| Term | Definition |
|---|---|
| Wallet Balance | Reflects margin account transfers, realized PnL, funding fee payments and receipts, and exchange fees. |
| Margin Balance | The sum of Wallet Balance and Unrealized PnL. Used to calculate leverage and margin ratio. |
| Used Margin | The balance reserved as collateral for open positions and resting orders, summed across all markets. Calculated as max(long used margin, short used margin) per market. |
| Available Margin | The balance available for placing new orders. Equal to Margin Balance minus Used Margin. |
| Withdrawable Margin | The balance available for withdrawal. If there are no open positions or resting orders, this equals the Margin Balance. |
Positions & Margin
Positions, Balances, and Leverage
All trading on Ondo Perps is cross-margined. Rather than isolating collateral per position, your full margin balance — comprising USDC and any deposited Ondo Global Markets tokenized assets — backs all open positions simultaneously.