Hyperliquid rolls out portfolio margin on testnet, unifying spot and perps trading

Key Takeaways

Hyperliquid has launched portfolio margin in pre-alpha mode on testnet, ahead of a future mainnet upgrade.
The system unifies spot and perpetuals trading, enabling advanced strategies like carry trades and automatic yield on idle assets.

Hyperliquid has launched portfolio margin in pre-alpha on testnet, unifying spot and perps trading for greater capital efficiency. The system enables strategies like carry trades, where spot balances collateralize short perps, and idle assets automatically earn yield.

Hyperliquid said only USDC is borrowable in the initial rollout, with HYPE serving as the sole collateral asset. The platform plans to add USDH and Bitcoin ahead of the alpha release, though borrowing limits will remain deliberately conservative.

The portfolio margin framework applies across all HIP‑3 decentralized exchanges and is expected to extend to future HyperCore asset classes. Smart contract access via CoreWriter is planned for a later upgrade, allowing developers to build on-chain strategies using ERC‑20–based wrappers.