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Notional Value

The notional of a position corresponds to the total position size in USDC value 
Notional Value = Position Qty * Mark Price

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Account Margin Ratio

The margin ratio of an account is equal to the total collateral value (ie the USDC balance + any unrealized profit/loss) divided by the total open notional of the account (the sum of the absolute notional value of all positions) For an account having positions on multiple contracts: 
Account Margin Ratio = Total Collateral Value / Sum(Abs(Position Notional i))
The margin ratio defines the risk level of your account: a higher margin ratio equates to a lower risk level (with a default margin ratio set to 1000% when there are no open positions)

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Initial Margin Ratio

To open a new futures position or execute withdrawals, the Margin Ratio of the Account has to be higher than the Initial Margin ratio. Otherwise, the account will not be able to open any new futures position or execute withdrawals. Each Perpetual Futures market has a defined Initial Margin Ratio (Base IMR) and maximum leverage equal to 1/Base IMR. 
IMR i = Max(1 / Max Account Leverage, Base IMR i, IMR Factor i * Abs(Position Notional i)^(4/5))
IMR Factors are specific coefficients used to calculate the required margin for large positions. The larger the position, the lower the actual leverage that can be used.

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Maintenance Margin Ratio

An account will be liquidated if the Margin Ratio of the account is lower than the Maintenance Margin Ratio required. 
MMR i = Max(Base MMR i, Base MMR i / Base IMR i * IMR Factor i * Abs(Position Notional i)^(4/5))
We will gradually decrease Base IMR and Base MMR and increase maximum leverage for major markets after launch.
Perp MarketBase IMR (max leverage)Base MMRIMR Factor
BTC-PERP1% (100x)0.6%0.0000000910
ETH-PERP1% (100x)0.6%0.0000001724
ARB-PERP10% (10x)5%0.0000021481
WOO-PERP10% (10x)5%0.0000077523
LINK-PERP10% (10x)5%0.0000018182
OP-PERP10% (10x)5%0.0000021481
SOL-PERP1% (100x)0.6%0.0000010667
SUI-PERP5% (20x)2.5%0.0000028100
TIA-PERP10% (10x)5%0.0000116025
INJ-PERP10% (10x)5%0.0000021481
AVAX-PERP5% (20x)2.5%0.0000022222
JUP-PERP10% (10x)5%0.0000077350
ORDI-PERP10% (10x)5%0.0000041315
APT-PERP10% (10x)5%0.0000020800
WLD-PERP10% (10x)5%0.0000073100
STRK-PERP10% (10x)5%0.0000036538
SEI-PERP10% (10x)5%0.0000018182
DYM-PERP10% (10x)5%0.0000103131
ETHFI-PERP10% (10x)5%0.0000071400
ENA-PERP10% (10x)5%0.0000064014
W-PERP10% (10x)5%0.0000084382
WIF-PERP10% (10x)5%0.0000097705
ZEUS-PERP10% (10x)6%0.0000084382
MERL-PERP10% (10x)5%0.0000092820
ONDO-PERP10% (10x)5%0.0000058013
AR-PERP10% (10x)5%0.0000077523
MEW-PERP10% (10x)5%0.0000088400
BOME-PERP10% (10x)5%0.0000084382
1000PEPE-PERP5% (20x)2.5%0.0000033766
1000BONK-PERP10% (10x)5%0.0000071400
TON-PERP10% (10x)2.5%0.0000074256
1000FLOKI-PERP10% (10x)5%0.0000041315
STG-PERP10% (10x)5%0.0000073100
BRETT-PERP10% (10x)5%0.0000075320
IO-PERP10% (10x)5%0.0000071400
PONKE-PERP10% (10x)5%0.0000088400
ZRO-PERP10% (10x)5%0.0000092820
POPCAT-PERP10% (10x)5%0.0000075320
MKR-PERP10% (10x)5%0.0000035767
AAVE-PERP10% (10x)5%0.0000046867
CRV-PERP10% (10x)5%0.0000084000
LDO-PERP10% (10x)5%0.0000021481
TRX-PERP5% (20x)2.5%0.0000028100
ORDER-PERP10% (10x)5%0.0000092820
POL-PERP5% (20x)2.5%0.0000019314
TAO-PERP10% (10x)5%0.0000084382
EIGEN-PERP5% (20x)2.5%0.0000064014
MOODENG-PERP10% (10x)5%0.0000092820
1000SHIB-PERP5% (20x)2.5%0.0000022222
GOAT-PERP10% (10x)5%0.0000100891
1000000MOG-PERP10% (10x)5%0.0000088400
SPX-PERP10% (10x)5%0.0000092820
PNUT-PERP10% (10x)5%0.0000075320
ACT-PERP10% (10x)5%0.0000092820
NEIRO-PERP10% (10x)5%0.0000084382
CETUS-PERP10% (10x)5%0.0000092820
PENDLE-PERP10% (10x)5%0.0000074256
HYPE-PERP5% (20x)2.5%0.0000028100
AIXBT-PERP10% (10x)5%0.0000084382
TURBO-PERP10% (10x)5%0.0000092820
PENGU-PERP10% (10x)5%0.0000092820
AI16Z-PERP10% (10x)5%0.0000084382
FARTCOIN-PERP10% (10x)5%0.0000075320
HSK-PERP10% (10x)5%0.0000092820
ZEN-PERP10% (10x)5%0.0000072298
BIO-PERP10% (10x)5%0.0000075320
RAY-PERP10% (10x)5%0.0000077350
ADA-PERP5% (20x)2.5%0.0000022222
S-PERP10% (10x)5%0.0000024700
TRUMP-PERP10% (10x)6%0.0000071400
MELANIA-PERP10% (10x)6%0.0000097705
MODE-PERP10% (10x)5%0.0000100891
ANIME-PERP10% (10x)5%0.0000084382
VINE-PERP10% (10x)6%0.0000084382
FET-PERP10% (10x)5%0.0000021481
PLUME-PERP10% (10x)6%0.0000074256
BERA-PERP10% (10x)6%0.0000073100
TST-PERP20% (5x)10%0.0000097705
ZEUS-PERP10% (10x)6%0.0000084382
UXLINK-PERP10% (10x)6%0.0000084382
IP-PERP20% (5x)10%0.0000073100
CAKE-PERP10% (10x)5%0.0000035767
KAITO-PERP20% (5x)10%0.0000074256
LTC-PERP5% (20x)2.5%0.0000022222
HBAR-PERP10% (10x)5%0.0000077523
WAL-PERP10% (10x)5%0.0000072298
PAXG-PER10% (10x)5%0.0000033766
C98-PERP10% (10x)6%0.0000072298
VIC-PERP10% (10x)6%0.0000123760
WCT-PER20% (5x)10%0.0000084382
DOOD-PERP20% (5x)10%0.0000123760
COOKIE-PERP10% (10x)6%0.0000072298
LAUNCHCOIN-PERP10% (10x)5%0.0000092820
GRASS-PERP10% (10x)5%0.0000074256
CHILLGUY-PERP10% (10x)5%0.0000092820
LPT-PERP10% (10x)5%0.0000077523
FET-PERP10% (10x)5%0.0000021481
USELESS-PERP20% (5x)10%0.0000084382
MNT-PERP10% (10x)5%0.0000020800
SAHARA-PERP20% (5x)10%0.0000064014
SYRUP-PERP10% (10x)6%0.0000041315
SOPH-PERP10% (10x)6%0.0000097705
H-PERP10% (10x)6%0.0000074256
ICNT-PERP10% (10x)6%0.0000097705
NEWT-PERP10% (10x)6%0.0000097705
CAT-PERP10% (10x)6%0.0000088400
CRO-PERP10% (10x)5%0.0000020800
MAGIC-PERP10% (10x)6%0.0000088400
HYPER-PERP10% (10x)5%0.0000072298
FUN-PERP10% (10x)5%0.0000084382
STO-PERP20% (5x)10%0.0000123760
KNC-PERP10% (10x)6%0.0000092820
XLM-PERP10% (10x)5%0.0000028100
PUMP-PERP20% (5x)10%0.0000020800
RUNE-PERP10% (10x)5%0.0000064014
ANI-PERP10% (10x)6%0.0000123760
TAC-PERP10% (10x)6%0.0000123760
ANDY-PERP20% (5x)10%0.0000123760
BGSC-PERP10% (10x)6%0.0000123760
SPK-PERP10% (10x)6%0.0000084382
ERA-PERP10% (10x)5%0.0000074256
SAROS-PERP10% (10x)5%0.0000074256
1000CHEEMS-PERP10% (10x)6%0.0000084382
1000000BABYDOGE-PERP10% (10x)6%0.0000092820

