Liquidity & Margin

Position limits, margin management, and fee structure across all tiers.

Tier Comparison

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How Margin Works

Deposit Collateral

Fund your account with USDC. This balance backs all of your open positions and determines your borrowing capacity.

Open a Position

When you open a trade, the system reserves your initial margin -- a percentage of the position value. The rest is effectively borrowed against your collateral.

Monitor Margin Health

Your health factor tracks collateral relative to exposure. At 100% you are fully collateralized. Below 50% you receive a warning. Below 25% positions may be liquidated.

Maintain or Top Up

If your health factor drops, deposit more collateral or close positions to restore it. Staying above maintenance margin prevents forced liquidation.

Margin Health

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Fee Estimator

Enter a trade amount and select your tier to preview the fee breakdown. The fee is deducted from your trade amount, so the net amount is what actually enters the position. Fee percentage is set by your tier -- higher tiers receive lower rates.

Amount

Tier

Margin Alerts

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Glossary

Collateral: USDC deposited in your account that backs open positions. Collateral is reserved against your exposure and determines how much you can trade.
Exposure: The total USDC value of all your open positions combined. Higher exposure relative to collateral means higher risk.
Initial Margin: The percentage of a position's value you must have as collateral to open the trade. For example, 10% initial margin on a $1,000 position requires $100 in collateral.
Maintenance Margin: The minimum collateral percentage required to keep a position open. Falling below this level triggers a margin call and potential liquidation.
Margin Health Factor: A percentage representing your collateral relative to your exposure. 100% means fully collateralized. Below 50% triggers a warning; below 25% triggers liquidation risk.
Margin Call: A notification that your margin health has fallen below the maintenance threshold. You must deposit more collateral or close positions to avoid liquidation.
Liquidation: The forced closure of positions when your margin health drops critically low. The system sells positions to recover collateral and protect the platform from losses.
Position Limit: The maximum USDC value allowed for a single position or across all positions. Limits vary by tier and prevent excessive concentration of risk.
Trading Fee: A percentage-based fee charged on each transaction. Deducted from the trade amount before the position is opened. Lower tiers pay higher fees.
Maker Rebate: A fee rebate given to liquidity providers (makers) who place limit orders that add depth to the order book. Rebates incentivize tighter spreads.
Market Maker: A participant who continuously provides buy and sell quotes, ensuring there is always liquidity available. Market makers receive the lowest fees and highest position limits.
Tier System: A classification of accounts (Retail, Qualified, Institutional, Market Maker) that determines position limits, margin requirements, and fee rates.
Open Interest: The total value of outstanding positions in a market that have not yet been settled. High open interest indicates active trading and deep liquidity.
Liquidity Seed: Initial USDC deposited into a new market to bootstrap trading. The seed provides baseline liquidity so the first traders can open positions immediately.
Creator Bond: A refundable USDC deposit required to create a new market. The bond ensures market creators have skin in the game and is returned after the market resolves.
Issuer Capitalization: The total USDC backing issued by the platform to cover potential payouts. Ensures every winning position can be fully settled regardless of market outcome.