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USDT Perp Positions Migration to oUSD Portfolio Margining
Shared by Peter
• July 16, 2023
We would like to inform you about the upcoming position migration from USDT margined perpetual futures to portfolio margined (oUSD) perpetual futures and actions that may affect your account.
On Tuesday, July 18th at 06:00 AM UTC, the exchange will undergo a scheduled maintenance lasting 2 hours during which, the following steps will be taken.
Upcoming Migration Steps
1. All trading will be disabled.
2. All open USDT margined perpetual futures positions will be migrated to the portfolio margined contracts (oUSD perpetuals).
3. All USDT margined perpetual futures contracts will be delisted.
4. All accounts will be converted to “PORTFOLIO” account types from “STANDARD” or “LINEAR”.
USDT margined perpetual futures positions will be closed and reopened at the Mark Price of the related oUSD market.
Position Migration Example
Bob has the following open positions:
|
Market |
Amount |
Entry Price |
Mark Price (USDT Perp) |
|
BTC/USDT Perp |
1 |
30,000 |
30,500 |
|
ETH/USDT Perp |
10 |
2,000 |
2,070 |
|
OX/USDT Perp |
100,000 |
0.03 |
0.0296 |
During the migration, Bob’s USDT margined positions will be converted into portfolio margined positions (oUSD perpetuals) inside each respective sub account. The USDT margined positions will be settled and re-opened at the portfolio margined perp’s Mark Price.
Bob’s positions following migration:
|
Market |
Amount |
Entry Price |
Mark Price (Portfolio Margined Perp) |
|
BTC/USD Perp |
1 |
30,600 |
30,600 |
|
ETH/USD Perp |
10 |
2,100 |
2,100 |
|
OX/USD Perp |
100,000 |
0.0303 |
0.0303 |
Bob will have new entries in his trading history:
|
Market |
Side |
Price |
Executed |
|
BTC/USD Perp |
Long |
30,600 |
1 |
|
ETH/USD Perp |
Long |
2,100 |
10 |
|
OX/USD Perp |
Long |
0.0303 |
100,000 |
|
BTC/USDT Perp |
Short |
30,600 |
1 |
|
ETH/USDT Perp |
Short |
2,100 |
10 |
|
OX/USDT Perp |
Short |
0.0303 |
100,000 |
Bob’s PnL:
|
Market |
Amount |
Entry Price |
Exit Price |
PnL (USDT) |
|
BTC/USDT Perp |
1 |
30,000 |
30,600 |
600 |
|
ETH/USDT Perp |
10 |
2,000 |
2,100 |
1,000 |
|
OX/USDT Perp |
100,000 |
0.03 |
0.0303 |
30 |
|
Total |
1,630 |
After migration, once positions have migrated and trading has resumed, PnL from Bob’s positions will be paid in oUSD.
What do I do if I don’t want to migrate?
You can close your USDT margined perpetual futures positions in the relevant markets if you don’t want your USDT margined positions to be migrated.
What are portfolio margined perpetual futures on OPNX?
A brief refresher on various facets of portfolio margined perpetuals can be found below.
Index price
Nothing changes here. The contracts are indexed to USDT pairs, meaning the futures should tend to trade in-line with other USDT margined perpetuals and USDT spot markets.
PnL and Funding Payments
Big changes here. The contracts are still cash settled, however PnL and funding payments are paid in oUSD.
Collateral and margining
Big changes here. oUSD perpetuals take advantage of portfolio margin, meaning cryptocurrencies such as Bitcoin, Ethereum, and OX can be used as collateral to trade. It’s important to note that while oUSD is used for settlements and PnL, crypto collateral is valued using USDT pairs, such as BTC/USDT and ETH/USDT.
In the trading interface you will see your “Collateral Balance”, which is used as margin to trade these portfolio margined contracts.
Collateral Balance = sum(coin balance * index price * LTV)Index Price = Median of USDT pairs from a set of exchanges (CEX and/or DEX)LTV = min(base LTV, 1/(LTV factor * sqrt(coin balance) + 1))Collateral Liquidation Triggers:
Partial Collateral Liquidation (no forfeiture of collateral to the insurance fund):
USDo balance < -4*Collateral BalanceFull Collateral Liquidation (forfeiture of collateral to the insurance fund):
Collateral Balance <= 0