Borrowing, Interest and Repayment

Manual Borrow in UTA Loan: Key Changes and How It Works

Last updated on 2025-09-18 17:04:44

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We're upgrading the UTA borrowing experience with a new Manual Borrow feature, giving you greater control and flexibility when trading on margin. The feature is expected to go live on Sep 26, 2025 (launch time may vary). Below, we highlight the key changes you need to know.

Liabilities

Before the upgrade, all liabilities in the Unified Trading Account were treated as a single combined balance. After the upgrade, they will be separated into Spot liabilities and Derivatives liabilities. This distinction affects how repayments are handled.

Spot Liabilities

Includes borrowed amounts from Spot Margin Trading or Manual Borrow, plus any accrued interest.

Derivatives Liabilities

Includes borrowed amounts from Derivatives trading, such as:

Unrealized & realized PnL from Perpetual & Expiry contracts
Trading fees and funding fees
Interest from Derivatives borrowing
Decrease in Options value
Options premiums

Overview: UTA loan in Spot Margin Trading

Feature	Before Upgrade	After Upgrade
Manual Borrow	Not supported	Supported
Auto Repayment (Spot Margin Trading)	Supported	Supported
Single-Coin Repayment	Only full repayment (borrowed coin OR full conversion) is supported. Partial/mixed repayment is not available.	Full, partial and mixed repayments (borrowed coin + conversion) are supported.
Repay All	Supported. The system only converts collateral assets for repayment.	Supported. The system uses available borrowed coin first, then collateral assets.
Auto Repayment by Transfer In (to UTA)	Can be used to repay both Spot and Derivatives liabilities.	Can be used to repay Derivatives liabilities only.
Auto Repayment by Spot Trading	Can be used to repay both Spot and Derivatives liabilities.	Can be used to repay Derivatives liabilities only.
Liability Types	No distinction between Spot and Derivatives liabilities.	Spot liabilities: Only manual repayment is supported. Derivatives liabilities: Manual and auto repayments are supported.
Max Leverage (Spot Margin)	10x for all coins	Varies by coin
Maintenance Margin Rate (MMR)	Fixed at 4%	Tiered MMR based on coin and borrowing amount. For more details, please refer to the position tiers here.

Detailed feature changes

Spot Margin Trading - Manual Borrow

Before Upgrade

After Upgrade

Not supported

Supported on the Spot Margin page or Asset page.

To make a manual borrowing:

Step 1: Click Borrow.

Step 2: Enter the amount and click Borrow to confirm.

Example

Before borrowing:

USDC equity = 0
Wallet balance = 0
Borrowed amount = 0

After borrowing 20 USDC:

USDC equity = 0
USDC wallet balance = 20
Spot liabilities (borrowed amount) = 20

Spot Margin Trading - Auto Borrow

Before Upgrade

After Upgrade

Supported. The wallet balance shows a negative amount, and the borrowed amount is recorded.

Example

You place a Spot Margin order that is filled immediately. The system automatically borrows the required amount.

Supported. The wallet balance shows zero, and the borrowed amount is recorded.

Example

You place a Spot Margin order that is filled immediately. The system automatically borrows the required amount.

Before borrowing:

USDC equity = 0
USDC wallet balance = 0
USDC borrowed amount = 0

After borrowing:

USDC equity = -30
USDC wallet balance = -30
USDC borrowed amount = 30

Before borrowing:

USDC equity = 0
USDC wallet balance = 0
USDC borrowed amount = 0

After borrowing:

USDC equity = -30
USDC wallet balance = 0
USDC borrowed amount = 30

Spot Margin Trading: Limit Order Auto Borrow

Before Upgrade

After Upgrade

Supported

Remains unchanged

Example

You place a Spot Margin limit order.

Before borrowing:

USDC equity = 0
USDC wallet balance = 0
USDC borrowed amount = 0

After borrowing:

USDC equity = 0
USDC wallet balance = 0
USDC borrowed amount = 30

Single Coin Repayment

Before Upgrade

After Upgrade

Only full repayment (using the borrowed coin or conversion) is supported.
Partial or mixed repayment (borrowed coin + conversion) is not supported.

Full, partial and mixed repayments (borrowed coin + conversion) are supported.

To make a single-coin repayment:

Step 1: Go to the Single-Coin Repayment page. Only full repayment is supported.

If you have insufficient borrowed coins, you can make a full repayment with other collateral assets. The system will convert collateral to repay the borrowed coins, and a 0.1% handling fee will apply.

To make a single-coin repayment:

Step 1: Go to the Single-Coin Repayment page. Both full and partial repayments are supported.

The system will use your available borrowed coin for repayment first. Any remaining liabilities will be repaid by converting collateral assets.

Repay All Liabilities

Before Upgrade

After Upgrade

Converts collateral to repay borrowed coins.

Uses available borrowed coin first, then converts collateral.

Step 1: Click Repay All, then select the collateral coin for repayment.

Step 2: The system will convert the selected collateral into the borrowed coin to repay your liabilities.

Step 1: Click Repay All, then select the coin for repayment.

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