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Phoenix supports both cross margin and isolated margin. By default, orders will be placed using cross margin. You can change margin mode either via the order form or through your user settings. Once a position is open, the margin type cannot be changed.

Cross Margin

All positions share one collateral pool—your entire account balance backs every trade simultaneously.
  • Shared collateral across all positions
  • Profitable positions automatically support losing ones
  • Higher capital efficiency
  • One poorly-performing position can potentially drain the entire account

Isolated Margin

Each position has its own separate collateral pool.
  • Individual collateral allocation per position
  • Liquidation impacts only the specific position
  • Limited risk exposure per trade
  • You cannot lose more capital (net of fees, funding or slippage) than allocated to that particular trade

Choosing Your Margin Type

  • Isolated Margin: Select when limiting per-trade risk matters most
  • Cross Margin: Choose when maximizing capital efficiency with related positions
  • Some traders prefer isolated margin for risk management, particularly when learning or trading volatile markets