| Margin calculation | Each position assessed in isolation (except same-expiry spreads) | Holistic portfolio assessment across 23 regular scenarios, a tail ladder and four skew rails; margin = worst loss + contingency margin |
| Capital efficiency | Lower generally, but optimal for defined-risk spreads (long call/put spreads capped at max loss) | Up to 10x more efficient for complex or hedged portfolios |
| Markets per subaccount | All options and perpetual markets in the subaccount’s universe | All options and perpetual markets in the subaccount’s universe (e.g. ETH and BTC in Prime) — but each currency’s worst-case loss is charged separately, so gains in one do not offset losses in another |
| Cross-asset collateral | Supported for every token the universe accepts (e.g. use cbBTC to collateralize ETH options) | Supported for every token the universe accepts |
| Borrowing base assets | Supported | Supported |
| Same-expiry option spreads | Margin capped at max loss and very efficient for long call/put spreads | Reflected in shock scenarios but no dedicated spread offset rule |
| Complexity | Simple, beginner-friendly rules | Complex and may be harder to understand for beginners |
| Best for | • Buying call or put spreads
• Beginners wanting straightforward margin rules
• Portfolios dominated by one or two isolated short positions | • Complex multi-leg strategies with offsetting risk (straddles, condors, delta-hedged positions)
• Active perp traders holding options as hedges
• Traders running several markets inside one universe and maximizing capital deployment |
| Risk-cancelling collateral | No. Collateral is credited by a flat haircut factor only. | Yes, for the base collaterals of the currencies the universe hosts (e.g. ETH, weETH and wstETH against ETH; cbBTC and LBTC against BTC; kHYPE against HYPE). |
| Settled expiries | Charged at the realized payoff, floored at zero | Charged at the realized payoff; no scenario is run on a settled expiry |
