Multi-Asset Margin lets you use both major stablecoins you hold — USDT and USDC — as trading collateral at the same time, instead of consolidating everything into a single currency. This guide explains what MAM is, how to turn it on, how to trade and manage your positions, and the rules and limits you should know before you start.
✏️ Supported collateral (for now): USDT and USDC. More assets may be added in future.
What is Multi-Asset Margin (MAM)?
Multi-Asset Margin is a trading mode for your perpetuals trading account. In MAM, you can use more than one asset as collateral at the same time — currently USDT and USDC — and their combined value backs the Perpetual positions you open.
Behind the scenes, the platform converts everything you hold into a single USD-equivalent margin value and uses that to decide how much you can trade. Your USDT Perpetual positions are still settled in USDT: if your USDT balance runs short, the system automatically borrows USDT for you (using your other collateral as backing) rather than blocking the trade.
How is MAM different from Single-Asset Mode (SAM)?
Single-Asset Mode is the simpler mode. The two modes differ in what counts as collateral:
| Single-Asset Mode (SAM) | Multi-Asset Margin (MAM) |
Collateral | USDT only | USDT + USDC |
Idle USDC | Must be converted to USDT before it can back a trade | Counts toward your margin automatically |
Borrowing | Not supported | Auto-borrows USDT when needed (interest applies) |
Best for | Beginners and directional traders who want simple, predictable risk | Traders who hold both USDT and USDC and want higher capital efficiency |
Trade-off | Lower capital efficiency | Interest on borrowed USDT (plus a small collateral haircut) |
You can switch between modes at any time, subject to a few safety checks described below.
Who is MAM designed for?
MAM suits traders who hold a mix of USDT and USDC and would rather keep both working as collateral than shuffle balances into a single currency before every trade. If you prefer the simplest possible "what you see is what you have" margin, Single-Asset Mode may suit you better.
Which assets can I use as collateral?
For now, USDT and USDC are supported as collateral. A few important notes:
USDT is always enabled as collateral and cannot be turned off.
USDC is enabled by default, and you can toggle it on or off in Manage collateral.
Each asset counts at a slight discount to its value (see "haircut" below).
Assets may have a collateral cap, both per account and platform-wide.
Benefits and risks
What are the benefits of MAM?
Higher capital efficiency. USDC you're already holding can back your trades directly — you don't have to convert it into USDT first.
A larger margin buffer. Because both stablecoins count toward your margin, idle balances act as a backup that helps you avoid liquidation.
Trades aren't blocked by a USDT shortfall. If your USDT dips negative, auto-borrow covers it so your position stays open.
One account for more of your activity. You can hold your collateral and trade Perps from the same trading account.
What are the risks of MAM?
Borrowing costs. When your USDT balance goes negative, the system auto-borrows USDT and charges hourly interest until you repay. Interest accrues continuously while you're in debt.
Haircuts reduce collateral value. Assets don't count at their full face value (see below), so your usable margin is slightly lower than your raw balance.
Stablecoin risk. USDT and USDC are stable in normal conditions, but a de-peg would reduce the value of your collateral and, in turn, your margin.
Automatic conversions. In certain situations the system can automatically convert your USDC into USDT (auto-exchange) to cover a shortfall, which realizes the small fee attached to that conversion.
Key concepts to understand first
Haircut / Collateral Value Ratio (CVR). Each asset is counted at a small discount to protect against risk. Currently:
USDT — 99.8%: $100 of USDT provides $99.80 of trading collateral.
USDC — 99.5%: $100 of USDC provides $99.50 of trading collateral.
Total Equity vs. Margin Balance. These two numbers are easy to confuse:
Total Equity is your account's true net worth — the full value of everything you hold, with no haircut.
Margin Balance is your qualified collateral — the haircut-adjusted value that actually backs your trades.
Your risk (how much you can trade, and when you get liquidated) is measured against Margin Balance, not Total Equity.
Auto-borrowing and interest. Perps settle in USDT. When fees, funding, or losses push your USDT balance below zero, the system automatically borrows USDT against your other collateral so your trade can continue. You then pay hourly interest on the borrowed amount until it's repaid.
Step-by-step: getting started
How do I turn on Multi-Asset Margin?
Existing trading account will stay on Single-Asset Mode, so you need to manually switch to Multi-asset margin. New accounts (after MAM goes live) will default with Multi-asset Margin.
For accounts on Single-Asset Mode:
Go to the Trade page and open the mode setting from your trading account panel.
Open Choose margin mode. You'll see a side-by-side comparison of Multi-asset margin and Single-asset margin, along with a summary of how the switch affects your account.
Select Multi-asset margin and continue.
When MAM is enabled, a Manage collateral step appears. Your eligible assets (USDT and USDC) are switched on by default. USDT is always on and can't be turned off; you can choose whether to include USDC. Confirm when you're happy.
You'll get a confirmation, and your account is now in Multi-Asset Margin mode.
