1. What is the maximum order size?
The maximum order amount is not a fixed value. It depends on the leverage you select and the current margin tier settings for the specific asset.
For each asset, there is a maximum allowable position notional value (mark price × position size) at different leverage levels. Generally, the higher the leverage, the lower the maximum notional value allowed, which in turn limits the maximum order size.
You can go to the trading chart page, click “Overview” and switch to the “Leverage & Margin” tab to check the maximum position notional value and margin tier requirements for the selected leverage.
2. What is the difference between Cross Margin and Isolated Margin?
Under Isolated Margin, the margin for each position is managed independently. When the margin equity of a position falls below the required maintenance margin, the position may be liquidated. The risk is therefore limited to the margin allocated to that particular position.
Under Cross Margin, the total assets in your Futures Account, excluding the margin allocated to isolated positions, can be shared as margin. Liquidation is triggered when the total account equity falls below the required maintenance margin.
3. Why was my position liquidated?
When the margin ratio (maintenance margin ÷ margin equity) exceeds 100%, the system will trigger forced liquidation to prevent losses from exceeding the available margin.
Margin equity changes in real time based on fluctuations in the market mark price. We recommend adding margin before the margin ratio approaches the liquidation threshold to reduce the risk of liquidation.
4. Does adjusting the leverage affect my existing position?
Adjusting the leverage does not change the notional value of an existing position. However, it directly affects the amount of margin required and the maintenance margin ratio for that position.
Higher leverage requires less initial margin, but the liquidation price may move closer to the current market price, resulting in a higher level of risk.
5. How are funding fees calculated and charged?
The funding fee mechanism helps keep the price of perpetual contracts aligned with the spot price of the underlying asset.
The funding fee is generally calculated as:
Position Notional Value × Funding Rate
Funding settlement frequency varies by trading pair — commonly every 8 hours, though some pairs settle every 4 hours or 1 hour. Refer to the funding countdown timer on that pair's trading screen for the exact interval. When the funding rate is positive, long positions pay funding fees to short positions. When the funding rate is negative, short positions pay funding fees to long positions.
You will only pay or receive a funding fee if you still hold the position at the funding settlement time.
6. What is the difference between Take Profit/Stop Loss orders and Conditional Orders?
Take Profit/Stop Loss (TP/SL) orders are basic risk management tools. Once the preset trigger price is reached, the system will close the position at market price. They are mainly used to lock in profits or limit losses.
Conditional Orders are more flexible and consist of two parts: a trigger condition and an execution order. The trigger condition can be based on the latest price or mark price, while the execution order can be either a limit order or a market order.
You can also enable “Reduce-Only”, which is useful for stop-loss strategies and helps prevent the order from opening a new position in the opposite direction.
7. Why can't my order be submitted or why was it rejected?
Common reasons include:
The order amount exceeds the maximum notional value allowed for the selected leverage level.
Insufficient available margin.
The order price exceeds the system's permitted price deviation range.
Temporary maintenance or insufficient liquidity for the asset.
We recommend checking the “Leverage & Margin” section under “Coin Overview” first, and then confirming that your account has sufficient available balance.
8. What is the difference between Futures Demo Trading and Live Futures Trading?
Futures Demo Trading provides a trading interface and market data similar to the live trading environment, but uses virtual funds and does not involve real profits or losses. It is suitable for familiarizing yourself with the order process, testing strategies, or learning how the liquidation mechanism works.
Live Futures Trading uses real funds, meaning that all profits and losses, trading fees, and funding fees will be reflected in your actual account.
9. What is Position Mode (One-Way / Hedge), and how is it different from Cross / Isolated Margin?
Position Mode and Margin Mode are two independent settings:
Margin Mode (Cross / Isolated): decides which funds are used as margin for the position.
Position Mode (One-Way / Hedge): decides whether a long and a short can be held at the same time on the same contract.
Where to find it: Futures trading page → "⋯" in the top-right corner → Trading Preferences → "Position Mode" (Margin Mode sits under "Cross & Isolated Settings" in the same menu).
| One-Way | Hedge |
Direction on the same contract | Only one direction can be held | Long and short can be held at once, each independent |
Placing an opposite-direction order | Quantity < position → reduces the position; Quantity = position → closes it; Quantity > position → closes the current position first, then opens a reverse position with the excess | Does not affect the other direction; each side is calculated independently |
Switching condition: You cannot switch while you hold any position or open order — close all positions and cancel all open orders first.
10. Can I set multiple Take Profit / Stop Loss tiers on a single position? (Partial Take Profit)
Yes. Besides the single-tier Take Profit + Stop Loss under "Close-All", you can also use "Partial-Close" to set multiple Take Profit and Stop Loss tiers on the same position.
Mode | Tiers | How each tier is set |
Close-All | 1 Take Profit + 1 Stop Loss by default | Tap "Add" to append more |
Partial-Close | Multiple tiers supported | Each tier independently sets a "trigger price + close quantity" (the quantity is converted proportionally; there is no separate percentage field) |
You don't need to place separate conditional orders yourself — the system manages them together.
Each tier's close quantity is fixed at the moment you set it — it does not automatically re-scale when the position is later partially closed. A tier is never cancelled just because another tier triggered (a take-profit and a stop-loss are not linked that way). After a partial close, each remaining tier faces a single check: whether its quantity still fits the position that is left. If it still fits, it stays active and needs no change; if its fixed quantity now exceeds the remaining position, the system marks it "Invalid" and cancels it (order history may show it as "Cancelled").
