Margin & Collateral

Your collateral backs your open positions. How it’s shared and valued depends on the margin mode you choose and the assets you deposit.

Settlement and collateral

All perpetual contracts are quoted and settled in USDC. Profit and loss, funding, and fees are all denominated in USDC, regardless of what you deposited.

You can post other approved assets as collateral toward your margin. Each collateral asset is assigned a weight — the share of its market value that counts toward your margin. Stable assets are weighted close to their full value; more volatile assets are weighted lower to leave a buffer against price swings.

Accepted collateral

7.Exchange only accepts collateral with a weight above 0.9. This is a deliberate risk choice: we take collateral whose value holds up under stress, which keeps liquidation risk lower for you and for the book as a whole. Higher-volatility assets are not accepted as margin here.

In practice this means the accepted collateral is USDC and USDT. The set can change as weights are retuned, so treat “weight above 0.9” as the rule and USDC/USDT as its current result.

Margin modes

Both modes are available on every market, and you choose per order.

• Cross margin (default) Your collateral is shared across all cross-margin positions to calculate a single margin ratio. Profitable positions automatically offset losing ones, which is more capital-efficient — but a loss on one position draws on your whole balance.
• Isolated margin Each position gets its own dedicated margin. Your maximum loss on that position is capped at the margin assigned to it, and it doesn’t affect the rest of your account.

Because the two modes are independent, you can hold a cross position and an isolated position on the same market at the same time, each with its own margin and liquidation price.

Position mode

Within a single margin mode, each market uses one-way mode: you can’t hold a long and a short on the same market at once. Opening the opposite direction reduces or closes your existing position rather than opening a second one.

Leverage

Leverage is selectable per position, up to 50x depending on the market. Higher leverage means a smaller price move against you will trigger liquidation, so size accordingly.