> For clean Markdown of any page, append .md to the page URL. > For a complete documentation index, see https://docs.paradex.trade/llms.txt. > For AI client integration (Claude Code, Cursor, etc.), connect to the MCP server at https://docs.paradex.trade/_mcp/server. # Portfolio Margin > **Note** > > Portfolio Margin is currently in beta and only available to whitelisted users. Portfolio Margin evaluates risk at the portfolio level rather than per-position. The **Initial Margin Requirement (IMR)** is: $$ \text{IMR} = \text{Net Portfolio Initial Margin Requirement} + \text{Funding Provision} + \text{Fee Provision} $$ where the Net Portfolio Initial Margin Requirement is the greater of **SCAN Risk** and **Minimum Delta Requirement**. **Funding Provision** is margin reserved to cover any expected funding PnL over the next 8 hours. The **Maintenance Margin Requirement (MMR)** is: $$ \text{MMR} = 50\% \times \text{Net Portfolio Initial Margin Requirement} + \text{Funding Provision} + \text{Fee Provision} $$ ## SCAN risk SCAN Risk stress-tests the portfolio across **24 scenarios** by shocking spot price and implied volatility simultaneously. The SCAN Risk equals the maximum weighted loss across all scenarios. Each scenario applies: $$ \text{Shocked Spot} = \text{Spot Price} \times (1 + \text{Spot Shock}) $$ $$ \text{Shocked IV} = \text{Mark IV} \times \bigg(1 + \text{Vol Shock} \times \Big(\frac{30}{\max(\text{DTE Floor}, \text{DTE})}\Big)^{\text{Vega Power}}\bigg) $$ where: * **DTE Floor** = 1 * **Vega Power** = 0.30 (30%) if DTE \< 30, or 0.13 (13%) if DTE ≥ 30 * **Min Vol Shock Up** — floor applied to the upside vol shock: 40% for BTC/ETH/US500/US100/XAU, 60% for HYPE/SOL/META/SPCX, 90% for ZEC/CL/MU/MSTR DTE Floor and Vega Power are common across all assets; Min Vol Shock Up differs per asset as shown above. ### Scenario tables Spot shocks, vol shocks, and tail weights differ per asset. The 24-scenario structure (16 standard + 8 tail) is shared. #### BTC | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +14% | +40% | 100% | | 2 | +10.5% | +40% | 100% | | 3 | +10.5% | -22% | 100% | | 4 | +7% | +40% | 100% | | 5 | +7% | -22% | 100% | | 6 | +3.5% | +40% | 100% | | 7 | +3.5% | -22% | 100% | | 8 | 0% | +40% | 100% | | 9 | 0% | -22% | 100% | | 10 | -3.5% | +40% | 100% | | 11 | -3.5% | -22% | 100% | | 12 | -7% | +40% | 100% | | 13 | -7% | -22% | 100% | | 14 | -10.5% | +40% | 100% | | 15 | -10.5% | -22% | 100% | | 16 | -14% | +40% | 100% | | 17 | -66% | +40% | 10.61% | | 18 | -33% | +40% | 21.21% | | 19 | +50% | +40% | 14% | | 20 | +100% | +40% | 7% | | 21 | +200% | +40% | 1.75% | | 22 | +300% | +40% | 0.78% | | 23 | +400% | +40% | 0.44% | | 24 | +500% | +40% | 0.28% | #### ETH | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +16% | +40% | 100% | | 2 | +12% | +40% | 100% | | 3 | +12% | -22% | 100% | | 4 | +8% | +40% | 100% | | 5 | +8% | -22% | 100% | | 6 | +4% | +40% | 100% | | 7 | +4% | -22% | 100% | | 8 | 0% | +40% | 100% | | 9 | 0% | -22% | 100% | | 10 | -4% | +40% | 100% | | 11 | -4% | -22% | 100% | | 12 | -8% | +40% | 100% | | 13 | -8% | -22% | 100% | | 14 | -12% | +40% | 100% | | 15 | -12% | -22% | 100% | | 16 | -16% | +40% | 100% | | 17 | -66% | +40% | 