TL;DR
You can now use USDT and ETH as margin on Orderly perps.
USDC is still the settlement token, but you no longer need to swap into it just to trade.
This is a core feature on CEXs — and Orderly is one of the first on-chain orderbooks to bring it to DeFi.
It wasn’t easy to build — risk models, oracles, liquidations, real-time price feeds — but we’ve done it.
The result: more flexibility, fewer forced swaps, and capital that actually works.
The Problem: One Token to Rule (and Limit) You
Most on-chain perp protocols force you to deposit a single token — usually USDC. That means:
- You waste time and fees swapping your ETH or USDT.
- Capital sits idle or gets stranded in the wrong wallet.
- In volatile moments, you’re forced to sell your core holdings just to stay in the game.
CEXs solved this years ago.
DeFi hasn’t — because doing it safely, on-chain, with real oracles and auto-risk management is hard.
Orderly just changed that.
How It Works: Real Multi-Collateral Margin
You can now deposit ETH or USDT as collateral to trade perps.
Behind the scenes, Orderly applies a dynamic, risk-adjusted Loan-to-Value (LTV) model to keep your account safe.
LTV = your negative USDC + unrealized losses
divided by your adjusted collateral value (including collateral weight + PnL)
Your collateral is adjusted by a weight, based on volatility and position size:
| Collateral | Base Weight | Discount Factor |
|---|---|---|
| USDT | 0.95 | 0.0000015 |
| ETH | 0.80 | 0.000007 |
The bigger your position, the more discounted your collateral becomes — a safeguard to prevent overexposure.
💡 LTV must stay under 95%.
If it goes higher or your USDC balance drops below -$11,000, we auto-convert a slice of your collateral into USDC.
| Collateral | Auto-Conversion Fee |
|---|---|
| USDT | 0.025% |
| ETH | 3.5% |
You can manually rebalance your margin mix anytime — for free.
What You Can Do Now
✅ Deposit USDT or ETH into your margin account
✅ Trade perps without touching USDC
✅ Watch your account health in real-time
✅ Rebalance your margin manually (no fees)
✅ Only get auto-swapped if your LTV becomes unsafe
Your PnL and funding fees still settle in USDC, but now your margin can come from the assets you already hold.
Example: Use ETH to Run a Delta-Neutral Strategy
With multi-collateral margin now live, you can use ETH as collateral to run a delta-neutral basis trade — a classic strategy used to farm funding yield without taking price exposure.
Here’s how:
- Deposit ETH into your Orderly margin account.
- Short ETH-PERP with the same notional size as your ETH margin.
- You’re now delta-neutral — long spot ETH (held as margin), short ETH perps.
- Manage your margin manually as needed.
No swaps. No idle capital. Just efficient funding farming — now natively supported.
What This Unlocks
- Faster onboarding → No need to pre-swap into USDC
- Flexible capital → Use the tokens you already hold
- Better risk tooling → Live account health, isolated margin, auto-rebalancing
- Deeper liquidity → Lower friction → More volume → Tighter spreads
Try It Now
You can use multi-collateral margin today on any DEX powered by Orderly:
✅ WOOFi
✅ + Dozens more across EVM.
Deposit ETH or USDT.
Open a position.
Track one unified health score.
Trade like it’s 2025.
Final Word
This isn’t just a new feature — it’s a new default.
Orderly just brought multi-collateral margin to DeFi — fully on-chain, with real-time oracles, dynamic risk weights, and shared orderbook liquidity.
You’ve got capital.
Now it works harder.
