Cross margin lets your perps positions share one pool of collateral, your perps cash balance, instead of each position holding its own margin. You choose the margin mode on the trade screen before opening a position, and the default is isolated.

Isolated margin keeps margin separate for each position, which limits how much is at risk to the margin you committed to that trade. This is the default and the mode every position used before cross margin was added.

Cross margin draws from your available perps cash balance to keep positions open. A losing position can use more of that balance before it is liquidated, so cross margin can put more of your balance at risk. It is marked Advanced in the app for that reason.

Not every market supports cross margin. Where it does not, the option reads Not available and the position opens isolated.

A market keeps one margin mode at a time. If you already hold a position in a market or have entry orders resting there, you need to close that position and cancel its entry orders before switching modes for that market.

Cross positions share collateral, so the liquidation price shown for one position assumes other market prices stay the same. Losses on another cross position, funding payments, or a cash transfer out of your perps balance can all move it.

More of your perps balance can be liquidated than the margin needed to open the position. Transferring cash out of your perps balance reduces the collateral backing your cross positions and increases liquidation risk.

On a stop loss or take profit, the percentages show the price change from your entry, not a return on the shared collateral.

A cross margin position carries a Cross margin badge in your positions list, and the margin settings for that market show cross as the current mode.