By default, collateral is posted in USD and pnl is paid out in USD.
Balances of the following coins also count towards collateral.
| Coin | Weight (total) | Weight (free) |
| Non-USD fiat | 0.99 | 0.98 |
| USDT | 0.975 | 0.95 |
| BTC | 0.975 | 0.95 |
| ETH | 0.95 | 0.9 |
| BNB | 0.95 | 0.9 |
| PAXG | 0.95 | 0.9 |
| FTT (optional) | 0.95 | 0.95 |
You can choose whether to use FTT as collateral on the settings page. By default your account will use FTT as collateral. Note that Weight (total) is used to determine collateral for the purpose of liquidations, and Weight (free) is for the purpose of opening new positions.
In the event that your USD balance falls too far below zero (see below for details), some of your balances in the above coins may be automatically traded into to USD by sending market orders into the corresponding FTX spot markets.
Any positive PnL will be paid out in USD regardless of which type of collateral you use.
FTX will trade your non-USD collateral into USD if your USD balance is negative and any of the following hold:
- You are close to liquidation: your account's margin fraction is less than (20bps + maintenance margin fraction requirement)
- Your negative USD balance is large: over $30,000 in magnitude
- Your negative USD balance is large when compared to overall collateral: its magnitude is over 3 times larger than your net account collateral
FTX will first turn (non-USD fiat), then (BTC and USDT), then (ETH, BNB and PAXG), and then FTT (if you have it enabled) into USD. If both BTC and USDT are eligible choices, FTX will choose the larger balance: if you have $1000 of USDT and $100 of BTC, your USDT will be traded into USD first. FTT collateral is always used last.
If you'd like to convert your USD PnL into BTC you can do so using our spot market.
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