{"id":12066,"date":"2022-12-18T21:17:23","date_gmt":"2022-12-18T20:17:23","guid":{"rendered":"https:\/\/simplecryptoguide.com\/?p=12066"},"modified":"2026-10-26T15:25:39","modified_gmt":"2026-10-26T14:25:39","slug":"what-are-perpetual-contracts-perps","status":"publish","type":"post","link":"https:\/\/simplecryptoguide.com\/fr\/what-are-perpetual-contracts-perps\/","title":{"rendered":"Contrats perp\u00e9tuels : calculer l'exposition avant le levier"},"content":{"rendered":"<div data-no-translation><p>[et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;40px||40px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; background_color=&#8221;#fff8d8&#8243;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;2_3,1_3&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221; module_class=&#8221;scg-essential-hero&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;2_3&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; header_font_size=&#8221;42px&#8221;]<\/p>\n<div class=\"scg-essential-breadcrumb\"><nav aria-label=\"breadcrumbs\" class=\"rank-math-breadcrumb\"><p><span class=\"last\">Home<\/span><\/p><\/nav><\/div>\n<h1>Contrats perp\u00e9tuels : calculer l&#8217;exposition avant le levier<\/h1>\n<p>Un contrat perp\u00e9tuel est un d\u00e9riv\u00e9 qui suit un actif sous-jacent sans \u00e9ch\u00e9ance programm\u00e9e. Avant les co\u00fbts, une position longue profite d&#8217;une hausse et une position courte d&#8217;une baisse. D\u00e9tenir un perp\u00e9tuel BTC n&#8217;\u00e9quivaut pas \u00e0 acheter du bitcoin retirable. Marge, financement et r\u00e8gles de liquidation d\u00e9terminent si la position peut rester ouverte. L&#8217;absence d&#8217;\u00e9ch\u00e9ance ne garantit pas une d\u00e9tention illimit\u00e9e.<\/p>\n<p class=\"scg-essential-task\">Votre objectif : lire une position perp\u00e9tuelle lin\u00e9aire, calculer son exposition notionnelle et son r\u00e9sultat brut, puis rep\u00e9rer les co\u00fbts et r\u00e8gles de liquidation absents du calcul.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;1_3&#8243;][et_pb_image _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; src=&#8221;https:\/\/simplecryptoguide.com\/wp-content\/uploads\/2026\/10\/leveraged-tokens-risk.png&#8221; alt=&#8221;Un levier \u00e9quilibrant deux pi\u00e8ces au-dessus d&#8217;un avertissement illustre l&#8217;exposition amplifi\u00e9e des contrats \u00e0 effet de levier&#8221; title_text=&#8221;Un levier \u00e9quilibrant deux pi\u00e8ces au-dessus d&#8217;un avertissement illustre l&#8217;exposition amplifi\u00e9e des contrats \u00e0 effet de levier&#8221; align=&#8221;center&#8221; max_width=&#8221;260px&#8221; custom_margin=&#8221;0px|auto|0px|auto|true|true&#8221;][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;concept-map&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Distinguer trois montants<\/h2>\n<div class=\"scg-essential-grid scg-essential-flow\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>L&#8217;exposition notionnelle<\/h3>\n<p>Le notionnel est la valeur de la position, pas l&#8217;argent d\u00e9pos\u00e9 en garantie. Pour un contrat lin\u00e9aire simple, quantit\u00e9 multipli\u00e9e par prix donne l&#8217;exposition dans la devise de cotation. Une position de 0,1 BTC \u00e0 50 000 USDT repr\u00e9sente 5 000 USDT. Les multiplicateurs et unit\u00e9s diff\u00e8rent : consultez les sp\u00e9cifications au lieu de supposer que chaque quantit\u00e9 affich\u00e9e est un nombre de coins.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>Marge initiale et marge de maintenance<\/h3>\n<p>La marge initiale permet l&#8217;ouverture. Sans frais ni ajustements de plateforme, une exposition de 5 000 USDT \u00e0 5\u00d7 exige 1 000 USDT de marge initiale. La marge de maintenance est le minimum n\u00e9cessaire pour conserver la position ouverte : ce n&#8217;est pas le m\u00eame montant. Paliers de risque, frais, garanties et autres positions peuvent modifier les exigences r\u00e9elles. Ce calcul simplifi\u00e9 n&#8217;est pas une formule de liquidation.