Standard Margin Parameters

Account Details

Parameter	Contract Variable	Value	Description
BORROW_ENABLED	`base.can_borrow`	TRUE	Standard margined subaccounts can enter a negative cash balance, and a negative base balance, by borrowing.
maxAccountSize	`Srm.max_subaccount_size`	64	The maximum number of assets (options, base, cash, perpetuals) held by a single standard margined subaccount.
LIQUIDATION_PENALTY	`Srm.liquidation_penalty_bps`	500 bps	Penalty applied when the subaccount is liquidated.

Delta-1 Margin Parameters

Margin requirements for delta-1 instruments (perpetual futures and dated futures). Dated futures are not listed at V3 launch; their requirements are shown because the configuration exists.

Parameter	Contract Variable	BTC/ETH	SOL	HYPE	XRP	ZEC/LIT/PUMP	XAUT	ADA/VVV	CC	LINK	Description
PERP_REQ_MM	`perp.mm_perp_req`	0.05	0.067	0.08	0.067	0.10	0.08	0.15	0.10	0.067	Percentage of the spot price per perpetual contract required for maintenance margin.
PERP_REQ_IM	`perp.im_perp_req`	0.066	0.077	0.10	0.10	0.15	0.10	0.20	0.15	0.10	Percentage of the spot price per perpetual contract required for initial margin.

Isolated Option Margin Parameters

These govern the margin requirement for isolated short option positions.

Parameter	Contract Variable	BTC/ETH/XAUT	SOL	HYPE/XRP	ZEC/ADA/CC/LIT/PUMP/VVV	Description
SHORT_CALL_IM_MAX	`option.max_spot_req_call`	0.15	0.24	0.30	0.35	The maximum percentage of the spot price required as additional initial margin for a short call.
SHORT_CALL_IM_MIN	`option.min_spot_req_call`	0.13	0.18	0.25	0.30	The minimum percentage of the spot price required as additional initial margin for a short call.
SHORT_PUT_IM_SPOT	`option.max_spot_req_put`	0.15	0.24	0.30	0.35	The spot leg of the short put initial margin requirement.
SHORT_PUT_IM_STRIKE	`option.max_strike_req_put`	0.13	0.18	0.25	0.30	The strike leg of the short put initial margin requirement.
CALL_MM	`option.mm_call_spot_req`	0.09	0.14	0.18	0.20	A constant percentage of the spot price required as additional maintenance margin for a short call.
PUT_MM_SPOT	`option.mm_put_spot_req`	0.09	0.14	0.18	0.20	The spot leg of the short put maintenance margin requirement.
PUT_MM_STRIKE	`option.mm_put_strike_req`	0.09	0.14	0.18	0.20	The strike leg of the short put maintenance margin requirement.

Spread Margin Parameters

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

Parameter	Contract Variable	BTC/ETH/XAUT	SOL	HYPE/XRP/ZEC/ADA/CC/LIT/PUMP/VVV	Range	Description
UNPAIRED_SCALE_IM	`option.unpaired_im_scale`	1.2	1.25	1.3	[1.01, 3.0]	A large percentage of the forward price per “naked” short call per expiry, added to the offset initial margin.
UNPAIRED_SCALE_MM	`option.unpaired_mm_scale`	1.1	1.2	1.25	[1.01, 3.0]	As above, for maintenance margin.

Collateral Factors

SM expresses collateral credit as a multiplicative factor, not a deduction:

Formula

credit towards MM = value x MM_FACTOR
credit towards IM = value x IM_FACTOR     

Cells are IM factor / MM factor. A dash means the universe does not accept that token.

Asset	Prime	Hype	Alt	RWA
BTC	0.6975 / 0.75	0.6975 / 0.75	0.6975 / 0.75	0.6975 / 0.75
cbBTC	0.6975 / 0.75	0.6975 / 0.75	0.6975 / 0.75	0.6975 / 0.75
LBTC	0.595 / 0.7	0.595 / 0.7	0.595 / 0.7	0.595 / 0.7
ETH	0.75 / 0.8	0.75 / 0.8	0.75 / 0.8	0.75 / 0.8
wstETH	0.72 / 0.8	0.72 / 0.8	0.72 / 0.8	0.72 / 0.8
weETH	0.546 / 0.7	0.546 / 0.7	0.546 / 0.7	0.546 / 0.7
HYPE	—	0.55002 / 0.6	—	—
kHYPE	—	0.4998 / 0.6	—	—
SOL	—	—	0.6045 / 0.65	—
jitoSOL	—	—	0.5655 / 0.65	—
fXRP	—	—	0.552 / 0.6	—
cbADA	—	—	0.5005 / 0.55	—
XAUT	—	—	—	0.75 / 0.8
USDT	0.95942 / 0.98	0.95942 / 0.98	0.95942 / 0.98	0.95942 / 0.98
USDe	0.79985 / 0.85	0.79985 / 0.85	0.79985 / 0.85	0.79985 / 0.85
sUSDe	0.7 / 0.8	0.7 / 0.8	0.7 / 0.8	0.7 / 0.8
DRV	0.099 / 0.15	0.099 / 0.15	0.099 / 0.15	0.099 / 0.15

Stablecoin Margin Parameters

These control the extra initial margin required when USDC, the designated cash asset, depegs.

Parameter	Contract Variable	All markets	Range	Description
DEPEG_FACTOR	`depeg_scale`	2.0	[0, 10]	Each short option and perpetual held by the subaccount attracts extra initial margin scaling with DEPEG_FACTOR and the shortfall of the USDC price below the threshold.
USDC_THRESHOLD	`depeg_threshold`	0.99	[0.0, 1.05]	Value of USDC beneath which the depeg contingency begins to apply.

Confidence Margin Parameters

These control the extra initial margin required when a data feed has low confidence.

Parameter	Contract Variable	All markets and collateral	Range	Description
CONFIDENCE_SCALE	`oracle.oc_factor`	1.0	[0, 2.0]	Percentage of the spot price per short option, base or perpetual contract added to initial margin.
THRESHOLD_CONFIDENCE	`oracle.perp_threshold`, `oracle.option_threshold`, `oracle.base_threshold`, `oracle.future_threshold`	0.55	[0, 1.0]	Value of the confidence beneath which extra initial margin is added.

Product Details

Managers

Oracles and Liquidations

Parameters

Standard Margin Parameters

Account Details

Delta-1 Margin Parameters

Isolated Option Margin Parameters

Spread Margin Parameters

Collateral Factors

Stablecoin Margin Parameters

Confidence Margin Parameters

​Account Details

​Delta-1 Margin Parameters

​Isolated Option Margin Parameters

​Spread Margin Parameters

​Collateral Factors

​Stablecoin Margin Parameters

​Confidence Margin Parameters

Account Details

Delta-1 Margin Parameters

Isolated Option Margin Parameters

Spread Margin Parameters

Collateral Factors

Stablecoin Margin Parameters

Confidence Margin Parameters