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Derivatives Collateral Currencies

Last updated: 8 ліпеня 2026 г.

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:

Fiat

AssetSymbolHaircutConversion FeeCollateral Limit (USD)
US DollarUSD0%N/A—
Canadian DollarCAD0%0.00%—
EuroEUR0%0.00%—
British PoundGBP0%0.00%—
Australian DollarAUD0%0.00%—
Swiss FrancCHF0%0.00%—
Stablecoins
EURCEURC1%0.00%—
Global DollarUSDG1%0.00%—
USDCUSDC0.50%0.00%—
USD TetherUSDT0.50%0.00%—

Stablecoins

AssetSymbolHaircutConversion FeeCollateral Limit (USD)
EURCEURC1%0.00%—
Global DollarUSDG1%0.00%—

Tether Gold

XAUT

40%

0.50%

—

USDCUSDC0.50%0.00%—
USD TetherUSDT0.50%0.00%—

Crypto

AssetSymbolHaircutConversion FeeCollateral Limit (USD)
BitcoinBTC1%0.20%—
EthereumETH1%0.20%—
SolanaSOL7.50%0.50%—
CardanoADA7.50%0.50%—
DogecoinDOGE7.50%0.50%—
LitecoinLTC7.50%0.50%—
AlgorandALGO10%0.50%—
Artificial Superintelligence AllianceFET10%0.50%—
ArbitrumARB10%0.50%—
AvalancheAVAX10%0.50%—
CelestiaTIA10%0.50%—
ChainlinkLINK10%0.50%—
CosmosATOM10%0.50%—
Curve DAO TokenCRV10%0.50%—
EthenaENA10%0.50%—
OndoONDO10.00%0.50%—
SeiSEI10%0.50%—
TRONTRX10%0.50%—
dogwifhatWIF20%0.50%—
FartcoinFARTCOIN20%0.50%—
FilecoinFIL20%0.50%—

Hyperliquid

HYPE

20%

0.50%

—

InjectiveINJ20%0.50%—
KaspaKAS20%0.50%—
KusamaKSM20%0.50%—
MinaMINA20%0.50%—
PAX GoldPAXG3%0.50%—
PepePEPE20%0.50%—
PolkadotDOT7.50%0.50%—
RippleXRP5%0.50%—
Shiba InuSHIB20%0.50%—
SPX6900SPX20.00%0.50%—
The GraphGRT20%0.50%—
UniswapUNI10%0.50%—

Tokenized Equities

AssetSymbolHaircutConversion FeeCollateral Limit (USD)
SPDR S&P 500 ETF TrustSPYx10.00%0.50%$1,000,000
Invesco QQQ TrustQQQx10.00%0.50%$1,000,000
Apple Inc.AAPLx20.00%0.50%$250,000
Alphabet Inc. Class AGOOGLx20.00%0.50%$250,000
Tesla, Inc.TSLAx20.00%0.50%$250,000
NVIDIA CorporationNVDAx20.00%0.50%$250,000
Robinhood Markets, Inc.HOODx30.00%0.50%$250,000
Strategy IncorporatedMSTRx30.00%0.50%$250,000
SPDR Gold SharesGLDx20.00%0.50%$100,000
Circle Internet Group, Inc.CRCLx30.00%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.

Coin-M Inverse Derivatives

Coin-M Inverse contracts only allow the base currency of the pair to be used as collateral.

Each collateral currency has a separate wallet and each wallet's collateral supports trading of both perpetual and fixed maturity contracts.

e.g. if trading a BTC/USD contract, the only collateral allowed would be BTC.

Wallet

Collateral

Index

Haircut

FI_BTCUSD

BTC

BRTI

N/A

FI_ETHUSD

ETH

ETHUSD_RTI

N/A

FI_LTCUSD

LTC

LTCUSD_RTI

N/A

FI_XRPUSD

XRP

XRPUSD_RTI

N/A

FI_BCHUSD

BCH

BCHUSD_RTI

N/A

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