Positions, Balances, and Leverage

Perpetual trading on Ondo Perps is cross-margined: the user’s full Perps margin balance backs that user’s open perpetual positions together. Spot trading is fully funded and is not margined. For tokenized-stock collateral, the interface displays an equivalent balance while the underlying GM token remains the collateral asset. See Balances.

Term	Definition
Wallet Balance	Reflects funding and withdrawals, and transfers between the Spot and Perps balances, 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, after margin requirements and excluding unrealized profit. See Withdrawals for the calculation.