margin

According to a report by Coinshares, Bitcoin mining profit margins are at a historical low. In the first quarter of 2026, the hash price fell to about $28-30 per PH/s/day, reaching a new low after the halving. The weighted average cash cost in the fourth quarter of 2025 reached about $80,000 per coin, with approximately 15-20% of mining machines globally operating at a loss.The transition of mining companies to AI is no longer an option. Publicly listed mining companies have cumulatively announced over $70 billion in AI/HPC contracts, and by the end of 2026, up to 70% of the revenue for listed mining companies may come from AI. Some mining companies are taking on huge debts for AI construction, fundamentally changing the risk landscape of the industry. There is a significant divergence in the valuation of mining companies; those obtaining HPC contracts have an EV/NTM revenue multiple of 12.3 times, while pure mining companies have a multiple of 5.9 times. The industry has differentiated into infrastructure companies and mining companies, with vastly different prospects for both.

According to on-chain analysts, a whale that has accumulated 120,000 ETH has recharged 5 million USDC in margin to Hyperliquid after 19 days, possibly to avoid liquidation. Currently, he holds a long position with 15 times leverage on 120,000 ETH and a long position with 20 times leverage on 700 BTC, with a total value of 298 million USD, of which the ETH is showing an unrealized loss of 309,000 USD and the BTC is showing an unrealized gain of 403,000 USD.

According to Onchain Lens monitoring, in the past 10 hours, a certain whale deposited approximately 2 million USDC into HyperLiquid to avoid having its ETH short position liquidated.Currently, the address holds a short position of approximately 15,217 ETH with 10x leverage, with a position size of about 34 million dollars, and a current unrealized loss of about 3.288 million dollars. Despite the position experiencing a drawdown, the overall trading of the address remains profitable, with cumulative profits still exceeding 8.5 million dollars.

According to official news, Hyperliquid's native stablecoin USDH issuer Native Markets will launch the tokenized margin pmUSDH.After users deposit USDH into their portfolio margin accounts, the protocol will convert that position into the ERC-20 format pmUSDH token. This tokenization also allows users to earn interest income paid by borrowers, and it can be used in DeFi protocols including Felix, Hyperlend, Pendle, and Rysk.

Coinbase announced that its Coinbase Prime has launched a regulatory futures and unified cross-margining feature covering the crypto spot and derivatives markets. This will provide around-the-clock access to over 20 futures contracts through Coinbase Financial Markets, while integrating Coinbase's existing perpetual contract products. This feature allows institutions to share margin within a single account, thereby enhancing capital efficiency for hedging strategies, simplifying portfolio management, and supporting unified risk assessment for spot and futures positions, which will enable trading, custody, financing, and risk management to operate within the same environment.

According to the official announcement, Binance will adjust the minimum price fluctuation unit (TickSize) for multiple USDⓈ-M perpetual contracts on March 5, 2026, at 15:00 (Beijing time). The contracts involved include MYX USDT, GRIFFA IN USDT, among others. The adjustment aims to enhance market liquidity and trading experience.

According to official news, Hyperliquid's on-chain Perp DEX Trade.xyz has announced the activation of cross-margin functionality for the seven major U.S. stocks MAG7 assets (GOOGL, AMZN, AAPL, META, MSFT, NVDA, TSLA) on the mainnet.To achieve the desired cross-margin effect, users should use a unified account or portfolio margin. In standard accounts, cross-margin only shares collateral between positions within the same DEX.

Bitfinex released an analysis report indicating that the decline in inflation in the U.S. market and the rise in interest rate cut expectations provide psychological support for risk assets, but the cryptocurrency market is more likely to experience phase fluctuations rather than a one-sided trend.The expansion of the Federal Reserve's balance sheet reduces systemic liquidity risks, which historically tends to benefit scarce assets like Bitcoin. However, the current pace of liquidity recovery is relatively slow, and selling pressure on spot Bitcoin re-emerged earlier this week, with cumulative sell-offs reaching several billion dollars. Although the market's ability to absorb sell orders has improved compared to before, on-chain indicators show that the adjusted SOPR (Spent Output Profit Ratio) has dropped to the range of 0.92–0.94, reflecting that most cryptocurrencies are being transferred at a loss, indicating that structural pressure still exists.The current macro environment provides a certain liquidity buffer for the cryptocurrency market, but it is still insufficient to support a sustained bull market. Bitcoin has tactical rebound potential in the short term, while long-term structural upward movement requires clearer signals of declining inflation and sustained spot demand support.

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.

According to a report by Cointelegraph, a new analysis released by the Federal Reserve on Wednesday suggests that cryptocurrencies should be classified as a distinct asset class for the initial margin requirements in the "unsettled" derivatives market (including over-the-counter trading and other transactions not conducted through centralized clearinghouses).The report points out that the volatility of floating cryptocurrencies like Bitcoin and Ethereum, as well as stablecoins, differs significantly from traditional asset classes, making it unsuitable to apply the existing risk classifications for interest rates, stocks, foreign exchange, and commodities in standardized initial margin models. The authors recommend setting differentiated risk weights for these two categories of cryptocurrencies and propose constructing a benchmark index composed of half floating digital assets and half anchored stablecoins as a proxy variable to simulate the volatility and behavior of the crypto market, in order to calibrate more precise risk weights.Initial margin is a core risk control mechanism in the derivatives market, where traders must pledge collateral to mitigate counterparty default risk. The high volatility of crypto assets means that traders need to provide a higher proportion of collateral buffer. The report reflects that the federal level in the United States is making technical preparations for incorporating crypto assets into the existing regulatory framework.

