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Trading Basics

Trading Workflow

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U-Margined Perpetual Contracts

6MM supports U-margined perpetual contracts, allowing users to trade perpetual futures settled and margined in stablecoins (e.g. USDT).

This section explains the core trading workflow and key mechanisms involved in placing and managing perpetual contract orders on 6MM.

Contract Overview

  • Contract Type: U-Margined Perpetual Contracts
  • Settlement Asset: Stablecoin (e.g. USDT)
  • No Expiry: Positions do not expire and can be held indefinitely
  • Mark Price–Based Risk Control: Used for margin calculation and liquidation

Order Types

6MM supports commonly used order types to accommodate different trading strategies:

Market Order

A market order seeks execution against available liquidity at the best available prices. Execution depends on order-book depth and trading restrictions: the order may fill at multiple prices, fill partially, or fail to complete. Check the actual order status and fills.

Limit Order

  • Executes only at the specified price or better
  • Provides price control
  • May remain open until filled or canceled

Stop Order

  • Triggers a market or limit order once the trigger price is reached
  • Commonly used for stop-loss or breakout strategies

Order availability may vary by trading pair and integration mode.

Submission means an order request has been sent; acceptance, triggering and execution are separate states. A triggered market order depends on available liquidity. A triggered limit order must also satisfy its limit price and may remain unfilled.

Leverage and Margin

  • Leverage allows users to control larger positions with less capital
  • Margin is calculated based on:
    • Position size
    • Leverage level
    • Mark price

Higher leverage increases potential returns but also increases liquidation risk.

Funding Rate Mechanism

Perpetual contracts use a funding rate mechanism to keep contract prices aligned with the spot market.

  • Funding payments occur at scheduled intervals
  • If the funding rate is positive:
    • Long positions pay shorts
  • If the funding rate is negative:
    • Short positions pay longs

6MM does not charge funding fees. Funding payments are settled under the contract rules and recorded separately from trading fees. Check the direction, amount and settlement result against the account funding-payment records and linked balance transactions.

Fees and Slippage

Trading Fees

  • Fees are charged when orders are executed
  • Fee rates may differ for:
    • Maker orders
    • Taker orders

The applicable Maker / Taker rates follow the rules of the partner or white-label platform and may vary by trading pair and configuration.

Slippage

  • Slippage occurs when market liquidity is insufficient to fill an order at the expected price
  • More common during high volatility or when using market orders

Users can reduce slippage by using limit orders and managing order size.

Position Lifecycle

  1. Funds are allocated to the Perpetual Account
  2. An order is placed and matched by the 6MM matching engine
  3. A position is opened upon execution
  4. Margin and PnL update in real time
  5. Funding fees are applied at scheduled intervals
  6. Position is closed manually or via TP/SL
  7. Final PnL is settled to the Perpetual Account

Risk Management and Liquidation

Monitor account or position equity, maintenance margin requirements and the platform’s risk indicators. If the applicable liquidation conditions are met, positions may be reduced partially or closed entirely. Check the actual remaining position and balance records rather than comparing a percentage directly with a margin amount.

Summary

The U-margined perpetual trading workflow on 6MM is designed to:

  • Provide familiar and flexible order types
  • Maintain price alignment through funding rates
  • Offer transparent fee and settlement mechanisms
  • Deliver institutional-grade risk control

This structure enables partners to offer professional perpetual trading while maintaining a seamless user experience.