Important points
- Hyperliquid has launched Portfolio Margin in pre-alpha mode on the testnet ahead of a future mainnet upgrade.
- The system integrates spot and perpetual trading and enables advanced strategies such as carry trading and automatic yield on idle assets.
HyperLiquid has launched pre-alpha portfolio margining on testnet, integrating spot and purp trading to increase capital efficiency. This system enables strategies like carry trades where spot balances collateralize short PERP and idle assets automatically earn yield.
HyperLiquid said that in the initial rollout, only USDC will be available for borrowing, with HYPE serving as the sole collateral asset. The platform plans to add USDH and Bitcoin ahead of the alpha release, but borrowing limits will remain intentionally conservative.
The Portfolio Margin Framework applies to all HIP‑3 decentralized exchanges and is expected to extend to future HyperCore asset classes. Smart contract access via CoreWriter is planned for future upgrades, allowing developers to build on-chain strategies using ERC-20-based wrappers.