The founder of the Bitcoin payment application Strike, Jack Mallers, posted on the X platform to respond to the adjustment of the margin call policy. He stated that the Strike loan mechanism will not fully liquidate Bitcoin collateral. When the loan falls below the maintenance margin level, the platform will only conduct partial liquidations to restore the loan to approximately 65% of a healthy loan-to-value (LTV) ratio.Jack Mallers added that this mechanism is designed to protect users' Bitcoin assets as much as possible while maintaining loan health and to give customers and Bitcoin prices more time to recover. Based on this mechanism, the liquidation ratio of Strike's overall loan book remains in the low single-digit range of the total outstanding loans, approximately 1%--3%.

OKX will launch the BTC/USD and XAU/USD futures contracts on February 16, 2026, at 10:00 AM and 11:00 AM, supporting USDC or USDG as the settlement currency. The first contracts to be launched include BTCUSD UM-20FEB26, BTCUSD UM-27FEB26, BTCUSD UM-27MAR26, BTCUSD UM-26JUN26, XAUUSD UM-20FEB26, XAUUSD UM-27FEB26, XAUUSD UM-27MAR26, XAUUSD UM-26JUN26.

Sonic Labs founder Andre Cronje posted on the X platform, "The derivatives platform Flying Tulip will launch two products: ftUSD and margin accounts. These products will support cross-chain liquidity, enabling leveraged spot trading and total return swaps."

Binance contracts will automatically settle the RVVUSDT and YALAUSDT U-margined perpetual contracts on February 10, 2026, at 17:00, and the aforementioned perpetual contract trading pairs will be delisted after the settlement is completed.Starting from February 10, 2026, at 16:00, users will not be able to open new positions under the aforementioned perpetual contracts. It is recommended that users close their positions before trading stops to avoid automatic liquidation of their positions.

Starting from February 4, 2026, at 00:15, Binance will set the funding rate base interest rate for INTCUSDT and HOODUSDT to 0%. The funding rate will be adjusted based on premium factors, and users can visit the real-time funding rate page for the latest information.

According to on-chain analyst Yu Jin's monitoring, Trend Research withdrew 109.1 million USDT from Binance to repay on-chain after the ETH drop early this morning, reducing the borrowing for leveraged ETH purchases from 1.12 billion dollars to 1.01 billion dollars, and the leverage ratio decreased from 2.4x to 2.2x.It currently holds a total of 651,500 ETH (approximately 1.83 billion dollars).

According to monitoring by HyperInsight, since the HYPE price broke through $34 last night, a suspected insider whale has been withdrawing approximately $7 million in released margin from Hyperliquid.This operation has moved its liquidation price from around $20 to $25.04. The address had heavily gone long before HYPE was listed on Robinhood, with an average opening price as high as $38.67. It remains the largest long position holder on-chain for HYPE, with a position size of about $43.7 million. Today's unrealized loss has slightly expanded to about $9.7 million, with a loss percentage of 111%. Notably, since its position fell below the cost price and incurred significant unrealized losses, this address has never adjusted or reduced its position, consistently choosing to "hold the position." Previously, its peak unrealized loss was close to $26 million.

On the 27th, the Chicago Mercantile Exchange (CME) issued a notice regarding adjustments to the margin (Outright Rates) parameters for certain silver, platinum, and palladium futures contracts.The document shows that the new margin ratio for some silver contracts is higher than the previous level, approximately 11% of the nominal value. The new standards will take effect after the close of trading on January 28 local time. This notice does not involve gold-related contracts.

According to the announcement from Huobi HTX, Huobi HTX will open the deposit service for USAT on January 27 at 23:00 (GMT+8). The USAT/USDT spot trading will open on January 28 at 11:00 (GMT+8). The withdrawal service for USAT will open on January 29 at 11:00 (GMT+8). At the same time, Huobi leverage will add USAT/USDT (10X) isolated margin trading on January 28 at 11:00 (GMT+8).It is reported that USAT is a next-generation stablecoin asset launched by Tether. It is a digital currency that exists on the internet rather than in bank vaults, designed with a single purpose: to always be worth 1 dollar. The token is pegged to the dollar at a 1:1 ratio and is 100% fully collateralized by short-term U.S. Treasury bonds, further enhancing asset transparency and security. With the increasing infrastructure status of stablecoins in payments, trading settlements, and on-chain finance, the launch of USAT is seen as an important step for Tether in compliance and asset structure. This time, Huobi HTX has become the first exchange to list USAT, continuously confirming its foresight in capturing quality assets and laying out its strategy in the stablecoin sector.

According to the official announcement, Binance will adjust the leverage and margin levels of multiple U-based perpetual contracts starting from January 30, 2026, at 14:00 (Beijing time), involving contracts such as Binance Life, SPACE, IP, COOKIE, RLC, API3, YB, etc.