The pre-alpha phase of portfolio margin is live on mainnet. As a reminder, portfolio margin lets users trade spot and perps from the same account without selling their collateral. The initial rollout has intentionally low caps as safeguards, with HYPE as the only collateral asset and USDC as the only borrowable asset. USDH will be added as borrowable and BTC will be added as collateral in a future upgrade.

Users can enable Portfolio Margin by clicking the "Classic" button on the Trade page on desktop or the "Cross" button on mobile and going to the "Account Unification" tab. Users can also supply USDC to earn yield on the Earn page. Users can check Borrow Cap Used to see how much they can borrow and Portfolio Margin Ratio to monitor account health. Note that CCTP and HyperEVM deposits are currently unsupported for Portfolio Margin accounts, and will result in irretrievable funds. These deposit options are disabled on app.hyperliquid.xyz and will be enabled on the next network upgrade.

The pre-alpha phase should ideally be tested on a small sub-account with <$1k in value. Bug reports are eligible for generous mainnet bug bounties. Feedback is also greatly appreciated.

Initial limits for pre-alpha:
+ Master account >5M USDC in volume required before enabling portfolio margin
+ USDC: 5M USDC global supply cap, 1M USDC global borrow cap, 5k USDC user supply cap, 1k USDC user borrow cap
+ HYPE: 200k HYPE global supply cap, 200 HYPE user supply cap

See https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin for further details