Unified Margin and Balances

For information only. Eligibility and jurisdictional restrictions apply. Trading involves risk of total loss. See the Terms, Risk Statement and Restricted Countries.

Collateral Assets

All Extended markets are settled in USDC (i.e., PnL is paid in USDC). In addition to USDC, Extended supports the following assets as collateral. Each asset contributes to account equity and available balance at a defined contribution factor.

Asset	Contribution Factor to Equity	Contribution Factor to Available Balance	Example
USDC	100%	100%	1 USDC contributes: 1 USD to account equity 1 USD to available balance
XVS (Extended Vault Shares)	90%	90%	Each 1 USD of XVS contributes: 0.9 USD to account equity 0.9 USD to available balance
wBTC	90%	90%	1 USD of wBTC contributes: 0.9 USD to account equity 0.9 USD to available balance
ETH	90%	90%	1 USD of ETH contributes: 0.9 USD to account equity 0.9 USD to available balance
USDT	95%	95%	1 USD of USDT contributes: 0.95 USD to account equity 0.95 USD to available balance

Contribution factors may be reviewed and adjusted over time.

Unified Margin Mechanics

Extended’s multi-asset collateral margin is powered by a native money market.

In practice:

• If a user has a negative USDC balance that is offset by positive balances in non-stablecoin assets (excluding XVS), the user is considered to be borrowing USDC and pays interest on that amount.

• If a negative USDC balance is offset by an XVS balance, no interest is charged. XVS represents a claim on the vault’s equity and can be converted into USDC under healthy conditions.

• If a negative USDC balance was created by withdrawing unrealised profit, no interest is charged for as long as the position continues to cover it.

• Interest on negative USDC balances is charged approximately every 15 minutes.

For details on Extended’s native money market and interest payment mechanics, refer to the relevant section here.

Account Balances

Every trading account has the following balances:

Equity = USDC Balance + Spot Equity + Unrealised PnL, where:

• USDC Balance = Deposits + Net Transfers - Withdrawals + Realised PnL

• Spot Equity = Spot Balance 1 × Index Price 1 × Contribution Factor 1 + ... + Spot Balance N × Index Price N × Contribution Factor N

• Unrealised PnL = Perpetual Position Size × (Mark Price - Entry Price)

Available Balance for Trading Perps = Equity - Margin Reserved for Perps - Margin Reserved for Spot Buy Orders, where:

• Margin Reserved a given perpetual market = max(|Position Value + Buy Order Value|, |Position Value + Sell Order Value|) ÷ Leverage

• Margin Reserved for Spot Buy Orders = Σ(Order Size × Order Price) across all open spot buy orders

• Initial margin for conditional orders on both perpetual and spot markets is not reserved until the trigger price is reached and the order is placed on the order book

• If Available Balance for Trading Perps becomes negative, all non-reduce-only orders are cancelled and only position-reducing orders may be placed

Available Balance for Spot (in USDC) = Equity − Spot Equity − Margin Reserved for Perps − Margin Reserved for Spot Buy Orders, where:

• Equity, Spot Equity, Margin Reserved for Perps and Margin Reserved for Spot Buy Orders are defined above

• By subtracting Spot Equity in the formula, users are prevented from engaging in leveraged spot trading.

Available Balance for Spot Sell (in Asset) = Asset Balance − Balance Reserved for Spot Sell Orders, where:

• Asset Balance = Current balance of the asset in the account

• Balance Reserved for Spot Sell Orders = Σ(Order Size) across all open spot sell orders for the given asset

• Reserved balances for conditional spot sell orders are not deducted until the trigger price is reached and the order is placed on the order book.

Available Balance for Withdrawals = max(0, min(Net Asset Balance + Withdrawable PnL, Max Withdrawal Balance)), where:

• Net Asset Balance = Deposits + Net Transfers − Withdrawals + Realised PnL (USDC only) − Balance Reserved for Spot Sell Orders

• Withdrawable PnL = Σ(Unrealised PnL) across positions on markets where unrealised PnL withdrawal is enabled. USDC only; 0 for every other asset

• Max Withdrawal Balance = (USDC Balance + Withdrawable PnL + min(0, Unrealised PnL − Withdrawable PnL) + Spot Equity − Reserved Margin − Post-Withdrawal Margin) ÷ (Contribution Factor × Asset Index Price)

  • Reserved Margin = Margin Reserved for Perps + Margin Reserved for Spot Buy Orders

  • Post-Withdrawal Margin = Σ max(0, Position Notional × Post-Withdrawal Margin Factor − Position Notional ÷ Leverage) across positions on markets where unrealised PnL withdrawal is enabled

  • For USDC: Index Price = 1, Contribution Factor = 1

Unrealised profit counts towards the withdrawal capacity only on markets where unrealised PnL withdrawal is enabled; on every other market it stays locked until the position is closed and the profit is realised. Unrealised losses always reduce the capacity, on every market. Each market's setting is published in the Get markets endpoint as tradingConfig.uPnlWithdrawable, together with its tradingConfig.postWithdrawalMarginFactor.

Positions on an enabled market must retain the Post-Withdrawal Margin: a flat fraction of the position's notional that cannot be withdrawn. Only the shortfall over what the position's own leverage already reserves is charged, so a position whose leverage is at or below 1 ÷ factor is charged nothing.

The formula still prevents using one asset as collateral to withdraw another: Withdrawable PnL is credited in USDC only, and every withdrawal remains capped by the balance actually held in that asset.

Withdrawing unrealised profit can take the USDC Balance negative. The balance is restored when the position is closed and the profit is realised — see Money Market for how such a balance is treated for interest.