What Collateral Can I Use to Trade TradFi Perps?

01 April 2026 12:10
Updated

Traders can use USDT as collateral for Equity Perps in Single Asset Margin mode. This is the default mode. All margin, PnL, and fees are handled in USDT. For traders who hold multiple cryptocurrencies, BitMEX offers Multi Asset Margining (MAM). With MAM enabled, a range of currencies can be used as collateral. This means traders do not need to sell or convert their existing holdings into USDT before opening TradFi perps positions.

How does Single Asset Margin mode work?

In Single Asset Margin mode, only USDT functions as collateral. Traders deposit USDT into their account and allocate it as margin for equity perps positions. The advantage is simplicity as you only need one currency for margin, settlement, and PnL.

How does Multi Asset Margining (MAM) work?

MAM allows traders to pledge multiple asset types as collateral against TradFi perps positions. Each asset is valued at a haircut rate, meaning its collateral value may be less than its spot market price. This accounts for the volatility of non-stablecoin assets.

MAM is particularly useful for traders who want TradFi market exposure without liquidating their crypto holdings. More details on supported assets and haircut rates are available on the BitMEX MAM page.

Choosing the right collateral mode depends on portfolio composition and trading strategy. Learn more about MAM here.

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