cdcx-isolated-margin

Isolated Margin

When to Use

Some instruments — notably equity/RWA perpetuals such as SPYUSD-PERP and NVDAUSD-PERP — cannot be traded on the default cross-margin account. Attempting to do so returns:

{
  "code": 623,
  "message": "INSTRUMENT_MUST_USE_ISOLATED_MARGIN"
}

Isolated margin puts the position in its own margin bucket with its own leverage. Losses are capped at the isolated balance; a wipeout on one position cannot cascade into cross-margin balances on other instruments.

Use isolated margin when:

• The exchange requires it (error 623).
• You want per-position risk isolation (e.g. high-leverage directional bet).
• You want a distinct leverage setting on one instrument without changing your cross-account config.

Do not use isolated margin for:

• Spot pairs (CCY_PAIR) — not applicable.
• Crypto perpetuals where you want shared collateral across positions.

One Position Per Instrument

The exchange enforces one isolated position per instrument per account. You cannot open two separate isolated buckets on SPYUSD-PERP — the second order must reference the first position's isolation_id so the exchange knows whether you're adding to, trimming, or reversing it.

To top up or trim an open isolated position:

1. Look up its isolation_id via cdcx account positions -o json (or the user.positions WS channel).
2. Include --isolation-id <ID> on the next cdcx trade order call.

Omitting --isolation-id on a second order returns:

{
  "code": 617,
  "message": "DUPLICATED_INSTRUMENT_ORDER_FOR_ISOLATED_MARGIN"
}

TUI Workflow

Open the place-order modal (t on the Market tab) and use the Margin row:

Inst:   SPYUSD-PERP
Side:   [BUY]   SELL
Type:   [LIMIT] MARKET
Margin: [ISOLATED]  CROSS    (M to toggle)
Price:  710.25
Qty:    0.001

• ←/→ or Space while on the Margin row, or M from anywhere in the modal (except free-text fields), flips ISOLATED ↔ CROSS.
• Isolated margin is pre-selected automatically for instruments whose inst_type requires it (e.g. equity perpetuals).
• On success, the toast reads Order placed (isolated margin) so the mode is unambiguous.
• The TUI subscribes to user.positions at startup (when authenticated) so isolation_id for any open isolated position is cached and auto-attached to your next order on the same instrument. You do not need to supply it manually in the TUI.

Handling Rejection

The modal stays open on any exchange rejection, showing the code and message so you can decide how to recover.

Error 623 — INSTRUMENT_MUST_USE_ISOLATED_MARGIN

[623] INSTRUMENT_MUST_USE_ISOLATED_MARGIN  (press M then R to retry with isolated margin)

R/Enter:retry  M:toggle margin  E:edit  Esc:cancel

Press M → R to resubmit the exact same payload with exec_inst: ["ISOLATED_MARGIN"]. No re-typing.

Error 617 — DUPLICATED_INSTRUMENT_ORDER_FOR_ISOLATED_MARGIN

You already have an isolated position on this instrument. If the TUI has cached the isolation_id (which it will have from the user.positions stream), the hint reads:

[617] DUPLICATED_INSTRUMENT_ORDER_FOR_ISOLATED_MARGIN  (R to retry — will attach your open isolation_id)

Press R and the retry includes the correct isolation_id automatically.

If the cache is empty (e.g. WS hadn't pushed the position yet), the TUI triggers a REST private/get-positions refresh in the background and shows:

[617] DUPLICATED_INSTRUMENT_ORDER_FOR_ISOLATED_MARGIN  (waiting on positions stream; check `cdcx account positions` then R)

Give it a moment then press R — the cache will be populated by then.

Closing Positions (TUI)

On the Positions tab, select a row and press x to open the close-position modal. Two choices:

• MARKET — immediate fill at the best available price. Fast but exposes you to slippage, especially on thin books.
• LIMIT — pre-filled with the current mark price; edit to your desired exit level. Safer on illiquid instruments, but may not fill if the market moves away.

The workflow:

• Automatically flips the side (LONG → SELL, SHORT → BUY).
• Uses the exact quantity from the positions snapshot, preserving qty_tick_size precision — avoids leaving dust.
• Attaches REDUCE_ONLY so the order cannot accidentally flip your position.
• For isolated positions, attaches exec_inst: [ISOLATED_MARGIN, REDUCE_ONLY] and the correct isolation_id automatically.

