Decentralized perpetuals exchange and Layer 1 blockchain Hyperliquid has unveiled two new features in pre-alpha: portfolio margin and its BLP Earn vaults.

Founder Jeff Yan announced the change in the Hyperliquid Discord, and says the “initial rollout has intentionally low caps as safeguards, with HYPE as the only collateral asset and USDC as the only borrowable asset. USDH will be added as borrowable, and BTC will be added as collateral in a future upgrade.”

Portfolio margin unifies users’ spot and perpetuals trading accounts for greater capital efficiency. The pre-alpha phase is gated to accounts with more than $5 million in all-time volume, with a $1 million USDC global borrow cap and a $1,000 USDC per-user borrow cap in the initial stage.

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