Hyperliquid introduces portfolio margin, unifying spot and perpetual positions into one balance.
Spot and perp PnL offset each other, improving capital efficiency and lowering liquidation risk.
Hyperliquid introduces a margin portfolio feature in its latest network upgrade, which is currently live on the pre-alpha testnet. This feature unifies spot and perpetual trading within a single margin system, allowing positions to be managed from a single, unified balance. The goal is to improve capital efficiency while reducing the risk of liquidation due to margin segregation between products.
With this approach, profits and losses from spot and perpetual positions can be offset within a single portfolio. The liquidation risk that typically arises from margin segregation is more manageable.
Furthermore, this new structure also allows for a more natural carry trade strategy, where long positions in the spot market can be balanced with short positions in the perpetual market without the nee