If the exchange rejects the close (e.g. error 617 before the WS has pushed the isolation_id), the modal stays open with a retry hint. Press R once the positions snapshot has refreshed.

CLI Workflow

Place an order on isolated margin

cdcx trade order BUY SPYUSD-PERP 0.001 \
    --type LIMIT --price 710.25 \
    --exec-inst ISOLATED_MARGIN \
    -o json

--exec-inst is repeatable if you need to combine flags:

cdcx trade order BUY SPYUSD-PERP 0.001 \
    --type LIMIT --price 710.25 \
    --exec-inst ISOLATED_MARGIN \
    --exec-inst POST_ONLY \
    -o json

Optional tuning:

    --isolated-margin-amount 200   # USD to lock into the position's margin bucket
    --isolation-id <ID>            # Target an existing isolated position
    --leverage 5                   # Per-position max leverage

If you omit --isolation-id, the exchange creates a new isolated position. The response includes the isolation_id — store it if you plan to top up margin or change leverage later.

Fund an isolated position

Move USD from your cross account into the isolated position's margin bucket:

cdcx margin transfer \
    --direction IN \
    --amount 100 \
    <ISOLATION_ID>

Withdraw unused margin back out:

cdcx margin transfer \
    --direction OUT \
    --amount 50 \
    <ISOLATION_ID>

Always dry-run first when moving funds:

cdcx margin transfer --direction IN --amount 100 <ISOLATION_ID> --dry-run

Adjust leverage

cdcx margin leverage --leverage 5 <ISOLATION_ID>

Lower leverage reduces liquidation risk at the cost of more locked margin. Higher leverage is the inverse.

Complete Flow Example

Open an isolated long on SPYUSD-PERP at 5x with $200 margin:

# 1. Preflight: confirm instrument is tradable
cdcx market instruments -o json | \
    jq '.data.data[] | select(.symbol=="SPYUSD-PERP")'

# 2. Check current price
cdcx market ticker SPYUSD-PERP -o json

# 3. Dry-run the order
cdcx trade order BUY SPYUSD-PERP 0.1 \
    --type LIMIT --price 710.00 \
    --exec-inst ISOLATED_MARGIN \
    --isolated-margin-amount 200 \
    --leverage 5 \
    --client-oid spy-long-$(date +%s) \
    --dry-run -o json

# 4. Place for real; capture the isolation_id
ORDER=$(cdcx trade order BUY SPYUSD-PERP 0.1 \
    --type LIMIT --price 710.00 \
    --exec-inst ISOLATED_MARGIN \
    --isolated-margin-amount 200 \
    --leverage 5 \
    -o json)
ISOLATION_ID=$(echo "$ORDER" | jq -r '.data.isolation_id')

# 5. Later: top up another $100 if price moves against us
cdcx margin transfer --direction IN --amount 100 "$ISOLATION_ID"

# 6. Change leverage mid-position
cdcx margin leverage --leverage 3 "$ISOLATION_ID"

Common Errors

Code	Meaning	Fix
623 / INSTRUMENT_MUST_USE_ISOLATED_MARGIN	Instrument requires isolated margin	Add --exec-inst ISOLATED_MARGIN
617 / DUPLICATED_INSTRUMENT_ORDER_FOR_ISOLATED_MARGIN	You already have an isolated position on this instrument	Fetch its isolation_id from cdcx account positions and pass --isolation-id <ID> to add/trim it
INSUFFICIENT_BALANCE	Not enough free USD to lock as margin	Reduce --isolated-margin-amount or top up the cross account
INVALID_LEVERAGE	Leverage outside instrument's allowed range	Check instrument metadata for max_leverage
ISOLATION_NOT_FOUND	--isolation-id doesn't match an open position	Omit it to create a new position, or list positions to find the right ID

Notes

• Isolated-margin positions appear under cdcx account positions alongside cross-margin positions, but have a distinct isolation_id.
• Closing an isolated position does not auto-return the margin to your cross account — use cdcx margin transfer --direction OUT to reclaim it.
• The TUI auto-default is conservative: it only pre-selects isolated for inst_type values known to require it (EQUITY_PERP / EQUITY_PERPETUAL). For any other instrument it defaults to cross, which you can flip with M.
• For bracket orders on isolated-margin instruments, pass --exec-inst ISOLATED_MARGIN to cdcx advanced create-otoco the same way.