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▶ General Rules

Support Staff
  • Updated on

  1. Balance and deposit/withdrawal

    You can deposit cryptocurrency as collateral before margin trading begins, like USDT, BTC, and ETH. WOO X defines the collateral ratio for each token, which represents the equivalent USDT value as your equity. The collateral ratio of USDT is 1 and some tokens don’t count towards collateral. (Collateral ratio for supported tokens)  

    Account assets will be displayed in the Wallet section of the account. A positive balance indicates that the account has a surplus of that asset, and a negative balance indicates that the account borrows that asset.

  2. Leverage

    By default, most deposited assets can be used as margin with discounts to conduct leverage trading on WOO X. The initial leverage is 3x, you can select up to 5x leverage. Note that the available leverage will change according to your position size, the available leverage could be down to 3x.
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  3. Interest

    With margin trading, any negative balances will start accruing interest hourly and continue accruing interest until the balance is zero or positive. Interest owed is based on the maximum amount borrowed in each hourly period. The interest calculation is based on the following formula:

    Interest on the hour = Max (Borrowed assets on the hour) * Interest rate on the hour

    You need to repay in the same coin as what you borrowed. You can choose to manually repay interest under the Wallet tab or pay interest and borrowed funds at the same time by closing the position. Every 24 hours, the system will automatically repay the accrued interest by default. If the user does not have enough balance of the borrowed token to repay the interest, the system will convert the balance of the token with the highest balance to repay the outstanding interest owed. 

    For instance, if you borrow 100 and 500 USDT to long BTC respectively at 15:02 and 15:20, the interest starts calculating at 15:02 with your -100 USDT. Your total USDT becomes -600 at 15:20. If you close all BTC positions, your USDT returns to positive, then the interest is calculated based on the maximum borrowed USDT on the hour, which is 600 USDT. If you close your BTC positions at 16:00, the interest will accrue 2 times with 600 USDT as a base. Daily interest is the total of 24 times of interest accrued per hour. 

    The interest rate of each token adjusts every hour based on overall supply and demand. You can query the real-time interest rate under the Account info tab or via API. 

  4. Contact us

    For technical consultation, please communicate directly with the WOO X team or contact us by email ( support@woo.network ) or submit a ticket.

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