12.12% | | 18 | -33% | +40% | 24.24% | | 19 | +50% | +40% | 16% | | 20 | +100% | +40% | 8% | | 21 | +200% | +40% | 2% | | 22 | +300% | +40% | 0.89% | | 23 | +400% | +40% | 0.5% | | 24 | +500% | +40% | 0.32% | #### HYPE | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +28% | +64% | 100% | | 2 | +21% | +64% | 100% | | 3 | +21% | -35.2% | 100% | | 4 | +14% | +64% | 100% | | 5 | +14% | -35.2% | 100% | | 6 | +7% | +64% | 100% | | 7 | +7% | -35.2% | 100% | | 8 | 0% | +64% | 100% | | 9 | 0% | -35.2% | 100% | | 10 | -7% | +64% | 100% | | 11 | -7% | -35.2% | 100% | | 12 | -14% | +64% | 100% | | 13 | -14% | -35.2% | 100% | | 14 | -21% | +64% | 100% | | 15 | -21% | -35.2% | 100% | | 16 | -28% | +64% | 100% | | 17 | -66% | +64% | 21% | | 18 | -33% | +64% | 42% | | 19 | +50% | +64% | 28% | | 20 | +100% | +64% | 14% | | 21 | +200% | +64% | 3.5% | | 22 | +300% | +64% | 1.56% | | 23 | +400% | +64% | 0.88% | | 24 | +500% | +64% | 0.56% | #### SOL | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +24% | +64% | 100% | | 2 | +18% | +64% | 100% | | 3 | +18% | -35.2% | 100% | | 4 | +12% | +64% | 100% | | 5 | +12% | -35.2% | 100% | | 6 | +6% | +64% | 100% | | 7 | +6% | -35.2% | 100% | | 8 | 0% | +64% | 100% | | 9 | 0% | -35.2% | 100% | | 10 | -6% | +64% | 100% | | 11 | -6% | -35.2% | 100% | | 12 | -12% | +64% | 100% | | 13 | -12% | -35.2% | 100% | | 14 | -18% | +64% | 100% | | 15 | -18% | -35.2% | 100% | | 16 | -24% | +64% | 100% | | 17 | -66% | +64% | 18.18% | | 18 | -33% | +64% | 36.36% | | 19 | +50% | +64% | 24% | | 20 | +100% | +64% | 12% | | 21 | +200% | +64% | 3% | | 22 | +300% | +64% | 1.33% | | 23 | +400% | +64% | 0.75% | | 24 | +500% | +64% | 0.48% | #### ZEC | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +56% | +96% | 100% | | 2 | +42% | +96% | 100% | | 3 | +42% | -52.8% | 100% | | 4 | +28% | +96% | 100% | | 5 | +28% | -52.8% | 100% | | 6 | +14% | +96% | 100% | | 7 | +14% | -52.8% | 100% | | 8 | 0% | +96% | 100% | | 9 | 0% | -52.8% | 100% | | 10 | -14% | +96% | 100% | | 11 | -14% | -52.8% | 100% | | 12 | -28% | +96% | 100% | | 13 | -28% | -52.8% | 100% | | 14 | -42% | +96% | 100% | | 15 | -42% | -52.8% | 100% | | 16 | -56% | +96% | 100% | | 17 | -66% | +96% | 42% | | 18 | -33% | +96% | 84% | | 19 | +50% | +96% | 56% | | 20 | +100% | +96% | 28% | | 21 | +200% | +96% | 7% | | 22 | +300% | +96% | 3.1% | | 23 | +400% | +96% | 1.8% | | 24 | +500% | +96% | 1.1% | #### US500 | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +14% | +40% | 100% | | 2 | +10.5% | +40% | 100% | | 3 | +10.5% | -22% | 100% | | 4 | +7% | +40% | 100% | | 5 | +7% | -22% | 100% | | 6 | +3.5% | +40% | 100% | | 7 | +3.5% | -22% | 100% | | 8 | 0% | +40% | 100% | | 9 | 0% | -22% | 100% | | 10 | -3.5% | +40% | 100% | | 11 | -3.5% | -22% | 100% | | 12 | -7% | +40% | 100% | | 13 | -7% | -22% | 100% | | 14 | -10.5% | +40% | 100% | | 15 | -10.5% | -22% | 100% | | 16 | -14% | +40% | 100% | | 17 | -66% | +40% | 10.61% | | 18 | -33% | +40% | 21.21% | | 19 | +50% | +40% | 14% | | 20 | +100% | +40% | 7% | | 21 | +200% | +40% | 1.75% | | 22 | +300% | +40% | 0.78% | | 23 | +400% | +40% | 0.44% | | 24 | +500% | +40% | 0.28% | #### US100 | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +14% | +40% | 