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 Stocks tokenized assets — backs all open positions simultaneously.

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.