> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ondoperps.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# Balances

The interface shows the user's holdings in two separate balances, Spot and Perps.

The user's **Spot balance** reflects assets available for spot trading or held following a spot purchase. The user's **Perps balance** reflects collateral allocated to support perpetual positions. For tokenized stocks, the interface shows an equivalent balance; the underlying tokenized stock remains the asset held by the user. A holding can be allocated partly to Spot and partly to Perps.

Funding is sent from the user's external wallet, and on-chain withdrawals return assets to an external wallet. Moving an available amount between the user's Spot and Perps balances is an internal transfer. It does not send tokens on-chain or execute a trade.

## Total, available and withdrawable

Total is the full quantity reflected in the selected balance. For tokenized stocks, it is shown as the displayed equivalent quantity. Open orders and pending withdrawals can reserve part of it. Available excludes the holds relevant to a given action, so an amount available to trade is not necessarily available to withdraw.

Perps withdrawals and transfers also depend on margin requirements. A combined portfolio total is a display figure, not an amount available to spend, transfer or withdraw.

## Perps risk processes and the Spot balance

Liquidation, Auto-Exchange and auto-deleveraging apply only to the user's Perps balance and open perpetual positions. These processes do not sell, lock or draw on assets allocated to the user's Spot balance.

Eligible assets allocated to the user's Perps balance can be used as collateral. Where the same tokenized stock is reflected in both balances, Auto-Exchange can sell the portion allocated to Perps to cover a USDC shortfall. The portion allocated to Spot is unaffected by that sale. Changes to the Perps balance can change the combined portfolio total even when the Spot holding is unchanged.

A tokenized stock's allocation to the user's Spot or Perps balance determines whether it is available to support perpetual positions.

## Haircuts

Haircuts and collateral caps apply to collateral allocated to the user's Perps balance. Assets allocated to the user's Spot balance are not subject to a haircut. See [Collateral Value](/collateral-value).

## When funds appear in neither balance

An interrupted funding or transfer may require support to locate the transaction and arrange recovery. An investigation uses the asset, amount, approximate time, intended balance and the funding transaction or transfer reference. A missing displayed balance does not confirm that the action failed or that a retry is safe.