What Does a USD Margin Portfolio Simulation Look Like on Pluang?

A simulation is the clearest way to see how the USD Margin metrics move together. Take a user who tops up $100 into USD Margin and buys 2 shares at $100 each using 2x leverage. Balance is $100, Equity is $100 because there is no unrealised profit or loss yet, Position Margin is $100, Free Margin is $0, and Withdrawable Cash is $0 — the entire wallet is committed. If the share price then falls to $95, the position carries a $10 unrealised loss: Balance stays $100, but Equity drops to $90 and Free Margin becomes negative $10. Topping up another $100 lifts Balance to $200 and Equity to $190, while Position Margin stays at $100, so Withdrawable Cash becomes $90 under the Min(Balance, Equity) minus used margin formula.

• Equity is a margin figure, not your portfolio total. The Equity shown on your USD Margin wallet — Balance plus unrealised profit or loss — is what Margin Level is calculated from. In your portfolio totals, leveraged US Stocks count at your own money plus unrealised profit or loss, and any unused wallet balance shows under Cash. The Leverage tab under Assets still headlines your full position value as Leveraged US Stocks Value, with your own share shown below it as Equity Value.
• Starting point: Top up $100, buy 2 shares at $100 each with 2x leverage — margin used is $100.
• Step 1 metrics: Balance $100, Equity $100, Position Margin $100, Free Margin $0, Withdrawable Cash $0.
• Step 2 — price falls to $95: Unrealised loss of $10: Balance stays $100, Equity falls to $90, Free Margin becomes −$10.
• Why Balance did not move: Balance only changes on deposits, withdrawals, realised profit or loss and fees such as the Daily Leverage Fee — not on price moves.
• Step 3 — top up another $100: Balance rises to $200 and Equity to $190; Position Margin is unchanged at $100.
• Resulting Withdrawable Cash: Min($200, $190) − $100 = $90 available to withdraw.
• The lesson: Equity tracks the market in real time while Balance does not, and Withdrawable Cash follows the lower of the two.

Related questions:

Q: Why is Withdrawable Cash $0 at the very start?
Because the whole wallet is committed. The user deposited $100 and used all $100 as margin for the 2x position, so Position Margin equals the full Balance. Applying the formula, Min($100, $100) minus $100 of used margin leaves nothing. Withdrawable Cash only appears once the wallet holds more than the margin its open positions require. Any further top-up would begin building that surplus straight away.

Q: Why does Equity fall but Balance stay the same?
They measure different things. Balance is Net Deposit plus realised profit and loss after fees, so it moves when money enters or leaves, when a position is closed, or when a fee such as the Daily Leverage Fee is deducted, never on price moves alone. Equity is Balance plus unrealised profit and loss, so it tracks live market prices. A $10 paper loss cuts Equity to $90 while Balance remains at $100 until that loss is realised.

Q: What does a negative Free Margin mean here?
Free Margin is Equity minus the margin in use, so at Equity $90 against $100 of Position Margin it reads negative $10. It signals that the wallet's live value no longer fully covers the margin its open positions require. It also puts Margin Level at 90% ($90 ÷ $100), which is already inside the Margin Call band of 70%–99%: the account cannot open new positions until funds are added or positions are closed. If prices keep falling and Margin Level drops below 30%, forced liquidation begins.

Q: How did the second top-up produce $90 withdrawable?
Balance rose to $200 and Equity to $190, since the $10 unrealised loss still applies. Position Margin was unchanged at $100 because no new position was opened. Min($200, $190) is $190, minus $100 of used margin gives $90. Note that $10 of the fresh $100 was effectively absorbed covering the existing shortfall. That absorbed portion comes back as withdrawable only if the price recovers. If you close the position at $95 instead, the $10 loss becomes realised, Balance falls to $190, and $190 (before fees) becomes withdrawable.