Portfolio Margin

Portfolio margin is Hyperliquid's most capital-efficient account mode, available in Renzo Basis for users with account value over $10,000. Instead of each position carrying its own margin, your eligible balances become one portfolio that backs everything together. You get more buying power for the same deposit, and idle cash keeps earning instead of sitting still.

What it does for you

Your eligible assets (USDC, BTC and HYPE) combine into a single collateral pool. Three things follow:

• More buying power. The whole account backs your position, not one isolated slice, so the same deposit supports more position size. You can use that extra room to grow your position or fund other strategies.
• Idle USDC earns yield. USDC that isn't being used for trading earns lending interest instead of sitting as unused margin.
• Automatic borrowing. When a position needs funding, the account borrows against your portfolio automatically, so you don't need to keep spare USDC on hand for every move.

Turning on portfolio margin never moves your money. It changes how your margin is calculated, not where your balances sit.

Who can use it

• Your Hyperliquid (i.e Renzo Basis account) account value must be above $10,000. This is Hyperliquid's own requirement.
• Accounts above $25M aren't eligible.
• Currently, Portfolio margin is only available on BTC Basis and HYPE Basis.

How collateral and borrowing work

Each collateral asset counts toward your borrowing power at its own ratio, called LTV (loan-to-value). You can borrow up to your holding's value × its LTV.

Collateral	LTV	Borrowing power on $10,000
HYPE	65%	Up to $6,500
BTC	50%	Up to $5,000

Borrowing is automatic. When an order needs more USDC than you have free, the account borrows it against your collateral.

Borrowed USDC accrues interest continuously, settled hourly to match funding. The borrow rate starts at 5% a year and rises steeply once more than 80% of the USDC supplied on Hyperliquid is borrowed. Idle USDC earns a share of the interest borrowers pay, so it earns less than the borrow rate. For the extra position size to pay off, the funding it earns has to be more than the interest on what you borrow.

Hyperliquid limits how much USDC can be borrowed, both per account and across all users. If a limit is reached, the account can't borrow more until there's room again, so any extra margin has to come from USDC you already hold.

Activating Portfolio Margin

If your account is eligible, you'll see a card in the app inviting you to turn on portfolio margin. To activate it, click the card and sign in your wallet. That one signature renews your trading key and switches your account to portfolio margin.

What changes once activated

• Your whole account backs your position as one portfolio. This is where the extra buying power comes from.
• Idle USDC earns lending yield.
• Your BTC and HYPE can be borrowed against automatically to fund positions, so you don't need free USDC up front.

What to know before you turn it on

1. Borrowing costs money. Automatic borrows accrue interest, which comes out of your returns. If the borrow rate rises above what the extra position earns in funding, the extra size costs you.
2. Liquidation works differently. Your positions no longer each have their own margin. The account borrows against the whole portfolio, and a large move against your positions can use up that borrowing power. For a delta-neutral position, that move is a sharp rally in the asset you're short. If the account's health falls below Hyperliquid's limit, it can be liquidated, and Hyperliquid may liquidate perp positions or spot borrows in either order.
3. How much you borrow depends on the leverage you choose. Higher leverage borrows more and leaves less room before liquidation; lower leverage borrows less and leaves more. See Risk levels for how each preset trades yield against safety margin.
4. Withdrawals repay borrows first. When you withdraw or close, any outstanding borrow is repaid first, and you receive what remains.
5. Your withdrawable amount may look smaller than your balance. Part of your balance backs your borrow and your open position, so it can't be withdrawn while they're open. That's not an error.
6. Activation is permanent. Once your account is on portfolio margin, it can't be switched back.

How the guards behave

All three guards keep running.

• Safety buffer switches to the portfolio margin model. Instead of watching one short's margin, it watches how much room your whole account has against a large price move across every position, and keeps a wider buffer to match.
• Hedge guard works the same way as before.
• Yield guard works the same way as before.

See Automations for how each guard works.