Cross-margin uses one shared pool of collateral for all your margin trades. Collateral is the funds you transfer into your Margin Wallet to back those trades. Because the pool is shared, a gain on one position can offset a loss on another.

What you owe is your debt: the amount Bitso borrows automatically to fill your orders, plus the interest that builds up while the position stays open. Debt always counts at its full value.

You have one Margin Level for the whole account, not one per position. It is the value of everything in your account after subtracting your debt, divided by that debt, with accrued interest included. When it reaches 1.10×, Bitso closes positions across your whole Margin Wallet to repay what you owe.

One position: how the numbers look

Say you hold 3,000 Tether (USDT) in Spot. You transfer 2,000 USDT into your Margin Wallet as collateral, borrow 8,000 USDT, and buy 0.2 Bitcoin (BTC) at 50,000 USDT.

If that position gains 200 USDT, your combined balance shows 3,200 USDT: 1,000 USDT left in Spot, plus 2,200 USDT in your Margin Wallet once debt is subtracted. Inside your Margin Wallet you see -8,000 USDT, which is what you still owe, and +0.2 BTC.

Two positions, one Margin Level

Now say you hold 5,000 USDT in your Margin Wallet and open two positions at the same time:

• A long position in Ethereum (ETH) worth 4,000 USDT, with 2,000 USDT borrowed automatically.
• A long position in Solana (SOL) worth 3,000 USDT, with 1,500 USDT borrowed automatically.

Your 5,000 USDT backs both positions together. There is no Margin Level for the Ethereum position and another for the Solana position: one number covers the whole account. If the market moves against you and that number reaches 1.10×, Bitso closes positions across the whole Margin Wallet, not just the one that lost value.