In Australia, Beaufort Fiduciaries Pty Ltd (ACN 162 139 871, AFSL No. 545124) provides wholesale clients with access to derivatives where the underlying assets are digital assets. Derivatives are complex, regulated financial products that are difficult to understand and may not be suitable for inexperienced investors. For eligibility, terms and conditions click here. Krak Pay is offered by Bit Trade Australia Pty Ltd (ACN 163 237 634), Authorised Representative of Flexewallet Pty Ltd (AFSL 448066). This information is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you and read the relevant disclosure documents before making any decision.

Derivatives Collateral Currencies

Last updated: July 8, 2026

Multi-M Linear Derivatives

The Multi-M wallet allows traders the flexibility to deposit a variety of collateral currencies to back their positions. Neither base nor the quote currency is needed as collateral to trade and all collaterals are valued in USD for margining under a single wallet with cross or isolated margin.

Haircuts and conversion fees apply to non-USD collateral currencies.

The following collateral currencies are supported:

Multi-M Linear Derivatives Collateral Currencies

Fiat

Asset	Symbol	Haircut	Conversion Fee	Collateral Limit (USD)
US Dollar	USD	0%	N/A	—
Canadian Dollar	CAD	0%	0.00%	—
Euro	EUR	0%	0.00%	—
British Pound	GBP	0%	0.00%	—
Australian Dollar	AUD	0%	0.00%	—
Swiss Franc	CHF	0%	0.00%	—
Stablecoins
EURC	EURC	1%	0.00%	—
Global Dollar	USDG	1%	0.00%	—
USDC	USDC	0.50%	0.00%	—
USD Tether	USDT	0.50%	0.00%	—

Stablecoins

Asset	Symbol	Haircut	Conversion Fee	Collateral Limit (USD)
EURC	EURC	1%	0.00%	—
Global Dollar	USDG	1%	0.00%	—
Tether Gold	XAUT	40%	0.50%	—
USDC	USDC	0.50%	0.00%	—
USD Tether	USDT	0.50%	0.00%	—

Crypto

Asset	Symbol	Haircut	Conversion Fee	Collateral Limit (USD)
Bitcoin	BTC	1%	0.20%	—
Ethereum	ETH	1%	0.20%	—
Solana	SOL	7.50%	0.50%	—
Cardano	ADA	7.50%	0.50%	—
Dogecoin	DOGE	7.50%	0.50%	—
Litecoin	LTC	7.50%	0.50%	—
Algorand	ALGO	10%	0.50%	—
Artificial Superintelligence Alliance	FET	10%	0.50%	—
Arbitrum	ARB	10%	0.50%	—
Avalanche	AVAX	10%	0.50%	—
Celestia	TIA	10%	0.50%	—
Chainlink	LINK	10%	0.50%	—
Cosmos	ATOM	10%	0.50%	—
Curve DAO Token	CRV	10%	0.50%	—
Ethena	ENA	10%	0.50%	—
Ondo	ONDO	10.00%	0.50%	—
Sei	SEI	10%	0.50%	—
TRON	TRX	10%	0.50%	—
dogwifhat	WIF	20%	0.50%	—
Fartcoin	FARTCOIN	20%	0.50%	—
Filecoin	FIL	20%	0.50%	—
Hyperliquid	HYPE	20%	0.50%	—
Injective	INJ	20%	0.50%	—
Kaspa	KAS	20%	0.50%	—
Kusama	KSM	20%	0.50%	—
Mina	MINA	20%	0.50%	—
PAX Gold	PAXG	3%	0.50%	—
Pepe	PEPE	20%	0.50%	—
Polkadot	DOT	7.50%	0.50%	—
Ripple	XRP	5%	0.50%	—
Shiba Inu	SHIB	20%	0.50%	—
SPX6900	SPX	20.00%	0.50%	—
The Graph	GRT	20%	0.50%	—
Uniswap	UNI	10%	0.50%	—

Tokenized Equities

Asset	Symbol	Haircut	Conversion Fee	Collateral Limit (USD)
SPDR S&P 500 ETF Trust	SPYx	10.00%	0.50%	$1,000,000
Invesco QQQ Trust	QQQx	10.00%	0.50%	$1,000,000
Apple Inc.	AAPLx	20.00%	0.50%	$250,000
Alphabet Inc. Class A	GOOGLx	20.00%	0.50%	$250,000
Tesla, Inc.	TSLAx	20.00%	0.50%	$250,000
NVIDIA Corporation	NVDAx	20.00%	0.50%	$250,000
Robinhood Markets, Inc.	HOODx	30.00%	0.50%	$250,000
Strategy Incorporated	MSTRx	30.00%	0.50%	$250,000
SPDR Gold Shares	GLDx	20.00%	0.50%	$100,000
Circle Internet Group, Inc.	CRCLx	30.00%	0.50%	$100,000

Interest and auto-conversions can apply to unrealized losses uncovered by USD, depending on the value of the loss. See Fees for Multi-M Derivatives for more information.

What is a haircut? When does it apply?

Interest and auto-conversions can apply to unrealized losses uncovered by USD, depending on the value of the loss. See Fees for Multi-M Derivatives for more information.

What are Collateral Limits?

Collateral limits cap the amount of a given asset that counts toward your margin equity. Any balance above the limit is excluded from collateral value and from liquidation. For example, if an asset has a $100,000 collateral limit and a 5% haircut, a $150,000 balance yields $95,000 in collateral value, and the excess $50,000 is ignored in a liquidation event.