Binance
The reference screen most tutorials assume. USDⓈ-M perps, a loud leverage slider, and a cross/isolated switch you cannot miss. Also a separate spot-margin loan.
Who can even see it
Binance.com derivatives are not a US product. People in the United States are generally blocked from that futures site. A US-branded Binance app is a different company with a thinner product list. Do not follow a .com screenshot if your account is not that account.
What you pay to hold
Perpetual funding is usually every 8 hours. A countdown sits on the contract header. Spot margin is different: hourly interest on the amount you borrowed.
What the leverage number means
The slider on bitcoin has reached 100×–125× on some contracts. The ceiling drops as the position gets larger, and smaller coins get a lower ceiling to begin with. The top of the slider is a product limit. It is not a suggestion and it is not 'the normal setting.'
Their word, in plain language
- USDⓈ-M
- Stablecoin-margined perpetual. P&L in USDT or USDC.
- COIN-M
- Coin-margined contract. P&L in the coin.
- Mark price
- The price that counts for liquidation.
- Hedge mode
- Long and short can both be open. Four actions, not two.
Watch for this
- Liquidation uses Mark Price. Last Price is the other number on the header. They are not interchangeable.
- Hedge mode lets you be long and short together, and the buttons split into open and close. One-way mode is a single buy/sell. Closing the wrong way in the wrong mode adds a position.
- USDⓈ-M pays you in a stablecoin. COIN-M pays you in the coin. Same arrow on the chart, different thing landing in the wallet.
- Cross margin on a quiet altcoin can still drain a wallet that was 'mostly bitcoin collateral' if that collateral is shared.