Switching into MAM is usually smooth, because your collateral pool is expanding rather than shrinking. The system runs a few safety checks first (see "Are there restrictions on switching modes?").
How do I trade with MAM?
Fund your trading wallet. Transfer the collateral you want to use (USDT and/or USDC) into your Perp trading wallet, or hold it there already. Each asset immediately begins contributing to your Margin Balance at its haircut-adjusted value.
Check your available margin. On the order panel, Available to trade reflects your combined, haircut-adjusted collateral — not just your USDT.
Place your order. Trade Perps as usual. Positions can be in cross margin or isolated margin, then settled in USDT.
Let auto-borrow handle USDT shortfalls. If a fee, funding payment, or loss takes your USDT negative, the system borrows the USDT for you automatically and begins charging hourly interest. There's nothing extra to click — but keep an eye on your borrowings.
How do I monitor my margin and borrowings?
Your trading account panel and the Balances table show the health of your account:
Perp overview displays your cross maintenance margin ratio, available margin, initial margin, unrealized PnL, and current leverage.
If you've borrowed USDT, a USDT Borrowings tooltip (and a Borrowed tag on your USDT balance) shows your borrowed amount, hourly interest rate, estimated interest per hour, maximum borrow limit, and cumulative interest fee for the current debt.
Watch your maintenance margin ratio (MMR) especially. You'll get a margin-call notification when MMR reaches 90%, and liquidation begins at 100%.
Step-by-step: managing your positions
How do I repay borrowed USDT?
You have three main ways to clear USDT debt:
Deposit USDT. Transfer USDT into your Perp trading account and it is automatically applied to reduce your debt. There's no conversion fee.
Use the Repay button. On the Balances / Perp tab, tap Repay next to your USDT balance. In the Repay modal you can convert your USDC into USDT to pay down what you owe. The modal previews the converted amount, exchange rate, and fee before you confirm.
Use the Convert button. Tap Convert on your USDC to swap it to USDT. If you have outstanding USDT debt, the converted USDT automatically pays it down.
After confirming, you'll see one of three outcomes: your debt is cleared exactly, partially reduced (some debt remains), or over-repaid (the surplus stays as USDT in your account).
Manual repayment (via Repay or Convert) charges only a small conversion fee and is a cheaper way to clear debt, comparing to the system auto-repay or liquidation.
How do I manage which assets count as collateral?
Open Manage collateral from your trading account settings. There you can enable or disable USDC:
Enabling USDC can only help your margin, so it's default allowed.
Disabling USDC removes it from your collateral, which lowers your Margin Balance. The system checks that your account stays safe first; if disabling would leave too little margin to cover your open orders and positions, it's blocked.
USDT can't be disabled.
Disabled USDC stays in your wallet — you can still see it, transfer it out, or convert it — it just doesn't count toward your margin and won’t get liquidated either.
How do I switch back to Single-Asset Mode?
Open Choose margin mode and select Single-asset margin.
Because this reduces your collateral, you'll see an "Are you sure?" warning: switching to Single-Asset Mode may increase your liquidation risk, and open positions could be closed sooner. It also shows how your available-to-trade and liquidation risk will change.
Confirm to complete the switch.
Two conditions must be met before you can switch back:
You must have no outstanding USDT debt. Repay any borrowed USDT first (Single-Asset Mode doesn't support borrowing).
Your USDT margin balance must be enough to cover the initial margin of your open orders and positions. Because Single-Asset Mode only counts USDT toward margin, your USDT alone has to back everything you currently have open. If it isn't sufficient, cancel some orders or add USDT before switching.
Your USDC isn't removed when you switch — it stays in your trading account but becomes "dormant" (excluded from margin) until you transfer it out or switch back to MAM.
Trading rules
How is margin and liquidation calculated?
Your usable margin is your Margin Balance — the haircut-adjusted value of your qualified collateral, plus or minus your unrealized PnL.
Your maintenance margin ratio (MMR) = maintenance margin ÷ Margin Balance.
Liquidation is triggered when MMR reaches 100%. You'll receive a margin-call warning earlier, at 90%.
What happens when my account is liquidated?
Your margin is re-assessed on every mark price update. The moment your maintenance margin ratio (MMR) reaches 100%, the system acts on that assessment right away.
At that point your account takes one of two paths, and they're mutually exclusive within a single assessment:
Auto-exchange. If converting your USDC into USDT can bring your account back to a healthy margin level (roughly the 85–90% MMR range), the system does that and your positions stay open. This is the gentler outcome.
Full liquidation. If no feasible auto-exchange can restore your account, the system goes straight to full liquidation — the insurance fund takes over your remaining positions.
A few details worth understanding, because they affect how much buffer you should keep:
Your open orders stay locked while the assessment runs. The system does not cancel your open orders first to free up margin. Order cancellation happens afterwards, as a consequence ofliquidation trade settling, not as a step before it.