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Prix du contrat et prix de r\u00e9f\u00e9rence<\/h3>\n<p>Le dernier prix n\u00e9goci\u00e9 provient des ex\u00e9cutions r\u00e9centes. Un indice refl\u00e8te les prix du march\u00e9 sous-jacent, tandis que le prix de r\u00e9f\u00e9rence, ou mark price, sert aux calculs de risque de la plateforme. Beaucoup de places l&#8217;utilisent pour la liquidation : un graphique du dernier prix n&#8217;explique donc pas tout \u00e9v\u00e9nement. Lisez les r\u00e8gles du contrat et du mode de marge. En marge crois\u00e9e, le prix de liquidation affich\u00e9 peut n&#8217;\u00eatre qu&#8217;une estimation.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;walkthrough&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Examiner une position sans passer d&#8217;ordre<\/h2>\n<div class=\"scg-essential-grid\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>Lire les sp\u00e9cifications du produit<\/h3>\n<p>Identifiez si le contrat est lin\u00e9aire ou inverse, sa devise de r\u00e8glement, son unit\u00e9 de quantit\u00e9 et sa taille minimale. Les calculs de cette le\u00e7on concernent un contrat USDT lin\u00e9aire simple. Les contrats inverses ont d&#8217;autres formules et une exposition diff\u00e9rente aux garanties. Les stablecoins donn\u00e9s en garantie comportent aussi des risques d&#8217;\u00e9metteur et de prix. V\u00e9rifiez la disponibilit\u00e9 du produit pour votre pays et votre compte avant toute utilisation r\u00e9elle.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>Identifier les garanties expos\u00e9es<\/h3>\n<p>En marge isol\u00e9e, la position re\u00e7oit une garantie d\u00e9di\u00e9e. En marge crois\u00e9e, les garanties admissibles du compte peuvent soutenir plusieurs positions ; les pertes peuvent d\u00e9passer le montant initialement associ\u00e9 \u00e0 une op\u00e9ration. V\u00e9rifiez si le rechargement automatique de marge est activ\u00e9 : il peut ajouter des fonds \u00e0 une position isol\u00e9e. Lisez l&#8217;exigence de maintenance, la mesure de risque du compte et le m\u00e9canisme de liquidation, sans estimer la liquidation comme exactement un divis\u00e9 par le levier.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Examiner les co\u00fbts et la sortie<\/h3>\n<p>Le financement peut \u00eatre pay\u00e9 ou re\u00e7u pendant la d\u00e9tention ; son taux et son intervalle peuvent changer. Les frais de n\u00e9gociation portent sur les ex\u00e9cutions, g\u00e9n\u00e9ralement sur le notionnel et non la marge initiale. V\u00e9rifiez spread, glissement, r\u00e9f\u00e9rence de d\u00e9clenchement et si l&#8217;ordre de cl\u00f4ture r\u00e9duit la position plut\u00f4t que d&#8217;en ouvrir une autre. Un stop ne garantit pas le prix d&#8217;ex\u00e9cution ; une panne ou un mouvement rapide peut emp\u00eacher la sortie pr\u00e9vue. Utilisez une d\u00e9mo ou un calcul sur papier pour cet exercice.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;worked-example&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; module_class=&#8221;scg-essential-panel&#8221; background_color=&#8221;#fff8d8&#8243; custom_padding_phone=&#8221;22px|18px|22px|18px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; border_radii=&#8221;on|16px|16px|16px|16px&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#e5d89e&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Exemple : m\u00eame mouvement, effet diff\u00e9rent sur la marge<\/h2>\n<div class=\"scg-essential-equation\"><span>1,000 USDT \u00d7 5<\/span><span>=<\/span><strong>5,000 USDT<\/strong><\/div>\n<p>Supposons une position longue lin\u00e9aire fictive de 0,1 BTC ouverte \u00e0 50 000 USDT : son notionnel vaut 5 000 USDT. Avec 1 000 USDT de marge initiale, l&#8217;exposition est de 5\u00d7. Si la sortie s&#8217;ex\u00e9cute \u00e0 49 000, le r\u00e9sultat brut est 0,1 \u00d7 (49 000 \u2212 50 000) = \u2212100 USDT. Le prix a baiss\u00e9 de 2 %, mais la perte brute repr\u00e9sente 10 % de la marge initiale. Une position courte identique aurait gagn\u00e9 100 USDT brut. Il reste \u00e0 int\u00e9grer frais, financement et glissement. Ces chiffres supposent que la position reste ouverte jusqu&#8217;\u00e0 la sortie ; ils ne pr\u00e9disent pas le seuil de liquidation.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;common-mistakes&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Erreurs qui masquent le risque r\u00e9el<\/h2>\n<div class=\"scg-essential-grid\">\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">1<\/span><\/p>\n<h3>Multiplier une deuxi\u00e8me fois le gain par le levier<\/h3>\n<p>\u00c0 quantit\u00e9 fixe et mouvement identique entre entr\u00e9e et sortie, le r\u00e9sultat brut lin\u00e9aire n&#8217;augmente pas simplement parce que vous changez le r\u00e9glage du levier. Celui-ci modifie surtout la marge initiale exig\u00e9e et le rendement affich\u00e9 sur cette marge. Augmenter la quantit\u00e9 r\u00e9elle augmente l&#8217;exposition. Ne calculez pas le r\u00e9sultat \u00e0 partir de la quantit\u00e9 pour ensuite le multiplier encore par le levier.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">2<\/span><\/p>\n<h3>Voir la marge isol\u00e9e comme une garantie absolue du compte<\/h3>\n<p>La marge allou\u00e9e peut augmenter par ajouts manuels ou rechargements automatiques. Les pertes en marge crois\u00e9e peuvent consommer les garanties admissibles partag\u00e9es. Frais, r\u00e8gles et organisation du compte comptent \u00e9galement. Ne supposez pas que la marge initiale est toujours la perte maximale ni qu&#8217;un stop s&#8217;ex\u00e9cutera avant liquidation. Confirmez les actifs et param\u00e8tres qui soutiennent la position.<\/p>\n<\/div>\n<div class=\"scg-essential-card\"><span class=\"scg-essential-number\" aria-hidden=\"true\">3<\/span><\/p>\n<h3>Prendre le financement re\u00e7u pour une couverture gratuite<\/h3>\n<p>Un paiement de financement peut \u00eatre d\u00e9pass\u00e9 par un mouvement d\u00e9favorable, les co\u00fbts ou un changement du taux. Une couverture spot plus perp\u00e9tuel conserve des risques d&#8217;ex\u00e9cution, de base, de garantie et de plateforme. La jambe d\u00e9riv\u00e9e peut \u00eatre liquid\u00e9e m\u00eame si l&#8217;ensemble semble \u00e9quilibr\u00e9. Les perp\u00e9tuels ne sont pas des produits d&#8217;\u00e9pargne ; le coin sous-jacent n&#8217;est pas retirable d&#8217;une position d\u00e9riv\u00e9e comme d&#8217;un solde spot.<\/p>\n<\/div>\n<\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;practice&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;30px|30px|30px|30px|true|true&#8221; module_class=&#8221;scg-essential-panel&#8221; background_color=&#8221;#fff8d8&#8243; custom_padding_phone=&#8221;22px|18px|22px|18px|true|true&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; border_radii=&#8221;on|16px|16px|16px|16px&#8221; border_width_all=&#8221;1px&#8221; border_color_all=&#8221;#e5d89e&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Exercice : calculer la perte avant co\u00fbts<\/h2>\n<p>Une position longue lin\u00e9aire fictive de 0,2 BTC \u00e0 50 000 USDT est soutenue par 2 000 USDT de marge initiale. Elle est cl\u00f4tur\u00e9e \u00e0 48 500 USDT sans liquidation pr\u00e9alable. Quels sont le notionnel initial, la perte brute et son pourcentage de la marge initiale ?