Hyperliquid is pleased to announce that HIP-3 Cross-Margin Functionality has been enabled on the testnet.

BlockBeats News, February 13th, according to official sources, Hyperliquid announced that the cross-margin feature of HIP-3 permissionless perpetual contract market has been enabled on the testnet but not yet on the mainnet. However, this feature qualifies for the mainnet-level bug bounty program. Deployers of HIP-3 must first enable cross-margin for an asset before users can use that asset for cross-margin trading.

Under a unified account, all cross-margin perpetual contracts using the same collateral asset can share margin, even across multiple DEXs. However, assets from different DEXs will be protected up to their maintenance margin level to prevent automatic liquidation due to significant price fluctuations on other DEXs. This new "protective cross-margin" system ensures system solvency while not compromising user experience.

Cross-margin is not designed for DEX abstract interfaces, and related interfaces should not allow cross-margin usage through DEX abstract trades. Users should use a unified account or portfolio margin to achieve the intended behavior of HIP-3 asset cross-margin.