Flipster’s Cross Margin with Multi-Asset Collateral allows traders to use multiple supported assets such as USDe, USDT, USDC, BTC, and ETH as shared collateral for perpetual trading.
This upgrade gives users more flexibility in managing margin and helps bridge the gap between Earn users and active traders.
In addition, Flipster uses a Position Bracket System, where each open position falls into a specific bracket based on its notional value. Each bracket defines:
- Maximum allowable leverage
- Maintenance margin rate
- Maintenance amount
As position size increases, higher brackets apply, resulting in higher maintenance margin requirements.
What Is Multi-Asset Collateral?
Under the Unified Collateral system, you can use various supported assets as margin for your open positions. Instead of limiting each position to a single asset, your overall account balance is used to back your trades.
This means:
- Funds from USDe Earn, USDT, or other eligible assets can be automatically used as trading margin.
- You can manage risk and margin more efficiently across your portfolio.
Learn more:
Why It Matters
USDe balances deposited into Earn were ineligible for trading use. With Cross Margin, funds in supported assets participating in Earn, such as BTC, ETH, and PUSDT, can now also be used to support trading positions. This integration allows users to seamlessly earn and trade without the need to transfer funds between accounts.
Additionally, under the Position Bracket System:
- Larger positions move into higher brackets.
- Higher brackets require more maintenance margin.
- Your overall liquidation risk increases as total bracketed exposure grows.
Key Differences: Cross Margin vs Isolated Margin
| Feature | Cross Margin (Multi-Asset) | Isolated Margin |
| Margin Pool | Shared across all positions listed in the supported collateral | Separate margin per position |
| Supported Collateral | Multiple assets (USDT, USDe, BTC, ETH, USDC, PUSDT, Trading bonus) | Single margin asset per trade |
| Risk Exposure | Account-level | Position-level |
| Add/Remove Margin | Not applicable | Available per position |
| Liquidation Trigger | Based on the account margin ratio (sum of bracketed maintenance margins) | Based on the individual position margin |
| Position Brackets | Applied to every open position | Applied to each isolated position |
Collateral Value Ratio (in Priority Order)
When using cross-margin with multi-asset collateral, collateral value ratios determine how much of each asset’s balance counts toward your account equity.
The list below is arranged based on their priority order, higher priority assets will generally be used first for margin coverage or auto-exchange when required.
| Asset | Collateral Value Ratio |
| BTC | 95% |
| ETH | 95% |
| USDe | 99% |
| USDC | 99% |
| USDT | 100% |
| PUSDT | 100% |
| Trading bonus | 100% |
Your collateral value = Asset balance × Collateral ratio
Learn more:
Auto-Exchange
If your USDT balance becomes negative due to realized losses, Flipster will automatically convert eligible collateral assets into USDT to restore your margin. This process is called Auto-Exchange.
Priority order for conversion:
BTC → ETH → USDe → USDC → PUSDT → Trading bonus
Note: The Trading bonus will be converted last.
Example:
If your balances are:
- 50 USDe
- 50 USDC
- - 115 USDT
- 20 Trading bonus
Auto-Exchange will convert USDe → USDC → Trading bonus to cover the negative USDT balance. Your account equity will update automatically.
Negative Balance and Margin Settlement
A negative USDT balance can happen in Cross Margin mode:
- All realized losses are settled in USDT.
- Other eligible collateral assets are automatically used via Auto-Exchange (under the circumstances stated in the Auto-Exchange Process).
- Withdrawals of USDT are not allowed until the balance is restored.
- You can monitor your Cross Margin Ratio to avoid liquidation.
Manual options:
- Convert other eligible collateral into USDT manually.
- Deposit additional USDT to restore your margin balance.
Learn more:
Understanding Cross-Margin Ratio
The Cross Margin Ratio helps you monitor your overall liquidation risk.
Formula:
Cross Margin Ratio = Account Maintenance Margin ÷ Account Equity
- Low Risk (≤ 20%) – Plenty of margin left
- Caution (20 – 50%) – Keep an eye on your exposure
- High Risk (≥ 50%) – Close to liquidation
- Liquidation (100%) – Your account will be liquidated
Note: Liquidation warning emails are sent when the margin ratio reaches 90% or higher.
Important Position Bracket Considerations in Cross Margin
- Each position is assigned a bracket based on its notional size.
- Larger positions increase maintenance margin requirements.
- Adding size may push positions into higher brackets.
- Higher brackets reduce max leverage and raise liquidation risk.
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Even with sufficient collateral, aggressive position growth can rapidly increase your Cross Margin Ratio.
Key Takeaways
- Cross Margin with Multi-Asset Collateral allows multiple assets to act as shared margin.
- Flipster uses a Position Bracket System for maintenance margin and leverage limits.
- Larger positions fall into higher brackets with higher margin requirements.
- Cross Margin Ratio is calculated using the sum of bracketed maintenance margins.
- Auto-Exchange converts collateral automatically to cover negative balances.
- Supported assets: BTC, ETH, USDe, USDC, USDT, PUSDT, Trading bonus.
Risk Warning:
Trading in cryptocurrency involves risk and potential losses. Before trading, please make your investment decisions cautiously by considering your investment objectives, experience, and risk tolerance. You are solely responsible for your investment decisions, and Flipster is not liable for any losses you may incur. Derivatives trading, in particular, is subject to high market risk and price volatility. Please obtain independent advice where appropriate. This information should not be construed as financial or investment advice.
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