I just found out that Hyperliquid has introduced a pretty interesting feature: cross-margin for its HIP-3 perpetual contracts market. It’s currently on testnet, but it already qualifies for the programa de recompensas de bugs at the mainnet level, so it seems like something serious.

What catches my attention is how this works. Basically, if you enable cross-margin for a specific asset, all your perpetual contracts that use that same collateral can share margin with each other, even if they’re on different DEXs. In other words, your liquidity is distributed more efficiently.

But the smartest part of the system is that it protects your assets up to a certain level. Even though you share margin, each DEX keeps its own margin maintenance level. This prevents you from being automatically liquidated if there are sharp price movements in other markets. It’s like a balance between flexibility and security.

One important thing: this only works with unified accounts. If you use abstract DEX interfaces, you won’t be able to access this cross-margin feature. So if you want to take advantage of this feature, make sure you’re using the correct configuration.

Overall, it’s a good example of how DEXs are innovating to improve the trading experience. Keep an eye on it when it goes live on mainnet.