100% | | 2 | +10.5% | +40% | 100% | | 3 | +10.5% | -22% | 100% | | 4 | +7% | +40% | 100% | | 5 | +7% | -22% | 100% | | 6 | +3.5% | +40% | 100% | | 7 | +3.5% | -22% | 100% | | 8 | 0% | +40% | 100% | | 9 | 0% | -22% | 100% | | 10 | -3.5% | +40% | 100% | | 11 | -3.5% | -22% | 100% | | 12 | -7% | +40% | 100% | | 13 | -7% | -22% | 100% | | 14 | -10.5% | +40% | 100% | | 15 | -10.5% | -22% | 100% | | 16 | -14% | +40% | 100% | | 17 | -66% | +40% | 10.61% | | 18 | -33% | +40% | 21.21% | | 19 | +50% | +40% | 14% | | 20 | +100% | +40% | 7% | | 21 | +200% | +40% | 1.75% | | 22 | +300% | +40% | 0.78% | | 23 | +400% | +40% | 0.44% | | 24 | +500% | +40% | 0.28% | #### XAU | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +14% | +40% | 100% | | 2 | +10.5% | +40% | 100% | | 3 | +10.5% | -22% | 100% | | 4 | +7% | +40% | 100% | | 5 | +7% | -22% | 100% | | 6 | +3.5% | +40% | 100% | | 7 | +3.5% | -22% | 100% | | 8 | 0% | +40% | 100% | | 9 | 0% | -22% | 100% | | 10 | -3.5% | +40% | 100% | | 11 | -3.5% | -22% | 100% | | 12 | -7% | +40% | 100% | | 13 | -7% | -22% | 100% | | 14 | -10.5% | +40% | 100% | | 15 | -10.5% | -22% | 100% | | 16 | -14% | +40% | 100% | | 17 | -66% | +40% | 10.61% | | 18 | -33% | +40% | 21.21% | | 19 | +50% | +40% | 14% | | 20 | +100% | +40% | 7% | | 21 | +200% | +40% | 1.75% | | 22 | +300% | +40% | 0.78% | | 23 | +400% | +40% | 0.44% | | 24 | +500% | +40% | 0.28% | #### CL | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +47% | +96% | 100% | | 2 | +35.25% | +96% | 100% | | 3 | +35.25% | -52.8% | 100% | | 4 | +23.5% | +96% | 100% | | 5 | +23.5% | -52.8% | 100% | | 6 | +11.75% | +96% | 100% | | 7 | +11.75% | -52.8% | 100% | | 8 | 0% | +96% | 100% | | 9 | 0% | -52.8% | 100% | | 10 | -11.75% | +96% | 100% | | 11 | -11.75% | -52.8% | 100% | | 12 | -23.5% | +96% | 100% | | 13 | -23.5% | -52.8% | 100% | | 14 | -35.25% | +96% | 100% | | 15 | -35.25% | -52.8% | 100% | | 16 | -47% | +96% | 100% | | 17 | -66% | +96% | 35.61% | | 18 | -33% | +96% | 71.21% | | 19 | +50% | +96% | 47% | | 20 | +100% | +96% | 23.5% | | 21 | +200% | +96% | 5.87% | | 22 | +300% | +96% | 2.61% | | 23 | +400% | +96% | 1.47% | | 24 | +500% | +96% | 0.94% | #### META | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +28% | +64% | 100% | | 2 | +21% | +64% | 100% | | 3 | +21% | -35.2% | 100% | | 4 | +14% | +64% | 100% | | 5 | +14% | -35.2% | 100% | | 6 | +7% | +64% | 100% | | 7 | +7% | -35.2% | 100% | | 8 | 0% | +64% | 100% | | 9 | 0% | -35.2% | 100% | | 10 | -7% | +64% | 100% | | 11 | -7% | -35.2% | 100% | | 12 | -14% | +64% | 100% | | 13 | -14% | -35.2% | 100% | | 14 | -21% | +64% | 100% | | 15 | -21% | -35.2% | 100% | | 16 | -28% | +64% | 100% | | 17 | -66% | +64% | 21.21% | | 18 | -33% | +64% | 42.42% | | 19 | +50% | +64% | 28% | | 20 | +100% | +64% | 14% | | 21 | +200% | +64% | 3.5% | | 22 | +300% | +64% | 1.56% | | 23 | +400% | +64% | 0.88% | | 24 | +500% | +64% | 0.56% | #### SPCX | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +35% | +64% | 100% | | 2 | +26.25% | +64% | 100% | | 3 | +26.25% | -35.2% | 100% | | 4 | +17.5% | +64% | 100% | | 5 | +17.5% | -35.2% | 100% | | 6 | +8.75% | +64% | 100% | | 7 | +8.75% | -35.2% | 100% | | 8 | 0% | +64% | 100% | | 9 | 0% | -35.2% | 