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

Hyperliquid has introduced portfolio margin in a pre-alpha release on its testnet, aiming to unify spot and perpetuals trading for enhanced capital efficiency. This new system allows users to execute advanced strategies, such as carry trades where spot holdings collateralize short perpetuals, and enables idle assets to automatically earn yield. Initially, only USDC is borrowable, with HYPE serving as the sole collateral asset. Hyperliquid plans to integrate USDH and Bitcoin before the alpha release, maintaining conservative borrowing limits. The portfolio margin framework will apply across all HIP-3 decentralized exchanges and is slated to expand to future HyperCore asset classes, with on-chain strategy development via CoreWriter planned for a later upgrade.

(Source：Crypto Briefing)