Trading Accounts & Margin

Collateral: XOX uses USDT as the primary settlement and collateral asset across all perpetual markets.

Margin Mode and Trading Accounts: XOX operates by default in cross-margin mode, where all positions within a single trading account share the same collateral pool. This maximizes capital efficiency and automatically allocates available margin to prevent unnecessary liquidations.

For traders who prefer isolated margin or wish to run multiple independent strategies, XOX provides a built-in sub-account system. A single wallet can create up to 20 independent trading accounts, each with fully isolated margin, PnL, and liquidation logic. Liquidation of one sub-account has zero impact on any other sub-account or the main account.

Internal transfers of available balance between sub-accounts are instantaneous and completely fee-free. Note that such transfers immediately affect the margin ratio of both the sending and receiving accounts and may trigger liquidation if the resulting margin ratio falls below the maintenance requirement.

For full details on the liquidation engine and risk checks, please refer to the dedicated Liquidation Logic section.

Margin, Profit & Loss (P&L) Calculations: All XOX perpetual contracts are linear USDT-margined. Both initial/immaintenance margin and realised/unrealised PnL are denominated directly in USDT. This removes any exposure to inverse contract complexity or non-stable collateral volatility.

The PnL curve is perfectly linear: a 100 USDT price move on a 1 BTC notional position generates exactly +100 USDT (long) or –100 USDT (short) in unrealised PnL, regardless of entry price.

Hedge Mode Capability: Traders can perfectly replicate traditional hedge mode behaviour by opening opposing positions (long + short) in the same trading pair across different sub-accounts. This is particularly useful for market-making strategies, delta-neutral yield farming, or managing complex options/perpetual combinations while taking full advantage of XOX liquidity rewards and fee rebates on both sides of the trade.

By combining cross-margin efficiency with fully isolated sub-accounts, XOX delivers the flexibility of centralised exchanges while preserving the non-custodial security and transparency of an on-chain perpetual protocol.