Position mode. The one-way position mode is set up by default. With it, you can open the position in one direction (Long or Short.). With the hedge mode you can have 2 open orders with the same trading pair with different position sides - Long and Short.

Margin mode. The cross margin means is set up by default. The key difference between the two modes is that in the Isolated Margin mode, only the participating funds serve as collateral for the position, while in the Cross Margin mode, the collateral is the entire balance in the futures wallet.