100% | | 10 | -8.75% | +64% | 100% | | 11 | -8.75% | -35.2% | 100% | | 12 | -17.5% | +64% | 100% | | 13 | -17.5% | -35.2% | 100% | | 14 | -26.25% | +64% | 100% | | 15 | -26.25% | -35.2% | 100% | | 16 | -35% | +64% | 100% | | 17 | -66% | +64% | 26.52% | | 18 | -33% | +64% | 53.03% | | 19 | +50% | +64% | 35% | | 20 | +100% | +64% | 17.5% | | 21 | +200% | +64% | 4.38% | | 22 | +300% | +64% | 1.94% | | 23 | +400% | +64% | 1.09% | | 24 | +500% | +64% | 0.7% | #### MU | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +59% | +96% | 100% | | 2 | +44.25% | +96% | 100% | | 3 | +44.25% | -52.8% | 100% | | 4 | +29.5% | +96% | 100% | | 5 | +29.5% | -52.8% | 100% | | 6 | +14.75% | +96% | 100% | | 7 | +14.75% | -52.8% | 100% | | 8 | 0% | +96% | 100% | | 9 | 0% | -52.8% | 100% | | 10 | -14.75% | +96% | 100% | | 11 | -14.75% | -52.8% | 100% | | 12 | -29.5% | +96% | 100% | | 13 | -29.5% | -52.8% | 100% | | 14 | -44.25% | +96% | 100% | | 15 | -44.25% | -52.8% | 100% | | 16 | -59% | +96% | 100% | | 17 | -66% | +96% | 44.7% | | 18 | -33% | +96% | 89.39% | | 19 | +50% | +96% | 59% | | 20 | +100% | +96% | 29.5% | | 21 | +200% | +96% | 7.37% | | 22 | +300% | +96% | 3.28% | | 23 | +400% | +96% | 1.84% | | 24 | +500% | +96% | 1.18% | #### MSTR | Scenario | Spot shock | Vol shock | Weight | | :------: | :--------: | :-------: | :----: | | 1 | +38% | +96% | 100% | | 2 | +28.5% | +96% | 100% | | 3 | +28.5% | -52.8% | 100% | | 4 | +19% | +96% | 100% | | 5 | +19% | -52.8% | 100% | | 6 | +9.5% | +96% | 100% | | 7 | +9.5% | -52.8% | 100% | | 8 | 0% | +96% | 100% | | 9 | 0% | -52.8% | 100% | | 10 | -9.5% | +96% | 100% | | 11 | -9.5% | -52.8% | 100% | | 12 | -19% | +96% | 100% | | 13 | -19% | -52.8% | 100% | | 14 | -28.5% | +96% | 100% | | 15 | -28.5% | -52.8% | 100% | | 16 | -38% | +96% | 100% | | 17 | -66% | +96% | 28.79% | | 18 | -33% | +96% | 57.58% | | 19 | +50% | +96% | 38% | | 20 | +100% | +96% | 19% | | 21 | +200% | +96% | 4.75% | | 22 | +300% | +96% | 2.11% | | 23 | +400% | +96% | 1.19% | | 24 | +500% | +96% | 0.76% | ## Minimum delta requirement The Minimum Delta Requirement charges based on the portfolio's net and hedged delta exposure: $$ \text{Min Delta Risk} = (\text{Unhedged Margin Factor} \times |\text{Net Delta}| + \text{Hedged Margin Factor} \times \text{Hedged Delta}) \times \text{Spot Price} $$ where: $$ \text{Hedged Delta} = \frac{\text{Gross Delta} - |\text{Net Delta}|}{2} $$ ### Min-delta coefficients | Asset | Unhedged Margin Factor | Hedged Margin Factor | | ----- | :--------------------: | :------------------: | | BTC | 0.2% | 0.1% | | ETH | 0.2% | 0.1% | | HYPE | 0.3% | 0.15% | | SOL | 0.3% | 0.15% | | ZEC | 0.5% | 0.25% | | US500 | 0.2% | 0.1% | | US100 | 0.2% | 0.1% | | XAU | 0.2% | 0.1% | | CL | 0.5% | 0.25% | | META | 0.3% | 0.15% | | SPCX | 0.3% | 0.15% | | MU | 5% | 2.5% | | MSTR | 0.5% | 0.25% | #### Example calculation **Portfolio:** * Long 1 BTC-USD-PERP (delta = +1) * Short 5 BTC 70k Calls (delta = +0.3 each) **Calculations:** * Net Delta = +1 - 5(0.3) = -0.5 * Gross Delta = 1 + 5(0.3) = 2.5 * Hedged Delta = (2.5 - 0.5) / 2 = 1.0 With BTC Spot = \$70,000: $$ \text{Min Delta Risk} = (0.2\% \times 0.5 + 0.1\% \times 1.0) \times 70{,}000 = \$140 $$