1. Overview

① What is a Coin-Margined Standard Futures?

A Coin-Margined Standard Futures uses the underlying asset (such as BTC or ETH) as margin for position opening and PnL settlement.

② What is a USDT-Margined Standard Futures?

A USDT-Margined Standard Futures uses USDT as margin for position opening and PnL settlement.

2. Calculation Comparison

① Calculation of Coin-Margined Standard Futuress
PnL = Transaction Direction * Trade Size * Opening Price * (1/ Opening Price - 1/ Closing Price)
Liquidation Price in Isolated Margin Mode = Transaction Direction * Trade Size * Opening Price / (0.9 * Margin + Transaction Direction * Trade Size - Trading Fee - Funding Fee)

② Calculation of USDT-Margined Standard Futures

PnL = Transaction Direction * Trade Size * (Closing Price - Opening Price) / Opening Price
Liquidation Price in Isolated Margin Mode = Opening Price + Opening Price * (Funding Fee + Trading Fee - 0.9 * Margin) / (Transaction Direction * Trade Size)

The rest of the calculations that do not involve PnL and Liquidation are the same.

3. Advantages

① Coin-Margined Standard Futuress

Advantages:

When the market price is moving in your favor,

Long: Users can trade to profit; the value of the underlying asset rises at the same time. Double benefits. 

Short: For the same amount of decline, the profit rate is greater than that of USDT contracts.

Note: Users can use the "Contract Calculator" to perform trial calculations.

② USDT-Margined Standard Futures

Advantages:

1. The profit rule is linear, so it is easy to understand.

2. The fiat value is stable, so the PnL is clear and easy to measure.