Spot Collateral

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

Parameter	Description
`collateral_enabled`	If false, the asset contributes zero collateral regardless of balance or settings.
`ltv_ratio`	Loan-to-value ratio, between 0 and 1. Typical values: 0.90 (BTC, ETH), 0.80 (majors).
`spread_divisor`	Hedging bonus multiplier applied to the hedged portion of a balance. Optional. Bonus applies only when `spread_divisor > 1`.
`collateral_value_limit_usd`	Per-(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.

Pacifica

Trading on Pacifica

Programs

Other

Parameters

Collateral Curve

Hedging Bonus Example

Spot Sell Orders

Excluding an Asset From Unified Margin

​Parameters

​Collateral Curve

​Hedging Bonus Example

​Spot Sell Orders

​Excluding an Asset From Unified Margin

Parameters

Collateral Curve

Hedging Bonus Example

Spot Sell Orders

Excluding an Asset From Unified Margin