Skip to main content
Perpetra uses cross-margin: your entire balance backs all positions. No isolated margin—your account is one pool of collateral.

​
Key Concepts

Collateral — USDC you deposit. Backs your positions and covers losses. Initial Margin (IM) — Margin required to open a position. Depends on size and leverage. Higher leverage = lower IM per unit of notional. Maintenance Margin (MM) — Minimum margin to keep a position open. If your margin ratio drops below MM, you’re liquidated. Free Collateral — Collateral available for new positions or withdrawals. = Total collateral − Initial margin on open positions.

​
Leverage

MarketMax Leverage
BTC, ETH, SOL100x
Major alts20x
Other alts10x
Leverage amplifies gains and losses. 10x long that moves 10% against you = 100% loss of margin. Start low until you’re comfortable.
Larger positions face higher effective margin requirements. The system scales IM/MM with size to manage risk.

​
Margin Ratio

Margin Ratio = Total Collateral / Total Position Notional Higher ratio = safer. If it drops below the maintenance margin ratio, liquidation kicks in.

​
Withdrawing

You can withdraw free collateral only. Collateral locked as initial margin stays until you reduce or close positions. Unrealized profits don’t count as withdrawable until you settle PnL. Formula: Withdrawable = Balance − Initial Margin − Positive Unrealized PnL Settling PnL moves profits into your balance, making them withdrawable.

​
Formulas (Reference)

Total Collateral = Balance + Unrealized PnL
Free Collateral = Total Collateral − Initial Margin − Pending Short USDC
Account is liquidated when Margin Ratio < Maintenance Margin Ratio