There is no re-check within a single tick. On any given price update your account either auto-exchanges or is fully liquidated; the system doesn't cancel orders, re-evaluate, and then decide on the same tick.
Re-assessment is natural, on the next tick. If an auto-exchange improved your margin enough, your account simply won't be flagged again on the next mark price update. That's a fresh scan, not a same-cycle re-check.
The practical takeaway: don't count on your open orders being cancelled to rescue your margin before liquidation — that isn't how it works. Keep a healthy buffer and act early.
How does auto-borrowing and interest work?
Auto-borrow triggers whenever your available USDT goes negative. Common causes are trading fees, funding fees, interest, and realized or unrealized losses. It also fires when you open a new isolated position, or add margin to an existing isolated position, without enough free USDT — the isolated margin has to be funded in USDT, so any shortfall is auto-borrowed. Borrowing always takes place in your cross pool.
Interest is charged hourly on the total borrowed amount, and is added to your loan. To keep things predictable, interest is calculated and charged a few minutes after each hour (around HH:05 every hour). Because it's charged hourly, a loan you open and repay within the same hour effectively costs no interest.
Interest rates vary by VIP tier, and with lower rates for higher VIP tiers. Your exact rate is shown in the USDT Borrowings panel.
There is no interest-free quota — interest applies to the full borrowed amount.
When does the system automatically repay or convert my assets?
Beyond a full liquidation, the system can auto-repay (auto-exchange) your USDC into USDT in these situations:
MMR reaches 100% (the liquidation case above).
You hit your borrow limit. The system converts collateral until your borrowing is back down to a safe portion of your limit.
Undeployed loan. If you have USDT debt but no open positions or orders, and your loan-to-value (LTV) ratio reaches 95%, the system converts collateral to pay off the loan.
You'll receive a notification when any auto-exchange runs.
What fees apply?
You pay normal trading and funding fees as usual. In addition, repaying USDT debt by converting USDC carries a small fee that depends on the situation. The order of cost, from cheapest to most expensive, is:
Manual repayment (you choose to repay via Repay/Convert)
Auto-repayment (triggered by hitting your borrow limit or an undeployed high-LTV loan)
Liquidation repayment (triggered at MMR 100%)
If I get liquidated, what gets converted?
To cover a shortfall, the system converts your non-USDT collateral — currently USDC — into USDT. USDT itself is your settlement currency and isn't "sold." As more collateral assets are added in future, the system will prioritize converting the assets with the largest haircut first, to minimize the impact on your overall equity.
Restrictions and limits
Are there restrictions on what I can use as collateral?
Only USDT and USDC are supported as collateral for now.
USDT must always stay enabled and can't be disabled.
USDC can be toggled on or off in Manage collateral.
Are there restrictions on switching modes?
Switching to MAM is blocked if:
Enabling your collateral would push an asset over its platform-wide deposit cap.
Your open orders and positions initial margin can't be covered after the switch.
Switching back to SAM is blocked if:
You still have outstanding USDT debt (repay it first).
Your open orders and positions initial margin can't be covered after the switch.
Are there restrictions on transfers?
Transfers out of your trading wallet are limited to each asset's available-to-transfer amount — you can't withdraw collateral that's currently needed to support your positions, open orders or debt.
Transfers in are limited by each asset's collateral limit and platform cap.
Other things to know
Perps settle in USDT. You can hold USDT and USDC as collateral, but your positions and fees are denominated and settled in USDT.
Borrowing is a cross-pool mechanism. An isolated position doesn't have its own borrow facility, but funding it draws on your cross pool, so opening an isolated position or adding isolated margin without enough free USDT will trigger an auto-borrow there.
Your collateral preferences persist across sessions and mode switches.
Quick FAQ
Do I have to convert my USDC to USDT before I can trade? No, that's the point of MAM. Your USDC backs your trades directly at its haircut-adjusted value.
Why is my "available to trade" lower than my total balance? Two reasons: assets count at a small discount (USDT at 99.8%, USDC at 99.5%), and each asset has a collateral limit. Your available margin is based on Margin Balance, not raw total value.
I see a Borrowed Amount on my USDT — what happened? Your USDT balance went negative (from a fee, funding, or a loss), so the system auto-borrowed USDT for you. Check the USDT Borrowings panel for the amount and interest, and repay when convenient.
How do I repay my debt? Deposit USDT (no conversion fee), or use the Repay/Convert button to convert USDC.
Can I lose margin even if my position looks fine? Your main ongoing cost in MAM is interest on any borrowed USDT, which quietly grows your debt while you're in the red. A stablecoin de-peg could also reduce your collateral value. Watch your MMR, not just your open positions.
Can I go back to Single-Asset Mode anytime? Yes, as long as you've repaid all USDT debt and you have enough USDT to cover the initial margin of open orders and positions. Note that switching back can raise your liquidation risk, and your USDC stops counting as margin.