Hyperliquid Pre-Alpha Portfolio Margin on Testnet: USDC Borrowing and Unified Margin for Spot and Perpetual Trading

Hyperliquid’s upcoming network upgrade introduces Portfolio Margin, now live in pre-alpha on the testnet. The rollout targets unified margin across spot and perpetual trading, aiming to boost capital efficiency and improve fund utilization for traders.

Under Portfolio Margin, margin for spot and perpetual positions is consolidated, letting the account earn passive income from idle borrowable assets. The calculation includes HIP-3 DEXs, but not all collateral assets are borrowable. Looking ahead, HyperCore assets and derivative primitives will also support Portfolio Margin. Traders may provide liquidity with eligible quote assets to earn rewards.

Official notes indicate the pre-alpha phase will feature a limited borrowable asset pool. For testing, use a dedicated sub-account with assets under $1,000. Borrowing will be restricted; USDC is currently borrowable and HYPE is the sole collateral until USDH and BTC are added in upcoming updates. Documentation will be updated as details emerge.