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A transfer reallocates an available amount between the user’s Spot and Perps balances without an on-chain send or a trade. For tokenized stocks, the amount is entered as a displayed equivalent quantity; the underlying tokenized stock remains unchanged. For example, transferring 5 SPY equivalent from a Spot balance showing 6.21 SPY equivalent to an otherwise empty Perps balance leaves 1.21 SPY equivalent in Spot and 5 SPY equivalent in Perps. The total remains 6.21 SPY equivalent, assuming no other activity. The underlying asset is SPYon throughout. A transfer does not sell the asset for USDC or change its display scale. The displayed equivalent quantity deducted from the source is added to the destination.

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Transfers are not charged

Moving an available amount between the user’s Spot and Perps balances is not charged. Trading fees apply to spot fills, and withdrawal charges apply to on-chain withdrawals. Neither applies to a transfer between balances.

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Making a transfer

Select the source balance, the destination, the asset and the amount. Review the displayed quantity to be moved and any collateral consequence before confirming, then check the resulting source and destination balances. A submitted request is not evidence that the destination balance was updated.

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Collateral consequences

Eligible assets, including supported tokenized stocks, contribute collateral when allocated to the user’s Perps balance, whether through funding or a transfer from Spot. Assets allocated to the user’s Spot balance do not back perpetual positions. Not every asset available for spot trading is eligible as Perps collateral. An asset allocated to the user’s Perps balance can be used to cover a shortfall on an open perpetual position, including through a sale by Auto-Exchange. Assets allocated to the user’s Spot balance are not used for that purpose.

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Transfer limits

Open orders and pending withdrawals can hold part of the source balance. Moving value out of the user’s Perps balance also depends on current free margin, so positions, losses, debt or changed collateral values can reduce the transferable amount, including after an earlier successful transfer.

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Incomplete transfers

An incomplete transfer may require support recovery. Reconciliation uses both balances, the asset, quantity, direction, time and the transfer reference. An unknown outcome does not confirm a rollback or a safe retry.