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PnL (Profit and Loss)

The unrealized PnL of an open position refers to the profits or losses of that position based on the Mark Price: 
Unrealized PnL(Perp Market i) = Position Qty * (Mark Price - Position Average Entry Price)
The realized PnL refers to the profits or losses after closing a position: 
Realized PnL(Perp Market i) = Position Qty * (Average Price - Position Average Entry Price)

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PnL settlement

Settling PnL allow traders to move their profit or loss from all perpetual markets to their balance. PnL Settlement has no impact on the Account Margin Ratio or open positions. It should be noted that settled/unsettled PnL and realized/unrealized PnL are different. PnL is realized when closing or reducing a position. The resulting realized PnL moves into the balance only when the trader triggers a PnL settlement. Settled PnL into balance can be used for perpetual futures trading or withdrawn, but doing so will impact your margin ratio. The process of PnL Settlement is as follows: When account X makes a call to settle PnL, Orderly will choose the top accounts with the largest unsettled opposing PnL. Starting from the largest account, each account’s unsettled PnL will be offset with account X, until account X has no more remaining PnL to settle. As an Example: Account X has +20,000 USDC unsettled PnL with a balance of 100 USDC. The top 2 facing Accounts A and B have -15,000 USDC and -5,000 USDC unsettled PnL respectively:
  • First, settling Account X vs Account A will increase Account X’s balance by 15,000 USDC and decrease Account A’s balance by 15,000 USDC. Account X has a remaining unsettled PnL of +5,000 USDC and a balance of 15,100 USDC.
  • Then, settling Account X vs Account B will increase Account X’s balance by 5,000 USDC and decrease Account B’s balance by 5,000 USDC. Account X has a remaining unsettled PnL of 0 and a balance of 20,100 USDC. The settlement process ends since Account X has no remaining unsettled PnL.
Settling PnL will NOT change the user’s balance as displayed user balance already includes unsettled PnL in the calculation.Withdrawable balance will change after settling PnL as it doesn’t include unsettled profits in the calculation.All settling PnL does is move profits into user’s account so user is able to withdraw.

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Max notional amount

Orderly imposes position limits per perpetual market per user. These limits will be increased and/or removed after Beta launch.
Perp MarketMax Notional (USDC)
BTC5,000,000
ETH5,000,000
Alts2,000,000