> For the complete documentation index, see [llms.txt](https://docs.substancex.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.substancex.io/perpetual/isolated-margin/collateral-value-ratio.md).

# Collateral Value Ratio

In SubstanceX V2, non-stablecoin assets such as ZETA and BTC can be used as margin to trade perpetual. To account for price volatility, a 5% discount is applied to the valuation of these assets.

This means that two identical positions — differing only in margin asset — will have different liquidation thresholds. A position using ZETA as margin will be more susceptible to liquidation than one using USDT.

<table><thead><tr><th>Margin Assets</th><th>Collateral Value Ratio</th><th data-hidden></th></tr></thead><tbody><tr><td>USDT</td><td>100%</td><td></td></tr><tr><td>ZETA</td><td>95%</td><td></td></tr><tr><td>BTC</td><td>95%</td><td></td></tr></tbody></table>