Multi-Asset Collateral Is Now Available to Every Trader on Arcus

Multi-Asset Collateral rolled out in early access to a limited group of traders in October. Starting today, it is available on every Arcus account - no volume requirement, nothing to enable.

How It Works

Eligible assets can be moved from your spot account to your perpetuals account. The transfer is deliberate and user-initiated: nothing moves unless you move it.

Once deposited, they can stand behind a USDG loan for your cross-margin perp positions. There is no borrow button. Arcus watches one number - how much USDG your account needs - for margin when you open a position, and cover when one loses money.

Any USDG you have deposited gets used first. Past that, the shortfall is borrowed against your tokens automatically, and when your needs shrink, the loan shrinks with them.

A quick example: you deposit $10,000 of SPY tokens and no USDG, then open a perp position that requires $2,000 of margin. A $2,000 loan is created against your SPY, with no action from you. Close the position, and the loan unwinds. If the trade lost money once fees and interest are counted, that amount stays as a loan until you repay it.

Interest accrues on the outstanding balance at a variable rate, shown in the app, and is charged to your account, adding to your loan.

How Much You Can Borrow

Each eligible asset carries an initial LTV, a loan-to-value ratio that sets how much loan a deposit can support. Every asset currently sits at 50%, so a dollar of deposited value supports up to fifty cents of loan. Your total capacity is each deposit’s value times its LTV, summed, up to the current per-account borrow cap of $10,000.

From the example above: $10,000 of SPY gives the account $5,000 of capacity, and the $2,000 loan sits comfortably inside it.

Every asset also carries a maintenance LTV, currently 60%. A growing loan or falling collateral can push you across it, and past that point (or past the $10,000 borrow cap), the account is liquidated: open orders are cancelled, cross-margin perp positions are closed, and the account is paused (no trading or withdrawals) until the liquidation completes.

Tokens are sold only to cover any shortfall left after positions close, at a slight discount to the mark price. Depositing enough USDG to cover the loan while the account is paused ends the liquidation early and keeps any tokens not yet sold.

What Is Eligible at Launch

Collateral options at launch include ETH and some of the most traded Stock Tokens on Arcus.

Crypto

• wETH (Wrapped Ether), at an initial LTV of 50%

Stock Token collateral options include some of the most traded names on Arcus, each at an initial LTV of 50%:

• 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)

The product launches today with a few guardrails. While capacity scales:

• Non-USDG collateral deposits are capped at $20K per account, valued at current prices

  
  

• Borrowing is capped at $10K per account

What It Unlocks

You can now open perpetuals positions while staying deployed in Stock Tokens. You stay fully exposed to your conviction spot holdings, while utilizing their value for perpetuals.

Another benefit is hedging. Until now, holding spot exposure through an uncertain or volatile stretch might prompt you to sell and buy back. Now you can neutralize directional exposure without selling.

Know the Terms

A loan is a real obligation. Interest accrues on the balance around the clock, and the maintenance threshold applies continuously. While you have a loan, you can't withdraw USDG, and tokens can be withdrawn only while what remains still covers the loan at the initial LTV.

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