Maintenance margin
Maintenance margin is the minimum account equity that must remain behind an open futures position. When losses carry equity below it, the account receives a margin call to restore equity, conventionally back to the initial margin level, or the position is reduced. It sits below initial margin and acts as the trigger, not the target.
Senzoukria · Glossary · Updated September 2026
Definition
Clearing houses publish two figures per product: the initial requirement to open a position and a lower maintenance requirement to keep it. The gap between them is a buffer that lets a position fluctuate without a call on every small loss. Once equity drops through the maintenance level, the usual convention is that the account must be brought back up to the initial level, not merely to maintenance.
Illustrative example
Hypothetical figures, chosen for the arithmetic: initial margin $1,000 and maintenance $900 for one MES contract, which is worth $5 per index point. The account holds exactly $1,000. Price moves 25.00 points against the long: 25 × $5 = $125 of loss, leaving $875 of equity, which is below $900. The call asks for $1,000 − $875 = $125 to restore the initial level. A 20-point move, $100, would have left $900 and triggered nothing.
Where the number comes from
- Clearing house maintenance margin: the exchange-level minimum for positions held through the close.
- Broker house requirements: often higher, and sometimes with their own intraday rules.
- Intraday margins offered by brokers usually do not apply after their cut-off, when the full requirement returns.
Why it matters
Maintenance is the level that decides when the broker acts, and brokers are not required to wait for a deposit before reducing a position. A trader who opens positions close to the maximum the account allows starts almost at the trigger, so an ordinary move can produce a call or a forced liquidation at an unfavourable moment.
In Senzoukria
The application does not track margin levels or warn about calls. Account equity, positions and P&L shown on the account panel come from the broker's feed, and the broker's own platform remains the place where margin status is authoritative.
Common mistakes
- Depositing only enough to get back to maintenance and receiving another call on the next small loss.
- Confusing the broker's intraday margin with the maintenance margin that applies after its cut-off.
- Assuming a call will always come before the broker liquidates.
Related
In the same section
- Variation margin
- Maker and taker
- Low volume node
- Index-to-futures mapping
- Losing streak
- Lookahead bias
- Long/short ratio
- Mark price
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Frequently asked questions
- What is the difference between initial and maintenance margin?
- Initial margin is what you need to open the position; maintenance margin is the lower floor you must stay above while it is open. Falling below maintenance triggers a call, conventionally to restore equity to the initial level.
- Does maintenance margin apply to day trades?
- The exchange requirement applies to positions held through the close. During the day, brokers apply their own intraday rules, which is why the effective requirement can change at the broker's cut-off time.