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- Hyperliquid introduces margin into the portfolio and combines spot and permanent positions into one balance.
- Spot profits and losses offset each other, improving capital efficiency and reducing liquidation risk.
Hyperliquid has introduced margin portfolio functionality in its latest network upgrade, and it is currently live in pre-alpha testnet. This feature combines spot and perpetual trading within a single margin system, allowing you to manage your positions from a single unified balance. The goal is to improve capital efficiency while reducing liquidation risk through margin separation between products.
Using this approach, gains and losses from spot and permanent positions can be offset within a single portfolio. Liquidation risk arising from margin segregation is typically more manageable.
Additionally, this new structure also enables a more natural carry trade strategy that allows you to balance long positions in the spot market with short positions in the perpetual market without moving funds between accounts or instruments.
HyperLiquid maintains tight portfolio margin limits in initial testing
During initial testing, portfolio margins will be operated under strict controls. USDC is currently the only lending asset, HYPE is used as collateral, and borrowing limits remain intentionally conservative to protect system stability. Even at this early stage, the development roadmap is easy to read. Hyperliquid plans to introduce more assets including its own USDH and Bitcoin while preparing deeper links with lending protocols on HyperEVM. Once that effort takes shape, leverage and liquidity across the product will operate as one integrated system rather than separate tracks.
Additionally, assets that are not actively used in your margin portfolio will no longer sit idle. It can automatically generate yields and create further tiers of efficiency without requiring manual user intervention. Support for all HIP-3 based DEXs has also been introduced, increasing consistency in margin calculations across the ecosystem.
Looking back, in early October we highlighted that Hyperliquid maintains a dominant open interest share of approximately 62%, despite its declining Perp DEX volume share. During the same period, the development of HyperEVM, the USDH stablecoin, and the HIP-3 standard continued to expand its long-term base.
Additionally, in October, we reported on the launch of Based Streams on Hyperliquid. It is an on-chain live trading feature that enables direct interaction between traders and their viewers, and features a tipping and rewards system based on Based Gold. This integration of social and DeFi points to a development direction that is not only technologically oriented but also community engagement oriented.
Meanwhile, on December 3, we reported that Sonnet BioTherapeutics shareholders had approved a merger to form a HYPE-focused digital asset treasury. Analysts estimate that the new company could acquire HYPE worth at least $265 million.
As of this writing, HYPE is approximately $29.51top 5.25% Daily spot trading volume over the past 24 hours was $43.44 million.
