Skip to main content
Each eligible spot asset contributes collateral to a cross-margin account according to four per-asset parameters. The contribution is bounded by a per-user USD cap on market value and may be boosted for the portion of the balance hedged by an opposing cross-margin short.

​
Parameters

ParameterDescription
collateral_enabledIf false, the asset contributes zero collateral regardless of balance or settings.
ltv_ratioLoan-to-value ratio, between 0 and 1. Typical values: 0.90 (BTC, ETH), 0.80 (majors).
spread_divisorHedging bonus multiplier applied to the hedged portion of a balance. Optional. Bonus applies only when spread_divisor > 1.
collateral_value_limit_usdPer-(user, asset) cap on the asset’s gross market value that is eligible for collateral. Default 10,000 USD.
Parameter values are published via GET /api/v1/spot_assets. The per-user cap can be raised by admin override.

​
Collateral Curve

For spot balance B, oracle price P, and hedged size H (the portion of B offset by a cross-margin short perpetual in the same underlying; isolated shorts do not count): 
base_rate    = ltv_ratio * P
bonus_rate   = P * (1 - ltv_ratio) * (1 - 1 / spread_divisor)   (when spread_divisor > 1, else 0)
hedged_rate  = base_rate + bonus_rate
capped_units = collateral_value_limit_usd / P
hedged_units = min(H, B, capped_units)
base_units   = min(B, capped_units) - hedged_units

spot_collateral_value = hedged_rate * hedged_units + base_rate * base_units
Units beyond capped_units contribute no additional collateral; they remain in the account and are fully tradeable. Because capped_units is defined in terms of market value, the maximum collateral a single (user, asset) pair can contribute to cross margin is ltv_ratio * collateral_value_limit_usd (e.g. 9,000 USD at ltv_ratio = 0.9 and the 10,000 USD default cap).

​
Hedging Bonus Example

SOL with ltv_ratio = 0.80, spread_divisor = 1.05, P = 150. Account holds 100 SOL spot and a 50 SOL cross-margin short perpetual. Assume the balance is below the per-user cap. 
base_rate    = 0.80 * 150                                  = 120
bonus_rate   = 150 * (1 - 0.80) * (1 - 1/1.05)             ≈ 1.4286
hedged_rate  = 120 + 1.4286                                ≈ 121.4286
hedged_units = 50
base_units   = 50

spot_collateral_value ≈ 121.4286 * 50 + 120 * 50           ≈ 12,071.4
Without the hedge, the same 100 SOL would contribute 120 * 100 = 12,000. The hedge adds roughly 71.4 USD of additional collateral.

​
Spot Sell Orders

Placing a spot sell order locks the base asset against the order. Locked units are excluded from spot_collateral_value until the order fills or is cancelled. See Spot Trading.

​
Excluding an Asset From Unified Margin

Setting unified_margin_excluded = true on a (user, asset) pair removes its collateral contribution. The balance remains in the account and can be bought, sold, withdrawn, or transferred normally.