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How to Trade USDT-Margined Perpetual Futures in Mixin

Overview


Mixin Perpetual Futures are a type of derivatives trading settled in stablecoins.

Unlike spot trading, perpetual futures allow users to profit from price movements without actually owning the underlying asset.


In perpetual futures:


  • Long: Use when you expect the price to rise — you profit if the price rises
  • Short: Use when you expect the price to fall — you profit if the price falls
  • Leverage: Amplifies your trading capital, increasing both potential profits and losses


Key Features


  • No expiry: Unlike traditional futures, perpetual contracts have no settlement date and can be held indefinitely
  • Bi-directional trading: Go long or short — trade in both rising and falling markets
  • Up to 200x leverage: Amplify potential returns (and risks)
  • Isolated margin mode: Each position manages its own risk independently


⚠️ Risk Warning: Leverage amplifies both profits and losses. Please use high leverage with caution.




How to Use


0. Update App Version


Please update Mixin version 4.0.0 or later:


👉 https://messenger.mixin.one/download




1. Enter the Perpetual Futures Page


  1. Open Mixin
  2. Go to the Wallet tab
  3. Tap Trade
  4. Switch to the Perpetual Futures tab





2. Select a Contract


You can enter a position in two ways:


  • Method 1: Tap Long / Short at the bottom, then select a trading pair
  • Method 2: Choose a contract from the market list, then tap Long / Short




3. Open a Position


  1. Enter your margin (initial investment)
  2. Select your leverage


The system will automatically calculate your Position Size.



The app provides built-in guidance for Long, Short, Leverage, and Position Size to help you understand these concepts.




4. Preview & Confirm


Review the following details:


  • Trading pair
  • Margin amount
  • Leverage


After confirming everything is correct, enter your PIN to submit the order.




5. Close a Position


  1. Go to your Positions
  2. Enter the contract details page
  3. Tap Close Position
  4. Enter your PIN to confirm



Key Concepts


Before trading perpetual futures, it is important to understand the following key terms:


Margin


Margin is the capital used to open a position.


In Mixin Perpetual Futures:


  • The amount you enter is your total input amount
  • An opening fee is deducted first
  • The remaining amount becomes your actual margin



Leverage


Leverage allows you to amplify your trading position.


For example:


  • With 10x leverage
  • 10 USDT can control a position of approximately 100 USDT


Higher leverage increases both potential profit and risk.



Size


Size represents the total value of assets controlled in a trade.


Formula:


Size = Actual Margin × Leverage


Please note:


  • Your input amount is not fully used as margin
  • The opening fee is deducted first


Size remains fixed after opening a position, while PnL changes with market price movements.



Liquidation Price


Liquidation price is the price at which your position will be forcibly closed by the system.


This happens when:


  • The market moves against your position
  • Your losses reduce your margin below the required level


In Mixin Perpetual Futures:


Liquidation is triggered based on Mark Price, not Last Price.



Mark Price


Mark Price is a reference price used for risk control.


It is typically calculated using:


  • Weighted prices from multiple exchanges
  • Or a combination of spot price and funding mechanisms


Its purpose:


  • Prevent unfair liquidations caused by short-term volatility
  • Provide a more stable and fair pricing reference



Last Price


Last Price is the most recent traded price in the market.


  • Used for market display
  • Not used for liquidation


Important:


  • Even if the Last Price does not reach the liquidation price
  • Liquidation may still occur if Mark Price does


Always monitor your position risk and manage leverage carefully.



Funding Rate


Funding rate is a periodic payment between long and short positions to keep contract prices close to the spot market.


  • Settled every 8 hours
  • Longs pay shorts or vice versa depending on market conditions


Understanding these concepts is essential before trading.



FAQ


1. Is the amount I enter the same as the margin?


Not exactly.


In Mixin Perpetual Futures, the amount you enter is your total input amount.

A trading fee is deducted first, and the remaining amount becomes your actual margin.


That means:


  • Input Amount = Actual Margin + Opening Fee
  • Actual Margin = Input Amount − Opening Fee


As leverage increases, the proportion of fees relative to your input amount becomes more noticeable.



2. In what currency are profits settled?


All contracts are settled in:


👉 ERC-20 USDT


Regardless of which chain’s USDT or USDC you used, settlement will always be in ERC-20 USDT.




3. What fees are charged in perpetual trading?


The main fees include:


  • Opening fee: 0.16%
  • Closing fee: 0.16%
  • Funding fee: charged every 8 hours (actual rate shown on the contract page)


Fees are deducted from your input amount when opening a position.



4. How is the opening fee calculated?


The opening fee is calculated using the following formula:


Opening Fee = Total Amount × Fee Rate ÷ (1 / Leverage + Fee Rate)


Where:


  • Total Amount = the amount you enter
  • Fee Rate = 0.16% (0.0016)
  • Leverage = selected leverage multiplier


After calculating the fee:


  • Actual Margin = Total Amount − Opening Fee
  • Position Size = Actual Margin × Leverage


Example 1: 2x Long with 1000 USDT


Given:


  • Total Amount = 1000 USDT
  • Leverage = 2x
  • Fee Rate = 0.0016


Opening Fee = 1000 × 0.0016 ÷（1 / 2 + 0.0016）

≈ 3.19 USDT


Result:


  • Actual Margin ≈ 1000 - 3.19 = 996.81 USDT
  • Position Size ≈ 996.81 × 2 = 1993.62 USDT


This shows that at low leverage, the fee impact is relatively small.


Example 2: 10x Short with 1000 USDT


Given:


  • Total Amount = 1000 USDT
  • Leverage = 10x
  • Fee Rate = 0.0016


Opening Fee = 1000 × 0.0016 ÷（1 / 10 + 0.0016）

≈ 15.75 USDT


Result:


  • Actual Margin ≈ 1000 - 15.75 = 984.25 USDT
  • Position Size ≈ 984.25 × 10 = 9,842.52 USDT


Comparison:


  • Higher leverage leads to a higher proportion of fees relative to the input amount.
  • Less margin is effectively used in the position


This means: Higher leverage results in a larger fee impact and lower effective margin.



5. Why do fees seem higher at high leverage?


Because fees are deducted from your input amount before opening the position.


At higher leverage, more capital is used to control a larger position, so the fee takes up a larger proportion of your total input.


As a result, less margin is actually used in the position.



6. Will liquidation affect my wallet balance?


No.


Liquidation only affects the margin in the current position and does not impact other assets in your wallet.



7. Why was my order refunded after opening?


Possible reasons include:


  • Rapid market price fluctuations
  • Insufficient market liquidity
  • Unable to execute within an acceptable price range


The system will automatically cancel the order and refund your funds.



8. Can I add more margin to a position?


Currently, adding margin is not supported.



9. Is using high leverage safe?


High leverage will:


  • Amplify profits
  • Also significantly amplify losses


New users are recommended to start with low leverage (e.g., 2x–5x).



10. Is perpetual trading guaranteed to be profitable?


No.


Perpetual futures are high-risk financial products:


  • Market volatility may lead to losses or liquidation
  • Higher leverage means higher risk


Please trade responsibly based on your own risk tolerance.

Updated on: 15/04/2026