BingX Perpetual Futures introduces One-Way Mode!

1. What Is One-Way Mode?

In One-Way Mode, you cannot simultaneously hold long and short positions of the same contract. In such an event, the positions would cancel one another out.

For example:

1. Using Hedge Mode in Perpetual Futures, a user opens a 10 BTC long position and a 20 BTC short position in BTC/USDT. This user currently holds two BTC/USDT positions in Perpetual Futures: 10 BTC in long position and 20 BTC in short position.

2. Using One-Way Mode in Perpetual Futures, a user opens a 10 BTC long position without opting for "Reduce Only", and then places a 20 BTC short order. When the short order is filled, the user's 10 BTC long position will be closed and a 10 BTC short position will be opened. This user currently holds one BTC/USDT position in Perpetual Futures: 10 BTC in short position.

3. Using One-Way Mode in Perpetual Futures, a user opens a 10 BTC long position, opting for "Reduce-Only" and then places a 10 BTC short order. When the short order is filled, the user's 10 BTC long position will be closed. This user will not hold any BTC/USDT position in Perpetual Futures.

2. What Is the Difference Between One-Way Mode and Hedge Mode?

1. Position Mode

In One-Way Mode, you can hold positions of a contract only in one direction.

In Hedge Mode, you can simultaneously hold both long and short positions of the same contract.

For example, if you hold a short BTC position and wish to open a long position:

• In One-Way Mode, you won't be able to open both long and short positions at the same time. You need to first close the short position before you can open a long position.
• In the Hedge Mode, you can simultaneously open a long position along with your short position.

2. Operation

In One-Way Mode, you can trade futures in the same way you trade spot assets. After setting your desired leverage, you can open either a long or a short position, much like how you'd buy or sell in the spot market. When you want to close your position, you can either close the corresponding amount directly or tick "Reduce Only" to close the corresponding amount.

In Hedge Mode, you need to select either "Open" or "Close" before placing an order. When you want to open a position, please first select "Open". Please note, if you have an open long position and choose "Open" to sell/short, you won't be able to close this long position. Instead, you'll be opening a short position. Therefore, make sure you clicked on "Close" before placing an order to close a position.

3. How to Switch Between One-Way Mode and Hedge Mode?

Hedge Mode is the default mode used in BingX Perpetual Futures. To switch to One-Way Mode, visit "Position Mode" to adjust your mode.

Notes:

1. Please close your existing positions before switching modes.

2. After switching, the new position mode will be implemented on the app, website, API and third-party platforms simultaneously.