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. |
| PUSDT | 100% | 0% | USDT deposited into Premium Earn |
| 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 → PUSDT → Trading Bonus (last)
Example: Using Multi-Asset Collateral
User Balances:
| Asset | Market Value (USDT) |
| BTC | 20,000 |
| ETH | 10,000 |
| USDe | 50 |
| PUSDT | 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%) |
| PUSDT | 50 | 50 (100%) |
| 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 → PUSDT → 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.