Hyperliquid will introduce portfolio margin.

According to Mars Finance, on December 12th, Hyperliquid officially announced the introduction of Portfolio Margin in an upcoming network upgrade. This feature is already live on the testnet in pre-alpha mode. Under Portfolio Margin, margin for spot and perpetual contract trading will be completely unified, significantly improving capital utilization efficiency. Furthermore, the Portfolio Margin account will automatically generate returns on all lendable assets not actively used for trading. All HIP-3 DEXs are included in the Portfolio Margin calculation, but not all HIP-3 DEX collateral assets are lendable. Future HyperCore asset classes and derivatives primitives will also support Portfolio Margin. Users can provide liquidity to eligible quoted assets to earn returns. Official note: Portfolio Margin will initially launch in pre-alpha mode, with a very low total amount of lendable assets. Users are advised to use a new account or sub-account with less than $1,000 in assets for testing. When the limit is exhausted, the Portfolio Margin account will automatically revert to the traditional non-Portfolio Margin mode. During the pre-alpha phase, only USDC is available for lending, and HYPE is the sole collateral asset. Before entering the alpha phase, USDH will be added as a lendable asset, and BTC as collateral. More details will be updated in the official documentation later.