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.
A hedge can still 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. 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 its loan-to-value constraint. HYPE has a documented LTV of 0.65; BTC has a documented LTV of 0.5. Borrowed assets accrue interest continuously, and the protocol indexes interest each hour.
The docs define utilization as total borrowed value divided by total supplied value. The stablecoin borrow APY is 5% until utilization exceeds 80%, then the formula adds 4.75 times the excess utilization. Idle suppliers share interest in proportion to supply, and the protocol retains 10% of borrowed interest.
The Info API returns current reserve inputs through borrowLendReserveState and account basis and value through borrowLendUserState. The official docs do not define the time-path integration, hourly index calculation or rounding needed to reconstruct an exact charge for an arbitrary interval. Use the protocol-reported account state when exact current balances matter. Do not multiply one sampled APY by elapsed time.
utilization = total_borrowed_value / total_supplied_value stablecoin_borrow_APY = 0.05 + 4.75 * max(0, utilization - 0.8)
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.