One portfolio across eligible spot and perps
Portfolio margin lets eligible spot assets and cross-margin perpetual positions offset within one account. It can make hedged carry positions more capital efficient because spot value and perp PnL are assessed together.
This is not a guarantee that a hedge cannot liquidate. Basis drift, funding, borrow interest, oracle movement and position imbalance can all change the account ratio.
Eligibility, assets and caps
The current documentation requires a master account with more than $5M in weighted volume or more than $10,000 in account value, while total account value must remain below $25M. Eligible assets currently include HYPE, BTC, USDC and USDT.
Global and per-user supply or borrow caps apply. When caps are reached, new margin demand falls back to settlement-asset funding rather than assuming unlimited borrowing. Treat every cap and eligible-asset list as changeable protocol state.
Automatic borrowing and interest
When an order needs more of an eligible asset, portfolio margin can borrow against collateral up to the asset’s loan-to-value constraint. HYPE and BTC currently have a documented LTV of 0.5. Borrowers pay continuously accrued interest; idle suppliers earn the corresponding interest less the protocol buffer.
Stablecoin borrow rates depend on utilization and can rise sharply above the documented utilization threshold. A funding trade must therefore compare funding received with borrow interest, fees, basis movement and rebalancing costs.
Liquidation is portfolio-wide
All cross-margin perp positions and eligible spot balances are margined together. The account becomes liquidatable when the documented portfolio margin ratio exceeds 0.95. Subaccounts remain separate.
The order of oracle updates can determine whether spot borrows or perp positions liquidate first, so users should not expect a deterministic sequence. Monitor the official ratio and stress the account beyond ordinary price moves.