Hyperliquid announced that the HIP-3 cross-margin feature has been enabled on the testnet

According to official news, Hyperliquid announced that the cross-margin feature for the HIP-3 permissionless perpetual contract market has been enabled on the testnet, but it is not yet available on the mainnet. However, this feature qualifies for the mainnet-level bug bounty program.

The deployer of HIP-3 must first enable cross-margin for a specific asset before users can trade that asset using cross-margin. Under a unified account, all cross-margin perpetual contracts using the same collateral asset can share margin, even across multiple DEXs. However, assets from different DEXs will be protected up to their maintenance margin level to avoid automatic liquidation due to significant price fluctuations on other DEXs.

This new "protective cross-margin" system ensures the solvency of the system while not affecting user experience. Cross-margin is not designed for DEX abstract interfaces, and related interfaces should not allow cross-margin trading through DEX abstraction. Users should use a unified account or combined margin to achieve the expected behavior of cross-margin for HIP-3 assets.