📘 A subaccount belongs to a universe by virtue of the manager it selects. It can only hold assets its universe lists. To trade in two universes, use two subaccounts.
The Universes
Each of the four runs one standard margin manager and one portfolio margin manager. Both the portfolio and standard margin managers support every currency its universe lists.
Collateral accepted
Each universe publishes the collateral families it accepts.
Exact haircuts per universe are published in the Parameters section.
What Nets and What Doesn’t
Inside a universe:- Portfolio margin nets risk across every currency in the universe but per currency: each currency’s worst-case loss is computed on its own grid, and the per-currency losses are summed. A gain in BTC does not offset a loss in ETH.
- Risk cancelling collateral offsets derivative risk in the currency it tracks.
- Collateral credit, cash and borrowing all pool inside the universe.
- Nothing nets. A Prime subaccount’s surplus does not support an Alt subaccount’s deficit, even for the same trader.
- USDC supplied in one universe does not fund borrowing in another — lending pools are keyed
(asset, universe). - A loss that exhausts a universe’s Security Module is socialized only to accounts in that universe.
Cash Asset and Lending
Every universe designates a cash asset, which is what its options settle into, what its margin is denominated in, and what its Security Module holds. At launch every universe uses USDC. Because the pool is per universe, utilization, the borrow rate and the available withdrawal liquidity are all universe-local quantities.Open Interest Caps
A universe carries four caps for each asset it registers:- option open interest
- perpetual open interest
- spot supply (how much may be held as collateral)
- spot borrow (how much may be borrowed)