Margining
How margin, collateral, and risk management work on Hypercall.
Overview
Hypercall offers Standard Margin and Portfolio Margin. Portfolio Margin is open to every account; see Onboarding to Portfolio Margin to get on it.
Key principle: you can add risk while equity covers initial margin (IM) after the trade, and you are liquidated when equity falls below maintenance margin (MM). Under Portfolio Margin, IM is driven by the worst stress-scenario loss on your book.
Guides
Core Concepts
- Standard Margin: options-only margin funded with USDC
- Portfolio Margin: stress-scenario margin across options and Hyperliquid perps
- Onboarding to Portfolio Margin: why you start from a new wallet, and the setup steps
- PM Risk Parameters: the live policy per underlying, and how it changes
- PM Margin Worked Examples: engine-computed requirements on eight common books
- Simulating PM Risk: preview IM and MM in the app or over the API
- PM Financing: premium and settlement loans for PM accounts
- PM Lending Pool: the pool that funds those loans
- Margin Floor: the option floor and short-dated gamma overlay
Risk Events
- Liquidation: what happens when equity falls below MM
- Settlement: options expiry and cash settlement
Questions
- PM FAQ: short answers to common portfolio margin questions
Quick Reference
| Concept | Description |
|---|---|
| Initial Margin | Required to open a position |
| Maintenance Margin | Required to keep a position open |
| Scanning Risk | Worst weighted loss across the PM stress scenarios, per underlying |
| Liquidation | Forced position closure when margin insufficient |
See Also
- Introduction: platform overview and architecture
- Fees: trading fee rates and how they interact with margin
- Contracts: on-chain settlement and account management
- Margining Basics (course): beginner-friendly explanation of margin concepts