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.

Margin Assets