Account Details

These parameters govern the size of standard margin subaccounts and whether or not they can borrow against supported base assets.

Parameter	Contract Variable	Value	Range	Description
BORROW_ENABLED	borrowingEnabled	TRUE	[TRUE, FALSE]	If TRUE, standard margined subaccounts can enter into a negative cash balance by borrowing against their base asset.
maxAccountSize	maxAccountSize	64	No bounds	This represents the maximum number of assets (options, base asset, cash, perpetuals) that can be held by a single standard margined subaccount.

Delta-1 Margin Parameters

These govern the margin requirements for delta-1 instruments (base assets and perpetual futures).

Parameter	Contract Variable	ETH	BTC	SOL	HYPE	XRP	ZEC	XAUT	ADA	CC	Range	Description
PERP_REQ_MM	PerpMarginRequirements.mmPerpReq	0.05	0.05	0.067	0.08	0.067	0.10	0.08	0.15	0.10	[0.0, 1.0]	The percentage of the spot price per perpetual contract required to be posted for maintenance margin.
PERP_REQ_IM	PerpMarginRequirements.imPerpReq	0.066	0.066	0.077	0.10	0.10	0.15	0.10	0.20	0.15	(0.0, 1.0]	The percentage of the spot price per perpetual contract required to be posted for initial margin.

Perpetual-only markets (no options listed) all share the same requirements:

Parameter	Contract Variable	BNB	DOGE	LINK	Description
PERP_REQ_MM	PerpMarginRequirements.mmPerpReq	0.067	0.067	0.067	As above, for maintenance margin.
PERP_REQ_IM	PerpMarginRequirements.imPerpReq	0.10	0.10	0.10	As above, for initial margin.

Collateral Discounts

BASE_DISCOUNT is the credit given to a base asset for maintenance margin; BASE_DISCOUNT_SCALE scales it for initial margin, so the effective initial margin discount is the product of the two.

Asset	BASE_DISCOUNT (baseMargin.marginFactor)	BASE_DISCOUNT_SCALE (baseMargin.IMFactor)	Effective IM discount
ETH	0.8	0.9375	0.75
wstETH	0.8	0.9	0.72
weETH	0.7	0.78	0.546
BTC	0.75	0.93	0.6975
cbBTC	0.75	0.93	0.6975
LBTC	0.7	0.85	0.595
hemiBTC	0.6	0.92	0.552
SOL	0.65	0.93	0.6045
jitoSOL	0.65	0.87	0.5655
HYPE	0.6	0.9167	0.55
kHYPE	0.6	0.8333	0.50
fXRP	0.6	0.92	0.552
cbADA	0.55	0.91	0.5005
XAUT	0.8	0.9375	0.75
DRV	0.15	0.66	0.099
USDT	0.98	0.979	0.9594
PYUSD	0.925	0.92	0.851
USDe	0.85	0.9412	0.80
deUSD	0.85	0.93	0.7905
AUSD	0.85	0.88	0.748
sUSDe	0.8	0.875	0.70

Isolated Option Margin Parameters

These parameters govern the margin requirement for isolated short option positions.

Parameter	Contract Variable	ETH/BTC/XAUT	SOL	HYPE/XRP	ADA/ZEC/CC	Description
SHORT_OPTION_IM_MAX	OptionMarginParams.maxSpotReq	0.15	0.24	0.3	0.35	The maximum percentage of the spot price required as additional initial margin for a short call/put. Examples provided at the end of Standard Margin.
SHORT_OPTION_IM_MIN	OptionMarginParmas.minSpotReq	0.13	0.18	0.25	0.3	The minimum percentage of the spot price required as additional initial margin for a short call/put.
CALL_MM	OptionMarginParmas.mmCallSpotReq	0.09	0.14	0.18	0.2	A constant percentage of the spot price required as additional maintenance margin for a short call.
PUT_MM	OptionMarginParmas.mmPutSpotReq	0.09	0.14	0.18	0.2	A constant percentage of the spot price required as additional maintenance margin for a short put.
PUT_MTM	OptionMarginParmas.mmPutMTMReq	0.09	0.14	0.18	0.2	A constant percentage of the put's mark-to-market value required as additional maintenance margin for a short put.
MTM_OFFSET	OptionMarginParams.mmOffsetScale	1.05	1.05	1.05	1.05	A scaling of the mark-to-market value of the put used to compute initial margin.

Spread Margin Parameters

These parameters govern the margin requirements for sub-portfolios with naked short calls and spreads.

Parameter	Contract Variable	ETH/BTC/XAUT	SOL	HYPE/XRP	ADA/ZEC/CC	Range	Description
UNPAIRED_SCALE_IM	OptionMarginParams.unpairedIMScale	1.2	1.25	1.3	1.3	[1.01, 3.0]	A large percentage of the forward price per "naked" short call per expiry is added to the offset initial margin.
UNPAIRED_SCALE_MM	OptionMarginParams.unpairedMMScale	1.1	1.2	1.25	1.25	[1.01, 3.0]	As above but for maintenance margin.

Stablecoin Margin Parameters

These control the extra initial margin requirements when USDC (the designated cash asset) depegs.

Parameter	Contract Variable	All markets	Range	Description
DEPEG_FACTOR	DepegParams.depegFactor	2.0	[0, 10]	Each short option and perpetual held by the subaccount attracts extra initial margin that scales with DEPEG_FACTOR and the difference between the USDC price and a given threshold.
USDC_THRESHOLD	DepegParams.threshold	0.99	[0.0, 1.05]	Value of USDC beneath which extra depeg contingency will begin to be added.

Confidence Margin Parameters

These control the extra initial margin requirements when any of the data feeds have low confidence.

Parameter	Contract Variable	All markets and collateral	Range	Description
CONFIDENCE_SCALE	OracleContingencyParams.OCFactor	1.0	[0, 2.0]	Percentage of the spot price per short option, base or perpetual contract added to the initial margin requirements.
THRESHOLD_CONFIDENCE	OracleContingencyParams.perpThreshold OracleContingencyParams.optionThreshold OracleContingencyParams.baseThreshold	0.55	[0, 1.0]	Value of the confidence beneath which extra IM is added.

Open Interest Caps

Open interest caps on options, base and perpetual instruments, as configured for the standard manager.

Market	UNDERLYING_OI_CAP (baseAsset.totalPositionCap)	OPTION_OI_CAP (option.totalPositionCap)	PERP_OI_CAP (perp.totalPositionCap)
ETH	6,000	2,000,000	250,000
BTC	320	100,000	12,000
SOL	5,000	500,000	500,000
HYPE	700,000	5,000,000	1,000,000
XRP	N/A	10,000,000	5,000,000
ZEC	N/A	10,000	20,000
XAUT	250	5,000	5,000
ADA	N/A	80,000,000	30,000,000
CC	N/A	10,000,000	7,000,000

Caps are set per manager, so the portfolio margin managers' caps for the same market can differ — see Portfolio Manager.

Fees

These are fees charged by the managers on the protocol layer.

Parameter	Contract Variable	All markets	Range	Description
SPOT_FACTOR	manager.OIFeeRateBPS	0.7 (70%)	[0, 5.0]	Percentage of the spot price charged when the trade increases the open interest.
MIN_OI_FEE	minOIFee	$500 USDC	[0, 10,000]	Minimum fee charged when open interest is increased.