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Offshore-style crypto leverage could be coming to U.S. spot exchanges. “You can trade on margin. You can say that I will take these assets in my wallet. Let's say you've got ETH and SOL and whatever else. You pledge those as collateral, and you can go trade.” “It allows... show more
10,609 views • 20 days ago •via X (Twitter)
6 Comments

Offshore style crypto leverage coming to U.S. spot exchanges means you can finally pledge your ETH and SOL as collateral to trade on margin

onshore margin is probably healthier than everyone wiring collateral to offshore venues. the part i'd want spelled out is how liquidations work when ETH and SOL collateral both drop at once, since that is where the FTX style blowups started

Margin on spot exchanges changes the risk game. @MattSevenich is my go-to for finance takes like this.

有意思的是方向完全反过来了:前几年美国监管把杠杆交易一路赶去离岸,现在 CFTC 却想把离岸那套请回本土现货所。真正的问题不在批不批,而在回来之后变不变味——组合保证金、合格投资者门槛、穿仓分摊机制,每一项都会让它和离岸 50 倍的体验判若两种东西。流动性回流是好事,但别拿 Bybit 的标准去期待它。

collateral finally doing something useful tbh

the key design question is whether collateral is isolated per position or cross-margined across assets. that determines whether this widens access or imports offshore liquidation risk into spot venues.
