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(1) Eliminate the cumbersomeness of fund transfers and improve transaction convenience

At present, the unified account of OKEx has started public beta online. In the future, trading accounts will be divided into simple trading mode, single-currency margin mode and cross-currency margin mode (including automatic borrowing and non-automatic borrowing). Among them, the simple transaction mode only pays for non-margin transactions (currency transactions and call option transactions); the single-currency margin mode is to place transactions of the same settlement currency in a unified account; Currency assets are uniformly converted into U.S. dollar value, and all kinds of spot and derivative transactions in all currencies are placed under the same account.

What needs to be emphasized is that the unified account is not simply to unify all trading accounts under one account, but has a qualitative leap in both trading breadth (cross-species trading) and trading depth (tradable scale). Specifically, the unified account will rewrite the rules of the industry game in the following aspects:

(1) Eliminate the cumbersomeness of fund transfers and improve transaction convenience

Under the original account model, the fund balance and position income between accounts cannot be shared, which takes up too much funds of users. Under the OKEx unified account, the single-currency margin mode supports the sharing of margins among derivatives of the same settlement currency, while the cross-currency margin mode converts assets in different currencies into US dollars to realize all derivatives of different settlement currencies Margins are shared between products, thereby reducing capital occupation and improving capital utilization efficiency.

(2) Share margin to improve capital utilization efficiency

Under the original account model, the fund balance and position income between accounts cannot be shared, which takes up too much funds of users. Under the OKEx unified account, the single-currency margin mode supports the sharing of margins among derivatives of the same settlement currency, while the cross-currency margin mode converts assets in different currencies into US dollars to realize all derivatives of different settlement currencies Margins are shared between products, thereby reducing capital occupation and improving capital utilization efficiency.

For example, in the following case, in the original account mode, a user has a balance of 3 BTC in the perpetual account, and the long position of the BTCUSD perpetual contract, the initial margin is 1 BTC, and the unrealized profit and loss is 2 BTC; at the same time , there is a balance of 1 BTC in the delivery contract, and no delivery contract position is held.

In OKEx's cross-currency margin --- automatic loan mode, when the effective margin of the US dollar value is sufficient, the user can sell the currency when the balance of the currency is insufficient, or trade in the currency In order to settle currency derivatives, currency-free transactions can be realized, which further improves transaction convenience and further reduces the risk of liquidation.

(3) Net profit and loss, reduce the risk of liquidation and loss

Under the original account model, the profit and loss of positions between accounts cannot be netted, and the position loss under a single account faces the risk of forced liquidation or liquidation (for example, the position profit and loss of a leveraged account and a contract account cannot be offset). Under the OKEx unified account, the profit and loss of each account and even the positions of different settlement currencies can be netted off, and the margin is shared, which reduces the risk of liquidation.

For example, in the following case, a user owns assets of 0.2 BTC and 3,000 USDT, and with an average opening price of 20,000 USD, respectively longs 100 BTCUSDT perpetual contracts (USDT margin) with 10 times leverage; shorts BTCUSD with 10 times leverage Perpetual contract (coin-based) 200 contracts (position value 20,000 USD). When the marked price of the perpetual contract drops to 17,000 USD, if the original account mode is used, the user's USDT margin contract will be liquidated, but if the unified account mode is selected, the user's two positions will not be liquidated.

(4) Automatic loan function to realize currency-free transactions, improve transaction convenience, and reduce the risk of liquidation

In OKEx's cross-currency margin --- automatic loan mode, when the effective margin of the US dollar value is sufficient, the user can sell the currency when the balance of the currency is insufficient, or trade in the currency In order to settle currency derivatives, currency-free transactions can be realized, which further improves transaction convenience and further reduces the risk of liquidation.

It can be seen from the above that compared with the old account design, OKEx's unified account design can avoid the cumbersome fund transfer, greatly improve the utilization efficiency of user funds, expand the breadth and depth of fund use, and protect the user's security. Safe positions. It can be said that the OKEx unified account is an epoch-making product in the field of cryptocurrency trading.

It can be seen from the above that compared with the old account design, OKEx's unified account design can avoid the cumbersome fund transfer, greatly improve the utilization efficiency of user funds, expand the breadth and depth of fund use, and protect the user's security. Safe positions. It can be said that the OKEx unified account is an epoch-making product in the field of cryptocurrency trading.