> ## Documentation Index
> Fetch the complete documentation index at: https://docs.raydium.io/llms.txt
> Use this file to discover all available pages before exploring further.

# Collateral

> Supported collateral assets, per-chain global caps, per-user deposit caps, and how USDC-settled P&L interacts with non-USDC collateral.

<Info>
  Collateral parameters are set by Orderly Network and change periodically. The tables below are a snapshot; always fetch live values from Orderly's API before quoting or sizing. Orderly's canonical reference: [orderly.network/docs/introduction/trade-on-orderly/multi-collateral](https://orderly.network/docs/introduction/trade-on-orderly/multi-collateral).
</Info>

## Settlement vs. collateral

* **Settlement currency: USDC.** All P\&L, funding payments, and liquidation accounting happen in USDC regardless of what you deposited.
* **Collateral assets: multiple.** USDT, SOL, ETH, BNB, WBTC, YUSD, USD1 (and USDC itself) can be deposited. Non-USDC collateral is held at its current market value with a haircut and counted toward your margin in USDC-equivalent terms.

Practical consequence: if you deposit SOL and SOL price halves, your margin ratio deteriorates **even if your perp positions haven't moved**. For production use this is a meaningful risk that does not exist when you deposit USDC.

## Global caps (shared across all users)

These limits apply to the **entire protocol**, not per-account. When the global cap for an asset is reached, new deposits of that asset (on that chain) are rejected until others withdraw.

Quantities are denominated in the asset's own units (SOL in SOL, ETH in ETH, USDT in USDT, etc.), not in USDC equivalent.

| Collateral | Chain    | Max (global, in asset units) |
| ---------- | -------- | ---------------------------- |
| USDT       | Arbitrum | 2,000,000 USDT               |
| ETH        | Arbitrum | 1,000 ETH                    |
| ETH        | Base     | 500 ETH                      |
| BNB        | BSC      | 10,000 BNB                   |
| USDT       | BSC      | 4,000,000 USDT               |
| USD1       | BSC      | 1,000,000 USD1               |
| YUSD       | BSC      | 500,000 YUSD                 |
| ETH        | Ethereum | 500 ETH                      |
| USDT       | Ethereum | 3,000,000 USDT               |
| USD1       | Ethereum | 1,000,000 USD1               |
| YUSD       | Ethereum | 500,000 YUSD                 |
| WBTC       | Ethereum | 80 WBTC                      |
| SOL        | Solana   | 40,000 SOL                   |

## Per-user caps

These limits apply **per individual wallet / perps account**.

| Collateral | Max per account (in asset units) |
| ---------- | -------------------------------- |
| USDT       | 500,000 USDT                     |
| ETH        | 100 ETH                          |
| SOL        | 2,000 SOL                        |
| BNB        | 500 BNB                          |
| YUSD       | 50,000 YUSD                      |
| WBTC       | 5 WBTC                           |
| USD1       | 500,000 USD1                     |

USDC does not have a listed per-user cap because it is the settlement asset; effective cap is whatever the platform / Orderly-side limit allows at the time.

## Deposit and withdrawal flow

**Deposit.** A user signs an on-chain transaction on the source chain that moves the asset to Orderly's vault. Orderly's relayer acknowledges the deposit and credits the Solana perps account ledger. Cross-chain deposits (e.g. ETH from Arbitrum) take longer than native SOL deposits because the relayer must wait for source-chain finality.

**Withdrawal.** The user signs an off-chain request; Orderly debits the ledger and emits an on-chain transfer on the destination chain. A **flat 1 USDC fee per withdrawal** applies (set by Orderly, not Raydium). Withdrawals fail if they would drop margin ratio below the required threshold — you cannot withdraw collateral that is backing an open position.

## Margin accounting

For a cross-margin account with mixed collateral:

```
margin_usdc_equivalent
  = sum over collateral assets (
      asset_balance
      × asset_price_usd
      × (1 − haircut_fraction)
    )

free_margin  = margin_usdc_equivalent − initial_margin_used
margin_ratio = margin_usdc_equivalent / maintenance_margin_required
```

* `asset_price_usd` comes from Orderly's price oracle, not from a Solana pool.
* `haircut_fraction` protects against collateral price crashes. USDC is typically 0%; volatile collateral like SOL or ETH carries a material haircut.
* `maintenance_margin_required` is the sum over open positions of each position's maintenance-margin requirement.

## Implications for integrators

* **Do not model collateral as USDC-equivalent without the haircut** — the effective buying power can be materially lower.
* **Monitor source-chain confirmation.** Cross-chain deposits aren't spendable until Orderly acknowledges them; a user who just deposited ETH from Ethereum may still see "insufficient margin" for several minutes.
* **Respect the per-user caps.** Automated deposit logic that doesn't check the cap will fail intermittently when the user approaches the limit.
* **USDC is the only "flat" collateral.** For any position sizing system that cannot handle FX-like effects between collateral and settlement, insist on USDC-only deposits.

## Where to go next

* [Trading basics](/products/perps/trading-basics)
* [Order types](/products/perps/order-types)
* [Fees](/products/perps/fees)

Sources:

* Orderly Network multi-collateral reference.
* Raydium Perps UI collateral panel at perps.raydium.io.