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We're upgrading the UTA borrowing experience with a new Manual Borrow feature, giving you greater control and flexibility when trading on margin. The feature is expected to go live on Sep 26, 2025 (launch time may vary). Below, we highlight the key changes you need to know.
Liabilities
Before the upgrade, all liabilities in the Unified Trading Account were treated as a single combined balance. After the upgrade, they will be separated into Spot liabilities and Derivatives liabilities. This distinction affects how repayments are handled.
Spot Liabilities
Includes borrowed amounts from Spot Margin Trading or Manual Borrow, plus any accrued interest.
Derivatives Liabilities
Includes borrowed amounts from Derivatives trading, such as:
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Unrealized & realized PnL from Perpetual & Expiry contracts
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Trading fees and funding fees
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Interest from Derivatives borrowing
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Decrease in Options value
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Options premiums
Overview: UTA loan in Spot Margin Trading
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Feature
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Before Upgrade
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After Upgrade
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Manual Borrow
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Not supported
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Supported
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Auto Repayment
(Spot Margin Trading)
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Supported
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Supported
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Single-Coin Repayment
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Only full repayment (borrowed coin OR full conversion) is supported.
Partial/mixed repayment is not available.
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Full, partial and mixed repayments (borrowed coin + conversion) are supported.
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Repay All
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Supported. The system only converts collateral assets for repayment.
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Supported. The system uses available borrowed coin first, then collateral assets.
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Auto Repayment by Transfer In (to UTA)
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Can be used to repay both Spot and Derivatives liabilities.
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Can be used to repay Derivatives liabilities only.
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Auto Repayment by Spot Trading
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Can be used to repay both Spot and Derivatives liabilities.
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Can be used to repay Derivatives liabilities only.
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Liability Types
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No distinction between Spot and Derivatives liabilities.
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Spot liabilities: Only manual repayment is supported.
Derivatives liabilities: Manual and auto repayments are supported.
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Max Leverage (Spot Margin)
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10x for all coins
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Varies by coin
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Maintenance Margin Rate (MMR)
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Fixed at 4%
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Tiered MMR based on coin and borrowing amount.
For more details, please refer to the position tiers here.
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Detailed feature changes
Spot Margin Trading - Manual Borrow
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Before Upgrade
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After Upgrade
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Not supported
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Supported on the Spot Margin page or Asset page.
To make a manual borrowing:
Step 1: Click Borrow.
Step 2: Enter the amount and click Borrow to confirm.
Example
Before borrowing:
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USDC equity = 0
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Wallet balance = 0
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Borrowed amount = 0
After borrowing 20 USDC:
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Spot Margin Trading - Auto Borrow
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Before Upgrade
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After Upgrade
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Supported. The wallet balance shows a negative amount, and the borrowed amount is recorded.
Example
You place a Spot Margin order that is filled immediately. The system automatically borrows the required amount.
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Supported. The wallet balance shows zero, and the borrowed amount is recorded.
Example
You place a Spot Margin order that is filled immediately. The system automatically borrows the required amount.
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Before borrowing:
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USDC equity = 0
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USDC wallet balance = 0
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USDC borrowed amount = 0
After borrowing:
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Before borrowing:
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USDC equity = 0
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USDC wallet balance = 0
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USDC borrowed amount = 0
After borrowing:
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Spot Margin Trading: Limit Order Auto Borrow
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Before Upgrade
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After Upgrade
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Supported
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Remains unchanged
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Example
You place a Spot Margin limit order.
 
Before borrowing:
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USDC equity = 0
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USDC wallet balance = 0
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USDC borrowed amount = 0
After borrowing:
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Single Coin Repayment
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Before Upgrade
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After Upgrade
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Full, partial and mixed repayments (borrowed coin + conversion) are supported.
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To make a single-coin repayment:
Step 1: Go to the Single-Coin Repayment page. Only full repayment is supported.