<\/p>\n<details>\n<summary>Afficher l&#8217;explication<\/summary>\n<p>Le notionnel initial est 0,2 \u00d7 50 000 = 10 000 USDT, soit 5\u00d7 la marge initiale. La perte brute est 0,2 \u00d7 (48 500 \u2212 50 000) = \u2212300 USDT : 15 % de 2 000 USDT, malgr\u00e9 une baisse de 3 % du sous-jacent. Int\u00e9grez les frais d&#8217;ex\u00e9cution et le financement net pay\u00e9 ou re\u00e7u pour obtenir le r\u00e9sultat r\u00e9el. L&#8217;exercice ne d\u00e9termine pas un prix de liquidation et ne signifie pas que la position survivrait forc\u00e9ment \u00e0 ce mouvement sur toute plateforme.<\/p>\n<\/details>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;next-steps&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Comprendre les m\u00e9canismes avant de choisir un produit<\/h2>\n<div class=\"scg-essential-actions\"><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/comprendre-le-financement-positif-et-negatif-des-marches-des-crypto-monnaies\/\">Calculer le financement positif et n\u00e9gatif<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/types-dordres-dechange\/\">Comprendre les ordres et d\u00e9clencheurs<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/crypto-readiness-quiz\/\">\u00c9valuer votre pr\u00e9paration aux cryptomonnaies<span aria-hidden=\"true\">\u2192<\/span><\/a><a class=\"scg-essential-button\" href=\"https:\/\/simplecryptoguide.com\/fr\/comment-acheter-des-cryptomonnaies\/\">Explorer les guides d&#8217;achat au comptant<span aria-hidden=\"true\">\u2192<\/span><\/a><\/div>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;26px||26px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; module_id=&#8221;sources&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; text_font=&#8221;Inter||||||||&#8221; text_font_size=&#8221;17px&#8221; text_text_color=&#8221;#354554&#8243; text_line_height=&#8221;1.7em&#8221; header_font=&#8221;Inter|700|||||||&#8221; header_text_color=&#8221;#10202b&#8221; header_2_font=&#8221;Inter|700|||||||&#8221; header_2_text_color=&#8221;#10202b&#8221; header_2_font_size=&#8221;30px&#8221; header_2_font_size_phone=&#8221;25px&#8221; header_2_font_size_last_edited=&#8221;on|phone&#8221; header_3_font=&#8221;Inter|700|||||||&#8221; header_3_text_color=&#8221;#10202b&#8221; custom_margin=&#8221;0px||0px||false|false&#8221;]<\/p>\n<h2>Sources et lectures compl\u00e9mentaires<\/h2>\n<ul class=\"scg-essential-sources\">\n<li><a href=\"https:\/\/www.bybit.com\/en\/help-center\/article\/FAQ-USDT-Perpetual-and-Expiry-Contracts\" target=\"_blank\" rel=\"noopener\">Bybit \u2014 USDT perpetual contract specifications<\/a><\/li>\n<li><a href=\"https:\/\/www.bybit.com\/en\/help-center\/article\/Mark-Price-Calculation-Perpetual-Expiry-Contracts\" target=\"_blank\" rel=\"noopener\">Bybit \u2014 mark price<\/a><\/li>\n<li><a href=\"https:\/\/www.bybit.com\/en\/help-center\/article\/Funding-fee-calculation\" target=\"_blank\" rel=\"noopener\">Bybit \u2014 funding fee calculation<\/a><\/li>\n<li><a href=\"https:\/\/www.bybit.com\/en\/help-center\/article\/UTA-Trading-Rules-Liquidation-Process\" target=\"_blank\" rel=\"noopener\">Bybit \u2014 liquidation process<\/a><\/li>\n<li><a href=\"https:\/\/www.cftc.gov\/LearnAndProtect\/AdvisoriesAndArticles\/understand_risks_of_virtual_currency.html\" target=\"_blank\" rel=\"noopener\">CFTC \u2014 risks of virtual currency trading<\/a><\/li>\n<\/ul>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; fb_built=&#8221;1&#8243; module_class=&#8221;scg-handbook scg-essential-lesson&#8221; custom_padding=&#8221;0px||0px||true|false&#8221; custom_padding_phone=&#8221;18px||18px||true|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221;][et_pb_row _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; column_structure=&#8221;4_4&#8243; width=&#8221;92%&#8221; max_width=&#8221;1120px&#8221; custom_padding=&#8221;0px||0px||false|false&#8221;][et_pb_column _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221; type=&#8221;4_4&#8243;][et_pb_code _builder_version=&#8221;4.27.9&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221; theme_builder_area=&#8221;post_content&#8221;]<\/p>\n<style>body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_row.scg-essential-panel{padding:30px!important}@media(max-width:600px){body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_row.scg-essential-panel{padding:22px 18px!important}}body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_text a.scg-essential-button:hover,body #page-container .scg-template-reading-column .scg-essential-lesson .et_pb_text a.scg-essential-button:focus-visible{background:#10202b!important;color:#ffda26!important}.scg-essential-lesson h1{margin-bottom:20px!important;line-height:1.16!important}.scg-essential-lesson h2{line-height:1.25!important;margin-bottom:24px}.scg-essential-lesson 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a.scg-essential-button:visited{display:flex;align-items:center;justify-content:space-between;gap:16px;min-height:52px;padding:14px 18px;border:1px solid #c4a728;border-radius:8px;background:#ffda26;color:#10202b!important;font-weight:700;text-decoration:none!important;line-height:1.4;transform:none!important;transition:background-color .15s,color .15s}.scg-essential-lesson a.scg-essential-button:hover,.scg-essential-lesson a.scg-essential-button:focus-visible{background:#10202b!important;color:#ffda26!important;transform:none!important}.scg-essential-sources{font-size:14px}.scg-essential-sources a{color:#10202b!important;text-underline-offset:4px}.scg-essential-equation{display:flex;flex-wrap:wrap;justify-content:center;gap:12px;padding:24px 16px;margin:0 0 24px;border:2px solid #10202b;border-radius:12px;background:#fff;font-size:24px;font-weight:800;color:#10202b;font-variant-numeric:tabular-nums}.scg-essential-equation strong{background:#ffda26;border-radius:6px;padding:4px 12px}.scg-essential-lesson .scg-essential-breadcrumb{font-size:13px;margin-bottom:20px}@media(max-width:980px){.scg-essential-grid{grid-template-columns:1fr}.scg-essential-hero{flex-direction:column;align-items:stretch}.scg-essential-hero>.et_pb_column:first-child,.scg-essential-hero>.et_pb_column:last-child{width:100%!important;flex:auto}.scg-essential-hero>.et_pb_column:last-child{display:flex;justify-content:center}.scg-essential-hero .et_pb_image{width:200px!important}.scg-essential-card{padding:22px}}@media(max-width:600px){.scg-essential-actions{grid-template-columns:1fr}.scg-essential-lesson h1{font-size:31px!important}.scg-essential-lesson h2{font-size:26px!important}.scg-essential-equation{font-size:19px;padding:18px 12px}.scg-essential-lesson .et_pb_text{overflow-wrap:break-word}}<\/style>\n<p>[\/et_pb_code][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Comprenez les contrats perp\u00e9tuels avec une position lin\u00e9aire, des calculs de marge et d&#8217;exposition, les r\u00e8gles de liquidation et un exercice de r\u00e9sultat.<\/p>\n","protected":false},"author":1,"featured_media":12067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[99],"tags":[],"class_list":["post-12066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advanced"],"_links":{"self":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/12066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/comments?post=12066"}],"version-history":[{"count":1,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/12066\/revisions"}],"predecessor-version":[{"id":18799,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/posts\/12066\/revisions\/18799"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/media\/12067"}],"wp:attachment":[{"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/media?parent=12066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/categories?post=12066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplecryptoguide.com\/fr\/wp-json\/wp\/v2\/tags?post=12066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}