Hyperliquid Introduces Portfolio Margin: Unifying Spot and Perpetual Positions

Source: CryptoNewsNet Original Title: Hyperliquid Introduces New Features for Spot and Perps Integration Original Link: 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.

Key Features

Unified Balance System: Spot and perpetual PnL offset each other, improving capital efficiency and lowering liquidation risk.

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 need to move funds between accounts or products.

Conservative Early Testing Phase

During early testing, portfolio margin operates under tight controls. USDC is the sole lending asset for now, with HYPE used as collateral, and borrowing caps remain deliberately conservative to protect system stability.

The development roadmap indicates plans to bring in more assets, including USDH and Bitcoin, while preparing deeper links to lending protocols. When that work takes shape, leverage and liquidity across products will function as one unified system rather than separate tracks.

Additional Efficiency Improvements

Assets not actively used in margin portfolios will no longer be left idle. They can automatically generate yield, creating an additional layer of efficiency without requiring manual user intervention. Support for all HIP-3-based DEXs is also in place, strengthening margin calculation consistency across the ecosystem.

Market Context

In early October, Hyperliquid maintained its dominant open interest share with around 62%, despite a shrinking share of Perp DEX volume. During the same period, developments in HyperEVM, the USDH stablecoin, and the HIP-3 standard continued to expand their long-term foundation.

The platform has also launched Based Streams on Hyperliquid, an on-chain live trading feature that enables direct interaction between traders and their audience, complete with a tipping and rewards system. This integration of social and DeFi demonstrates a development direction oriented toward community engagement.

As of press time, HYPE is trading at approximately $29.51, up 5.25% over the last 24 hours with $43.44 million in daily spot trading volume.