Rules for using stock tokens as margin

Overview

Bitget supports the use of select stock tokens as margin, applicable to the following two account modes:

• Futures margin in multi-asset mode (classic account)

• Margin in a unified trading account (UTA)

By using stock tokens as margin, you can participate in futures trading directly without selling them for USDT, improving capital efficiency.

1. Collateral ratio

When stock tokens are used as margin, the platform calculates the effective margin value based on the index price multiplied by the collateral ratio, rather than at face value on a 1:1 basis.

Why is there a collateral ratio?

Stock tokens are subject to price volatility. The collateral ratio is applied to cover potential value loss during extreme market conditions, ensuring that the margin remains sufficient to cover position risk before liquidation is triggered.

Example:

You hold rAAPL stock tokens worth 10,000 USDT with a collateral ratio of 90%. The effective margin value of this holding is 9000 USDT, not 10,000 USDT.

2. Weekends and market closures: Fixed index price

The underlying U.S. stocks corresponding to stock tokens are closed for trading on weekends and U.S. stock market public holidays. To prevent abnormal value calculations due to the unavailability of real-time prices during these periods, the platform applies the following mechanism:

During weekends and market closures, the index price of stock tokens is fixed at the closing price of the most recent trading day and does not change over time.

Impact on you:

• During market closures, the effective value of stock tokens used as margin will not fluctuate due to index price movements, and liquidation risk remains relatively stable.

• After the U.S. market reopens on Monday, the index price resumes real-time updates. If the opening price is significantly lower than Friday's closing price, the effective margin value will decline accordingly, and account risk will increase. Ensure you maintain a sufficient margin buffer before the weekend.

   

3. Liquidation rules

When stock tokens are used as margin, the liquidation trigger logic is identical to that of other margin assets (e.g., USDT, USDC), with no special differences.

Liquidation trigger condition: Liquidation is initiated when the account's margin ratio falls below the maintenance margin rate.

Special considerations when using stock tokens as margin:

• When calculating the margin ratio, stock tokens are included at their collateral ratio-adjusted effective value, not their gross market value.

• After a weekend or market closure ends, a gap-down at the opening may cause the effective margin value to drop sharply in an instant, creating a risk that liquidation is triggered before you have time to add margin.

   

Frozen prices over the weekend do not mean frozen risk (UTA):

Although stock tokens are in a price freeze state over the weekend, meaning their margin value does not fluctuate with the underlying stock, the system continues to calculate the overall risk of the entire account in real time. If futures positions held over the weekend incur significant losses, such as due to sharp crypto futures volatility, the account's overall margin ratio will still change in real time, and liquidation will be triggered if it falls below the maintenance margin rate. The unchanged margin value of stock tokens cannot prevent this process.

Recommendations:

• When using stock tokens as margin, maintain a higher safety buffer.

• Before the U.S. stock market closes, especially on Fridays, review your account margin ratio and top up margin or reduce positions in advance.

FAQ

Do both futures multi-asset mode and UTA support stock tokens as margin?

Yes. Both account modes support stock tokens as margin. However, the specific stock tokens supported and their applicable collateral ratios may differ. Refer to the real-time information displayed on the platform.

Can the collateral ratio change?

Yes. The platform dynamically adjusts collateral ratios based on market volatility and will announce any changes in advance. We recommend monitoring platform announcements regularly or checking the latest collateral ratios on your account page.

Is it safe to hold positions backed by stock token margin over the weekend?

During the weekend, the index price is fixed, and liquidation will not be triggered by price movements in the token itself. However, note that once the U.S. stock market reopens on Monday, prices resume real-time updates. In the event of a gap-down, the margin value may change rapidly. We recommend managing risk proactively in advance.

Does using stock tokens as margin affect my funding fee settlement?

No. Funding fees are calculated based on futures positions and settled in USDT, regardless of the margin asset used.

If only stock tokens are in the account at the time of liquidation, how does the platform handle it?

Once liquidation is triggered, the platform will process the positions in accordance with standard liquidation procedures.

Notes

• This document applies to accounts after the stock token margin feature goes live. The specific launch date is subject to platform announcements.

• Stock tokens under USDT-M Futures in multi-asset mode are displayed with an uppercase "R" prefix. For example, rAAPL will be shown as RAAPL.

• The list of stock tokens eligible as margin, collateral ratios for individual stock tokens, and supported account types are subject to the real-time information on the platform.

• If you have any questions, contact customer service with your account information and screenshots.