Common example: a stop-loss set for the whole position sits behind your take-profit tiers. Once a take-profit fills part of the position, that stop-loss's fixed quantity no longer fits and it drops away, leaving the remainder unprotected. After each partial take-profit fills, set a new stop-loss (and any other tier you still want) sized to the position that remains.
11. Which balance is the funding fee deducted from, and where do the funding fees I receive go?
Margin Mode | Deducted from / credited to | Scope of impact |
Cross | The shared cross equity pool (available balance and cross margin are the same account equity — no distinction) | Affects the entire cross-margin account equity |
Isolated | That position's own isolated margin; the account's available balance is not touched | Affects only that position, not other positions |
Payments and receipts share the same pool — there is no separate "income goes to balance, expense taken from margin" logic.
If margin is insufficient, the funding fee is still deducted from margin, which may trigger liquidation.
Settlement frequency and timing vary by trading pair; refer to the funding countdown timer on that pair's trading screen.
12. Why Can't I Set My Stop-Loss Price Beyond the Liquidation Price?
This is a mandatory risk-control validation enforced by the system. If the stop-loss price is set beyond the liquidation price, the position may be liquidated before the stop-loss is triggered, rendering the stop-loss ineffective. Therefore, the system requires the stop-loss price to be set within the liquidation price, ensuring that the stop-loss can take effect before liquidation occurs.
13. When reducing or closing a Coin-M futures position, what currency are the PnL and principal returned in?
Coin-M futures use the underlying coin itself (e.g. ETH, BTC) as both margin and settlement currency. So whether you partially reduce or fully close the position, the returned principal and realized PnL are denominated in that same underlying coin — for example, closing an ETH Coin-M position returns ETH, not USDT.
14. Why is my position's PnL percentage different from the coin's price change?
A position's PnL percentage usually does not match the coin's price change. The main reasons are:
Leverage: it magnifies percentage moves measured against margin, counted from the position's own entry price. For example, a USDT-M long of 1 ETH opened at 3,000 USDT with 5× leverage uses 600 USDT of margin; if ETH rises 10% to 3,300 USDT, the profit is 300 USDT, or +50% on margin.
Mark Price vs. Last Price: unrealized PnL is calculated from the Mark Price, while the price you see on the candlestick chart is the Last Price, the most recent trade on Pionex. The two are nearly the same in normal market conditions but can differ by 1–3% in volatile markets.
Coin-M positions: Coin-M futures use the underlying coin itself as both margin and settlement currency, so PnL is denominated in that coin, and its USDT value also changes with the coin's price. Coin-M and USDT-M futures on the same coin are distinct contracts: their prices generally move in a similar way but are not perfectly aligned, so a Coin-M position's percentage will not match USDT-M figures exactly.
Please rely on the figures shown on your position rather than working out an exact expected percentage yourself.
15. Which trading modes do Coin-M futures support, and what do I need to open a Coin-M position?
Coin-M futures support only Multi mode (Futures Lite); Cross and Isolated margin are not available for Coin-M. In Multi mode, every order is an independent position with its own entry price, margin, leverage and TP/SL, and the margin is taken directly from your Primary Account. For how Multi mode works, see Multi Mode (Futures Lite); that article uses USDT-M as its example.
There is no additional requirement to open a Coin-M position: holding the corresponding coin in your Primary Account is enough, for example ETH for an ETH Coin-M position.
16. Where do I find my open orders, positions, and order history after placing a manual futures order?
They all live on the Futures trading page, in the tabs below the chart / order panel. Which set you use depends on your trading mode.
Standard futures — Cross / Isolated margin:
Open (unfilled) orders — the Open Orders tab.
Web: Futures → USDT-M (or Coin-M) → Orders tab → Limit&Market at the bottom of the trading page.
App: Trade → USDT-M (or Coin-M) → scroll down to the Orders tab (it has sub-tabs such as Limit & Market).
Current positions — the Positions tab / position list on the same page. You can also see them under your Futures Account (see How to View Account Assets).
Past activity — the Order History and Position History tabs show every fill, every closed position, and realized PnL.
Futures Lite / Multi mode (easy mode):
App: Trade → USDT-M Futures → Multi.
Web: Futures → USDT-M → find Multi at the bottom of the page.
Two things that often look like "my order / money disappeared":
A limit order that has not filled yet appears only under Open Orders, not under Positions. A position shows up only after the order actually fills.
The funds you committed are held as position margin — not spent. They release back to your available balance when you cancel the order or close the position. Standard futures use your Futures Account; Futures Lite / Multi uses your Primary Account.
17. Can I trade futures in my country or region?
Futures trading follows the same eligibility rules as your Pionex account. There is no separate country or region list for futures.
Eligibility is determined by identity verification (KYC), based on the nationality of the ID document you submit, not by your IP address. Once your KYC is approved, you can trade futures. Futures does not require any additional verification.
If the List of Unsupported Countries'/Regions' Phone Numbers & KYC Verification shows that your nationality cannot complete KYC, Pionex services, including futures, are not available.
If you haven't completed KYC and your login IP history includes a restricted region, you may see a notice asking you to complete identity verification. This notice applies only to unverified accounts and is removed automatically once your KYC is approved.