Katana Perps — Margin
Learn Katana Perps cross-margin, USDC collateral, initial and maintenance margin, leverage, free collateral and wallet-level risk calculations. Read the current
Cross-Margin & USDC Collateral
Katana Perps uses USDC collateral and evaluates all open positions together under cross-margin. Unrealized gains and losses affect the wallet-level account value used for margin calculations.
Margin Requirements
- Initial margin controls the leverage required to open or increase a position
- Maintenance margin determines the minimum equity needed to avoid liquidation
- Index prices are used for margin and liquidation calculations
- Free collateral equals equity minus initial margin requirements
- Held collateral is reserved for resting limit orders
Account Health
A wallet becomes eligible for liquidation when its equity falls below the total maintenance margin requirement.