BinanceAPI KEY setup
Binance has two separate APIs for futures - one for coin-margined (COIN-M) futures and another one for usds-margined (USD-M) futures. You will need to define two separate API key definitions in BitSpreader if you want to trade on both types - select proper exchange name on the exchange list when defining API Key:
- Binance USD-M futures - for USD margined
- Binance COIN-M Futures - for coin margined
On the Binance side you only need to define the key once and you can use the same key value and secret for both API key definitions in BitSpreaderAPI KEY permissions
After creating the API key, make sure to click "Edit permissions"
button and update the API key permissions - you need to check the option "Enable Futures"
and don't remember to click Save
.Load funds into Binance futures trading wallet
Binance has separate wallets for each type of trading account. For futures trading it has two separate wallets for COIN-M futures and for USD-M futures.Coin margined (COIN-M) futures
use base currency of the instrument as the currency in which margin is controlled. Before you trade with these futures, make sure you transfer some BTC to your COIN-M wallet.
In the top bar select Wallet
You are in the Wallet overview, click Transfer
Select the source wallet, target wallet, set currency to BTC, choose amount and click TransferUSD(S) margined (USDS-M) futures
use base stable coin - either USDT or BUSD as the currency in which margin is controlled. Before you trade with these futures, make sure you transfer some USDT or BUSD to your USD-M wallet. If you want to trade on BTC-USDT contracts - load USDT, for BTC-BUSD contracts - load BUSD
For USD-M when transfering the funds select the source wallet, target wallet, set currency to USDT/BUSD, choose amount and click TransferPosition mode
Binance supports two position modes: One-way and Hedge. Currently BitSpreader supports only One-way meaning a symbol only supports holding a position in one direction. In case Hedge mode is set in Binance preferences BitSpreader will not be able to open and close positions. Please ensure that Position Mode is set to One-wayHow much funds do I need in the futures wallet
As the default leverage for Binance is 20, that means that if we want to open position with size X, we need to provide equity on our account called margin equal to X/20. To start spread trade with size of 1000 dollars, we need to provide the equity worth 100 dollars on our trading account as a margin for a spread trade, 50 dollars for each of the legs of the spread trade.Setting the default leverage on Binance
Binance manages the leverage per each individual instrument.
- Minimum leverage: 1x
- Maximum leverage: 50x
- Default leverage: 20x
In order to change the default leverage for currently selected instrument click on the "20x" (or current leverage value) in the top right corner of the Binance trading platform:
And then change the leverage to the preferred value:Important
- BitSpreader currently doesn't support the margin control - if you don't have enough funds on your account available, exchange will return errors