This article addresses international perpetuals (derivatives) available outside of the United States. Learn more about Coinbase’s Derivatives products on the Derivatives help page.
To help reduce non-USDC collateral liquidations, Coinbase offers multi-asset collateral borrow, a feature that uses available collateral to satisfy USDC obligations..
Eligibility
All perpetual futures users are eligible and will have multi-asset collateral borrow automatically enabled. You can disable it on the Coinbase Advanced settings page.
Interest
Interest on balances is calculated every 30 seconds at 10% APY. At midnight UTC, the daily accrued costs will either:
Be paid back automatically with excess USDC in your perpetuals portfolio.
If you lack sufficient USDC, the balance will roll over to the next day, adding any daily accrued costs.
Limits
The minimum multi-asset collateral borrow amount is 10 USDC. Maximum amounts are dependent on the current margin health of an individual’s perpetuals portfolio and the overall hard limit.
Once an individual surpasses the maximum limit, the exchange will liquidate non-USDC collateral to cover any new USDC obligations.
Hard limit vs. dynamic limit
Hard limit: Each individual has a hard limit of 300,000 USDC.
Dynamic limit: Each individual can only access multi-asset collateral borrow if they have sufficient non-USDC collateral.
Each multi-asset collateral borrow position has a 15% IMR (initial margin requirement).
Each multi-asset collateral borrow position can have a maximum leverage of 3X.
Effects on margin
Multi-asset collateral borrow balances will affect your margin requirements and margin health. Each balance has a 15% IMR (initial margin requirement).
In the event of a balance not meeting the required margin, the exchange will sell non-USDC collateral to close out the balance along with any accrued costs.