The dominant model within leveraged bitcoin trading is socialised losses. OKCoin, the highest volume exchange, uses socialised losses, and so does BitMEX, who calls them "Dynamic profit equalisation". However, Coinpit's system allows you to set a stop and guarantee that you will not lose more margin than what is at the stop, by applying a "termination" procedure, similar to CryptoFacilities.
However, while CryptoFacilities has no socialised losses, they do have a mark price system, which BitMEX borrowed from them, which triggers liquidations. Coinpit instead uses a "trading band" which limits the possibile trades in the orderbook to only that which is occurring in the spot markets. This guarantees that manipulation cant happen on Coinpit, allowing individuals to trade with confidence that the price will reflect actual bitcoin markets.
Additionally, Coinpit offers a trustless wallet management system. Instead of depositing your funds with an exchange where you have to sign up with an email and give your documentation, you are given a public key pair which identifies your account and that you save, which serves as a login/password. That way you can trade anywhere from any computer and just import this key to load your account.
The trustlessness is driven by a 2 of 2 multisignature address which is used as the "deposit" address. The only time you lose control of any funds is when you are entering a position and have to set aside margin to cover it. This results in a blockchain transaction to the "margin" address, which you can trade using ZERO confirmations. This means there's a permanent blockchain record of all the settlements that occur on Coinpit and any transactions used to make trades.
Coinpit's contracts have no expiration, which makes them similar to BitMEX's perpetual swaps. However, as many customers complain about BitMEX's confusing funding mechanism, traders end up losing money unexpectedly when they pay the funding fees when holding the position open for many days at BitMEX. By contrast, Coinpit offers the perpetual contract with NO funding needed, as the system simply rejects trades outside of a reasonable band of spot, ensuring the market price is realistic and not manipulated as many traders have seen as a problem on other exchanges.
This is a very interesting development in the Bitcoin Trading space. Since the Bitfinex hack, there's been more attention than ever on security and allowing traders to have control over their funds as much as possible. Coinpit offering over 200x leverage and a trustless wallet system is one big step in the right direction.