How does Thalex calculate your asset balance and margin balance

To understand what our margin requirements are, it is important to know how we calculate your asset balance and margin balance. 

Your asset balance is the total value of collateral posted in your account, denominated in USD. USDt and USDC are in principle valued at 1-to-1 in USD and no haircut is applied. Thalex treats BTC and ETH collateral as positions for the calculation of margin requirements, meaning that these assets are valued in real-time at their respective index prices. 

Your margin balance is the sum of your asset balance plus unsettled PNL. This means that any unrealized profits are immediately available as collateral for trading (but can only be withdrawn after settlement).  

Margin Balance = Asset Balance + Unsettled PNL