Collateral and margin

Your balance serves as collateral for perpetual trading. When you open a position:

• A portion of your balance is allocated as margin (shown as "Amount utilized")

• Unrealized PnL is reflected in your account balance

• Realized PnL settles in your stablecoin of choice.

The Cash section shows:

• Amount available — Free collateral you can withdraw or use for new positions

• Amount utilized — Collateral locked in open positions

• Unrealized — Current profit/loss on open positions

For details on how margin works, see What are Perpetuals and the Hyperliquid margining documentation.