Setting up a first BTC perp trade on KCEX: 6 questions to answer before you click Open

[Trading setup] Q&A format this time, built from KCEX's own contract data for BTC_USDT.

The image is the live KCEX BTCUSDT perpetual page from this afternoon, showing the price header, chart and order book.

Q: What is one contract? A: 0.0001 BTC. The minimum order is 1 contract. So 0.1 BTC = 1,000 contracts.

Q: How much leverage can I use? A: Up to 125x on the first risk tier. The initial margin rate there is 0.8% and the maintenance margin rate is 0.5%.

Q: Does position size change the limits? A: Yes. The first tier covers 37,095 contracts, which is 3.7095 BTC. Each step above that adds 0.25% to maintenance margin and 0.4% to initial margin, so tier two is 0.75% maintenance and 1.2% initial, which caps leverage at about 83x. Most first trades never leave tier one, but it is worth knowing the ceiling moves.

Q: Limit or market? A: The contract data lists a maker fee of 0% and a taker fee of 0.01% on BTC_USDT. Worked example at last 79,921.8 (about 4:16 PM ET): 1,000 contracts = 7,992.18 USDT notional. A market entry costs 7,992.18 x 0.0001 = about 0.80 USDT; a resting limit that fills as maker costs 0. Round trip as taker is about 1.60 USDT.

Q: Isolated or cross? A: Isolated caps the loss on this position to the margin assigned to it. Cross uses your full futures balance as backing. Pick it before you size the trade, because it decides what is at risk.

Q: Which price triggers liquidation? A: The fair (mark) price, not the last trade. At the snapshot both read 79,921.8 with the index at 79,947.4, so they were nearly identical, but on fast candles they can split.

Same questions apply to ETH, SOL, XRP and DOGE contracts; only the numbers change.

Takeaway: answer the contract size, tier and fee questions first, and the leverage and TP/SL choices get much easier.