If you have insufficient borrowed coins, you can make a full repayment with other collateral assets. The system will convert collateral to repay the borrowed coins, and a 0.1% handling fee will apply.
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To make a single-coin repayment:
Step 1: Go to the Single-Coin Repayment page. Both full and partial repayments are supported.
The system will use your available borrowed coin for repayment first. Any remaining liabilities will be repaid by converting collateral assets.
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Repay All Liabilities
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Before Upgrade
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After Upgrade
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Converts collateral to repay borrowed coins.
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Uses available borrowed coin first, then converts collateral.
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Step 1: Click Repay All, then select the collateral coin for repayment.
Step 2: The system will convert the selected collateral into the borrowed coin to repay your liabilities.
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Step 1: Click Repay All, then select the coin for repayment.
Step 2: The system will first use your available borrowed coin for repayment. Any remaining amount will be covered by converting your collateral into the borrowed coin.
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Repayment by Transfer In
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Before Upgrade
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After Upgrade
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Transfer-in coins are used to repay both Spot and Derivatives liabilities.
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Transfer-in coins are used to repay Derivatives liabilities only. Spot liabilities remain outstanding and must be repaid manually.
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Example
Borrowed amount = 100.711451
After transferring in USDC, all liabilities are repaid automatically.
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USDC equity = 0
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USDC wallet balance = 0
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USDC borrowed amount = 0
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Example
Total borrowed amount = 102.511026
After transferring in USDC, only Derivatives liabilities are repaid automatically, while Spot liabilities remain unpaid.
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Repayment by Spot Trading
For example, if you borrowed BTC but don't currently hold any, buying BTC with USDT via the BTC/USDT Spot pair will automatically count as a repayment. The BTC you receive is treated as if it were transferred into your Unified Trading Account.
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Before Upgrade
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After Upgrade
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Transfer-in coins are used to repay both Spot and Derivatives liabilities.
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Transfer-in coins are used to repay Derivatives liabilities only. Spot liabilities remain outstanding and must be repaid manually.
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Example
Borrowed amount = 100.711451
After transferring in USDC, all liabilities are repaid automatically.
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USDC equity = 0
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USDC wallet balance = 0
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USDC borrowed amount = 0
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Example
Total borrowed amount = 102.511026
After transferring in USDC, only Derivatives liabilities are repaid automatically, while Spot liabilities remain unpaid.
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Leverage and Maintenance Margin Rate (MMR)
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Before Upgrade
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After Upgrade
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Leverage for Borrowing
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Applied to all trading pairs. Maximum leverage is 10x for all pairs.
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Leverage is coin-based, with maximum leverage varying by coin and position tier.
Position tiers are determined by your borrowed amount for each coin. For more details, please refer to here.
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MMR for Borrowed Amount
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Fixed at 4%
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Tiered MMR based on coin and position tier.
Position tiers are determined by your borrowed amount for each coin. For more details, please refer to here.
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API
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Feature
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Before Upgrade
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After Upgrade
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Manual Borrow
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Not supported
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POST /v5/account/borrow
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Repayment
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Only full single-coin repayment is supported, or you can repay all by converting collateral assets.
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The system will use any available borrowed coin first, then convert collateral to repay remaining liabilities.
An additional endpoint will be added to allow full or partial repayment.
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Leverage Settings for Spot Margin Trading
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Supported. Leverage settings apply to all coins.
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Supported. Leverage settings are coin-based.
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Maximum Borrowable Amount
Query
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Not supported
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GET /v5/spot-margin-trade/max-borrowable
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Position Tiers
Query
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Not supported
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GET /v5/spot-margin-trade/position-tiers
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Available Borrowing Coin
Query
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Not supported
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GET /v5/spot-margin-trade/repayment-available-amount
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Maximum Leverage per Coin
Query
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Not supported
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GET /v5/spot-margin-trade/coinstate
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2025-09-15 12:55:33
Ya
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