> For the complete documentation index, see [llms.txt](https://docs.valantis.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.valantis.xyz/prime/discounts/strategies/portfolio-margin.md).

# Use Portfolio Margin

Note: Enable Account Portfolio Margin will be made available in a future upgrade. Valantis Prime does not support Portfolio Margin as of July 15 2026.

Keep the staking tier and stHYPE yield while routing part of the position back into Hyperliquid Portfolio Margin.

Hyperliquid Portfolio Margin gives spot HYPE a **0.5 LTV** and lets spot HYPE offset HYPE perp exposure. Natively staked HYPE is outside the PM collateral balance. For a Prime account with PM enabled, the current route is:

1. Supply wstHYPE to HyperLend e-mode.
2. Borrow HYPE against it.
3. Move the borrowed HYPE to HyperCore spot.
4. Use that spot HYPE as PM collateral

## Capacity, cost, and what you give up

At HyperLend's 77.77% maximum e-mode LTV:

```
PM capacity per $1 of wstHYPE
= 77.77% routed as HYPE × 50% PM LTV
= 38.885%
```

Raw spot HYPE has 50% PM capacity. The Prime route therefore gives up about **$0.111 of capacity per collateral dollar**, or **22.2% relative to raw spot HYPE**, at the maximum e-mode setting. In exchange, the underlying wstHYPE keeps its yield and Prime tier.

| Structure                           | Fee tier                               | Staking yield                              | PM capacity per $1 of HYPE value | Main cost                                    |
| ----------------------------------- | -------------------------------------- | ------------------------------------------ | -------------------------------: | -------------------------------------------- |
| Native staking                      | Yes                                    | Native staking yield                       |                            $0.00 | No PM utility while staked                   |
| Raw spot HYPE in PM                 | No staking tier from that spot balance | None                                       |                            $0.50 | PM stablecoin borrow rate                    |
| Prime wstHYPE → HyperLend HYPE → PM | Yes                                    | About 2.4% normally, with periods up to 3% |                     Up to $0.389 | HyperLend HYPE borrow + PM stablecoin borrow |

HyperLend WHYPE borrow was about 1% at the July 15, 2026 snapshot. Hyperliquid PM stablecoin borrowing has a separate **5% base APY** and follows:

```
PM stablecoin borrow APY
= 5% + 475% × max(0, utilization − 80%)
```

The PM rate therefore rises sharply above 80% utilization. Both borrow rates are variable and apply to different legs of the route.

## When it fits

* You are already staking for a fee tier and already use Portfolio Margin.
* The tier value plus stHYPE yield is worth more than the extra borrow cost and the reduction from $0.50 to about $0.389 of maximum PM capacity per collateral dollar.
* You use spot HYPE to offset a HYPE perp hedge and want the qualifying stake to stay productive.

## How to use stHYPE Portfolio Margin

<figure><img src="https://986147118-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1hNJeG4CApeBcE2NlR61%2Fuploads%2Fgit-blob-47aa120e7bbfe03437a777899af603a7c3d2c1a6%2Fimage.png?alt=media" alt=""><figcaption></figcaption></figure>

## Risks and limits

* Confirm that Portfolio Margin is enabled for the Prime account before relying on this route.
  * NOTE: Requires account upgrade for legacy users.
* The route adds stHYPE, HyperLend E-mode, & PM margin risk.
* A DEX market depeg does not create HyperLend liquidation because the e-mode oracle uses the wstHYPE/HYPE exchange rate. Validator slashing, HIP-3 slashing can.

See the [official Portfolio Margin documentation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/portfolio-margin) for eligibility, caps, and current rates.