Cross Margin with Multi-Asset Collateral allows users to use multiple assets together as collateral to support open positions. Each supported asset has a defined Collateral Value Ratio and Haircut Rate, which determine how much of the asset’s market value can be used and the risk buffer applied.
Supported Assets
| Asset | Collateral Value Ratio | Haircut Rate | Notes |
| BTC | 95% | 2.5% | High liquidity and volatility; used first in Auto-Exchange. |
| ETH | 95% | 2.5% | Stable and widely used; second in Auto-Exchange priority. |
| USDe | 99% | 0.01% | Earned deposits can be used as collateral; converts before other stablecoins. |
| USDC | 99% | 0.01% | Stablecoin; used to maintain account margin. |
| USDT | 100% | 0% | Quote currency; negative balance triggers Auto- Exchange. |
| Trading bonus | 100% | 0% | Bonus token; used last in Auto-Exchange sequence. |
Auto-Exchange Priority
When a Cross Margin account experiences a negative USDT balance ≤ -5,000 USDT, the system automatically converts supported assets to USDT to maintain margin requirements.
Conversion order (priority):
BTC → ETH → USDe → USDC → Trading Bonus (last)
Example: Using Multi-Asset Collateral
User Balances:
| Asset | Market Value (USDT) |
| BTC | 20,000 |
| ETH | 10,000 |
| USDe | 50 |
| Trading bonus | 20 |
| USDT | -6,000 |
Collateral Values (after applying Collateral Value Ratios):
| Asset | Market Value (USDT) | Collateral Value (USDT) |
| BTC | 20,000 | 19,000 (95%) |
| ETH | 10,000 | 9,500 (95%) |
| USDe | 50 | 49.5 (99%) |
| Trading bonus | 20 | 20 (100%) |
Total Collateral Value: 19,000 + 9,500 + 49.5 + 50 + 20 = 28,619.5 USDT
Auto-Exchange Trigger:
- Negative USDT balance is –6,000 USDT (≤ -5,000 threshold)
- Auto-Exchange sequence: BTC → ETH → USDe → USDC → Trading bonus
BTC Conversion Calculation:
BTC needed = 6,000 USDT worth of BTC
After converting 6,000 USDT of BTC, the negative USDT balance is cleared.
Key Notes
- Only assets listed above are eligible as collateral in Cross Margin mode.
- Collateral Value Ratio and Haircut Rate differ per asset to manage risk.
- Auto-Exchange triggers only when negative USDT ≤ -5,000 USDT.
- Regularly monitor your Account Equity and Margin Ratio to avoid liquidation.
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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