Margin Requirements

Below is a table for initial and maintenance margin requirements for each market. Pulled directly from the protocol’s on-chain state.

These values include:

• Initial Margin Ratio (marginRatioInitial)
• Maintenance Margin Ratio (marginRatioMaintenance)
• IMF Factor, (imfFactor) affects leverage at higher notional sizes

Data below is updated every hour from PerpMarketAccount.

Perpetual Markets

Unrealized PnL Cap on Initial Margin

For initial margin calculations only (not maintenance), a single position’s weighted unrealized PnL is capped at $100 (MAX_POSITIVE_UPNL_FOR_INITIAL_MARGIN) before it can count toward collateral for opening new risk. This is a safety guard against a mispriced or thinly-traded market inflating a user’s paper profit into borrowing power for other positions. It does not affect maintenance margin, and so does not by itself trigger or prevent a liquidation.