MEXC perps 101 — USDT-M perpetual, Fair vs Last, funding, and liquidation basics
Key takeaway
MEXC BATONUSDT Perpetual board (Last 0.003287 / +25.12%; Index 0.003206; Fair 0.003274; funding +0.0200% with countdown) — the header shows the three prices and the funding clock before you size the order ticket. Mechanics only (NFA), from MEXC support / learn pages on perpetual model, funding, key prices, and futures FAQ (sourced 2026-09-18):
- USDT-M perpetual — no expiry. You long or short the underlying; value and PnL settle in USDT. MEXC also lists USDC-M and Coin-M perpetuals (1,500+ U-based pairs cited on the model guide).
- Fair Price (mark) vs Last — Fair is set to a median of funding-rate premium, mid-price basis fair, and Last. Fair (not Last) is the sole reference for unrealized PnL and liquidation triggers, to reduce unnecessary liquidations from short-lived Last spikes. Index is a weighted spot average across major exchanges; Last is the latest futures fill on MEXC’s book.
- Funding rate — keeps perps near spot. Positive: longs pay shorts. Negative: shorts pay longs. Funding Fee = Position Value × Funding Rate. For stablecoin-margined: Position Value = size × Fair. MEXC does not take a cut of funding payments. Generally settled every 8 hours at 00:00, 08:00, and 16:00 UTC; only positions open at settlement pay/receive; some pairs use different schedules (check the product page).
- Leverage / margin (brief) — U-based perpetuals support up to 1–500× (BTCUSDT/ETHUSDT among pairs that can reach 500×). Isolated: loss limited to that position’s allocated margin (you can add). Cross: Cross positions share Cross balance. Isolated → Cross supported; Cross → Isolated not supported.
- Liquidation basics — triggered when margin balance + unrealized PnL ≤ maintenance margin. Track Fair Price and margin ratio on the board; higher leverage brings liquidation closer.
Discussed on r/MEXCReferralCodes