Coinbase International Exchange

List of Terms and Definitions

Collateral value 

Market value of collateral in USDC before applying a collateral multiplier to the asset

Locked collateral

Collateral that has been occupied to open a position and held for open orders 

Initial margin requirements

The amount of funds required to open a futures position. Initial margin requirements vary by product and are typically a small percentage of the contract’s value.


Indicates the ability to open an order with an investment of only a portion of the notional value. By putting down a small amount you magnify the effect of any price change. It is calculated as the notional value / required margin.

Mark price

A moving average of the index and smoother and more robust representation of the market price of a contract

Unrealized PnL

Unrealized profit or loss on open futures positions. Unrealized PnL can be used as Available Collateral