USDT-margined futures are futures contracts that use USDT as margin and settle PnL in USDT.
For example:
Use USDT as margin
Profits and losses are settled in USDT
Settlement in a stablecoin makes it easier for users to see exactly how much they've made or lost.
Coin-margined futures are futures contracts that use the underlying digital asset (such as BTC or ETH) as margin, with PnL settled in the same asset.
For example:
Use BTC as margin
Profits and losses are settled in BTC
Coin holdings increase when trades are profitable and decrease when losses occur.

1. More Intuitive PnL Calculation
Since settlement is conducted in USDT, users can more easily understand their actual profits and losses.
For example:
Profit of 100 USDT
Loss of 50 USDT
Since PnL is settled in USDT, there's no need to convert your earnings before spending or withdrawing.
2. More Suitable for Beginner Traders
USDT-margined futures generally have a simpler trading structure:
Stablecoins make fund management easier
No need to hold the underlying digital asset to participate in trading
Account value is relatively easier to track
This makes USDT-margined futures more suitable for beginner traders.
1. Suitable for Long-Term Holders
Coin-margined futures allow users to directly use their digital assets as margin without converting them into USDT.
For example:
Users holding BTC can directly use BTC to participate in futures trading
Profits may increase BTC holdings
2. Exposure to Underlying Asset Price Movements
With coin-margined futures, your PnL is settled in the underlying asset. This means your account value is affected not only by your trading results, but also by price movements in that asset.
For example:
When BTC rises, the account value may increase
When BTC falls, the account value may decline
As a result, account value volatility is generally higher.
Different contract types are suitable for different trading needs.
Generally:
Beginner traders who prefer more intuitive PnL calculations may find USDT-margined futures more suitable
Users who hold digital assets long-term and want to increase their coin holdings may prefer coin-margined futures
Users can choose the contract type that best suits their trading habits, risk preferences, and asset allocation needs.