader's position size and leverage, ensuring a balanced and safer trading environment. The risk limit reduces the maximum allowable leverage as the value of a trader's position increases. In simpler terms, as traders take on larger positions, the initial margin requirement gradually increases, offering a protective measure against potential losses, particularly in volatile market conditions. <h3>How It Works</h3>Each trading pair on BYDFi has its own specific margin requirements. The risk limit system adjusts these requirements based on the trader's position size. As the position value rises, the initial margin and maintenance margin requirements are adjusted accordingly. This ensures that traders operate within a defined risk profile and prevents them from over-leveraging their positions.If a trader's position value increases, the system will automatically recalculate the risk limit based on the size of the position and any active orders. If no active positions or orders are held, the risk limit will default to the lowest tier. <h3>Risk Limit Enforcement</h3>To prevent excessive market risk concentration and manipulation, BYDFi has set limits on the position size for each individual user. Any open orders that exceed the limit will be rejected. Additionally, we strictly prohibit users from circumventing the position limits in any way (such as using multiple accounts, concealing identities, third-party trading, or exploiting system vulnerabilities) to ensure market fairness. <h3>How to View Risk Limit Information</h3>To view the risk limit information for all trading pairs, click on this icon on the perpetual contract trading page, and then select '<a href="https://www.bydfi.com/en/swap-info?page=5&type=usdt" target="_blank">Risk Limit</a>.'<img src="https://uploads.bydfi.in/events/cmsBYD.1742280551710.image.png" alt="BYD.1742280551710.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1742280551710.image.png" style="width: 100%;"/>Select the trading pair you would like to view, and you can see the complete risk limit information. <img src="https://uploads.bydfi.in/events/cmsBYD.1742283104703.perpetual.png" alt="BYD.1742283104703.perpetual.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1742283104703.perpetual.png" style="width: 100%;"/> <h3></h3><h3>Risk Parameter Adjustment</h3>BYDFi regularly evaluates market liquidity to ensure stable trading conditions. In the event of significant market fluctuations, the risk limit may be adjusted, affecting the following key risk parameters:<ul><li>Initial Margin Rate (IMR)</li><li>Maintenance Margin Rate (MMR)</li><li>Maximum Leverage Allowed</li><li>Position Value Limit</li><li>MMQC</li></ul><h3></h3> <h3>Disclaimer</h3>BYDFi reserves the right to adjust the risk limit and associated risk parameters (including Initial Margin Rate, Maintenance Margin Rate, Maximum Leverage Allowed, Position Limit, and MMQC) in response to changes in market conditions. These adjustments are part of our ongoing effort to maintain a secure and stable trading environment.Users are encouraged to regularly monitor official announcements from BYDFi regarding any changes to the risk parameters. It is the responsibility of the user to stay informed of these updates. BYDFi will not be held liable for any losses or discrepancies arising from users' failure to review such announcements or take appropriate action based on these changes.During the adjustment process, BYDFi's system will perform a risk assessment of your account. If the post-adjustment risk is deemed to be low, the new parameters will be automatically applied, which may result in changes to margin requirements and other associated risks. Please trade responsibly and ensure that you understand the implications of these adjustments.

Risk Limit (USDT-M and COIN-M Contracts)

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 MoonX is an on-chain trading tool developed by BYDFi. To get started, search for BYDFi on the App Store or Google Play. After downloading the app, open it and switch to MoonX from the top menu!
 <img src="https://uploads.bydfi.in/events/cmsBYD.1738929891938.image.png" alt="BYD.1738929891938.image.png" data-href="https://uploads.bydfi.in/events/cmsBYD.1738929891938.image.png" style="width: 50%;">
 🚀 Experience the MoonX Web3 Wallet now and start your Web3 journey!
 Available on <a href="https://apps.apple.com/us/app/bydfi-buy-btc-eth-doge/id6444251506" target="_blank">iOS</a> / <a href="https://play.google.com/store/apps/details?id=com.bydfi.app" target="_blank">Android</a>.
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Spot TradingFutures TradingTrading BotsCopy Trading价格导航Buy CryptoSitemap币说Help Center

Spot Trading Futures Trading Trading Bots Copy Trading 价格导航 Buy Crypto Sitemap 币说 Help Center