What is a spot loan, and how is it different from margin and futures?

A spot loan is when the exchange lends you actual coins. You borrow, for example, USDT to buy BTC, or you borrow BTC to open a short. Interest is charged on a real crypto loan. If the price moves against you — you can get liquidated.

Margin is simply your collateral. It’s used both on spot (when borrowing coins) and in futures. The exchange holds your margin to cover potential losses.

Futures are not coins — they’re contracts. You’re not borrowing actual BTC/USDT; you’re trading a position that becomes larger thanks to leverage. There’s no loan to “repay” — the contract just closes with profit or loss.

Here’s the core difference:

spot loan = real coins,

futures = contracts,

margin = collateral in both cases.

And the golden rule:

👉 Any borrowed funds = liquidation risk. Always calculate your leverage, control your position size, and set stop-losses in advance.