Multi-Asset Collateral: Early Access Is Rolling Out on Arcus

Multi-Asset Collateral has begun rolling out on Arcus, starting with a small group of the platform’s most active traders.

For these accounts, eligible Stock Tokens and Wrapped ETH can now back perpetuals positions.

Access for all other traders follows in the coming weeks.

Who Has Access Today

Early access is limited to the top traders with over $25M in trading volume on Arcus. These accounts already have Multi-Asset Collateral live in their perpetuals account and will also be notified in-app.

For everyone else, nothing changes yet, and no action is required. Access will appear in the account automatically once enabled, and a follow up announcement will mark when Multi-Asset Collateral is available for everyone.

How it Works

Up until now, perpetuals on Arcus have been margined in USDG only. Multi-Asset Collateral extends this. Users can move eligible assets from their spot to their perps accounts. Once moved, these assets become eligible to be used as collateral for a USDG loan.

Deposited USDG is still used first. When an account’s margin needs go beyond it, the shortfall is covered by a USDG loan secured by eligible deposited assets, and that USDG can only be used as perpetuals margin. There is no “borrow” button, and any need in excess of deposited USDG creates a loan.

If the account’s margin needs fall, for example because the positions are reduced or gain value, the loan balance falls with them. Interest accrues on any outstanding balance, at the variable rate shown on the platform.

How Much an Account Can Borrow

Each eligible asset carries an initial LTV: a loan-to-value ratio that sets how much loan a deposit can support.

During early access, every eligible asset’s initial LTV is 50%. A dollar of deposited collateral value supports up to fifty cents of a loan. Loaned amounts can only be used as perpetuals margin and cannot be withdrawn. The collateral can be withdrawn after the loan is settled.

Every asset also carries a maintenance LTV, a second threshold on the same ratio of loan balance to collateral value.

A growing loan or falling collateral can each push an account across it. Past that point, the account becomes eligible for liquidation until it is back within margin limits. If liquidated, the account will lose some or all of its deposited collateral.

Where to Find the Feature

Accounts with early Multi-Asset Collateral access can open the perpetuals view and click on Margin in the top right.

The Margin Account window pops up showing your total collateral value, each deposited asset with its LTV and utilization, and the option to deposit more collateral.

What this Unlocks

For traders with conviction in their Stock Token or ETH spot positions, Multi-Asset Collateral unlocks keeping those positions intact while using their value to back perpetuals on the other side of the platform.

Multi-Asset Collateral also unlocks hedging. Previously, a trader who wanted to reduce exposure to a Stock Token or wETH holding generally had to sell it.

Now the holding can serve as collateral for a short perpetuals position in the same asset, so the trader can keep the holding while taking an offsetting position. Hedges may not fully offset losses and carry their own risks, including funding costs and liquidation.

Eligible Spot Assets

Collateral options include WETH and some of the most traded Stock Tokens on Arcus:

Crypto:

• WETH (Wrapped Ether)

Stock Tokens:

• SPY (SPDR S&P 500 ETF)

• QQQ (Invesco QQQ Trust)

• AAPL (Apple)

• MSFT (Microsoft)

• GOOGL (Alphabet)

• AMZN (Amazon)

• NVDA (Nvidia)

• META (Meta Platforms)

• TSLA (Tesla)

Early Launch Guardrails

Multi-Asset Collateral begins with deposit caps in place. Non-USDG collateral deposits are limited to $20K per account and $2M across the platform during early access.

Know the Terms

A loan is a real obligation. Interest accrues on the balance around the clock, and the maintenance threshold applies continuously. Stock Token prices can move sharply, particularly when traditional markets are closed, and liquidations can happen at any time.

Collateralized leverage also cuts on two sides at once: perp positions can lose value while the tokens backing them fall too, and both movements push an account toward the same threshold at the same time.

Eligibility, interest rates, LTVs, and current caps are shown in the app, and may change at any time without notice.

Use of Multi-Asset Collateral is subject to the Arcus Protocol Terms. Please read them before using this feature.

*Subject to change at any time and without notice.