Multi-asset collateral

With multi-asset collateral, customers who have onboarded to trade perpetual futures can collateralize positions using BTC or ETH (in addition to USDC).

To get started, fund your International Exchange (INTX) portfolio with BTC or ETH from your default portfolio. 

Collateral weight & collateral value

Collateral weight is the multiplier that determines how much the notional value of a portfolio’s asset holdings contributes to the portfolio’s collateral. For example, if an asset’s collateral weight is 90%, the notional value of the asset is only counted as collateral at a rate of 90%. 

  • Notional Value = $2,000, Collateral Weight = 90%, Collateral Value = $2,000 * 90% = $1,800.

Collateral limits

The Coinbase International Exchange imposes the following limits to reduce risk:

  • Account-level limits limit the amount of collateral an individual user can post for a specific currency. 

  • Ecosystem-level limits limit the total amount of collateral the exchange will accept for a specific currency. 

If limits are exceeded:

  • All balances below the limit will still count as collateral. 

  • You’ll be alerted that you have funds over the limit. 

  • Once you’re no longer exceeding the limit, you need to make a transaction that changes your balance in order for those excess funds to be counted as collateral. This could involve transferring funds in or out of your International Exchange portfolio.

Order fees, funding fees, & PnL settlement

Coinbase collects fees for orders and funding, and also needs to settle unrealized profit and loss (PnL) on open positions. These will all be settled in USDC. 

If you’re only using non-USDC currencies as collateral, we’ll liquidate enough of these currencies to cover the fees and/or settlements. To avoid this, please monitor your portfolio regularly and ensure that you are holding sufficient USDC in your portfolio to cover charges.


If your current margin falls below your maintenance margin, or your liquidation buffer is 0%, your position will be liquidated. Funds are liquidated in this order:

  1. Close at-risk position(s)

  2. Liquidate USDC

  3. Liquidate non-USDC currencies 

Isolated margin

Non-USDC currencies can’t be used to open isolated margin positions at the moment. Only cross-margin positions can be collateralized using an accepted non-USDC currency.