Unified margin

Unified margin is a margin arrangement in which every open position in an account draws on one shared collateral balance, so liquidation is assessed against the account as a whole rather than position by position. It is the opposite of isolated margin, where collateral is assigned to a single position and that position can lose at most what was assigned to it.

Why it exists​

Pooling collateral is more capital-efficient. Offsetting positions stop needing separately funded margin: if you are long one asset and short a correlated one, the account's net risk is smaller than the sum of the two positions, and a unified account can recognise that. Under isolated margin you fund both compartments in full regardless.

The risk it carries​

The same pooling means a loss in one market can liquidate a position in another. Liquidation triggers when account equity falls below the maintenance requirement for everything currently open, and an unrealised loss anywhere reduces account equity. Being right about one position is not sufficient; the account has to survive. Position sizing on a unified account is therefore an account-level exercise, not a per-trade one.

How BT365 uses it​

Hyperliquid's HIP-3 markets, which is where assets outside the core perpetual set such as equities and commodities trade, use the unified arrangement, and BT365 treats a HIP-3 account as exactly that: one balance across markets. The full mechanics, with a worked example of a second position borrowing from the first position's buffer, are in If one leveraged position goes wrong, what happens to the others?

BT365 is not available in every jurisdiction, and nothing on this page is investment advice. Trading perpetual futures carries risk of loss.