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Cross-collateral deposits

Cross-collateral deposits

By default, markets are quoted in USD and P&L is settled in USDC. All tokens deposited within the protocol can earn yield via Borrow/Lend. Until unrealised P&L is settled into your Balances, it will not earn (if profits) or be charged (if losses) the deposit/borrow interest respectively.

Below is a table of assets supported by Drift Protocol.

Each asset counts towards margin for derivatives trading and has a weight applied to account for their respective volatilities.

For instance, depositing USDC gives users a 1:1 margin for derivatives trading, but depositing SOL (80% asset weight) means that 80% of the value of your SOL at the opening of your position will be available as margin for perpetual futures trading.

Margin Parameters

AssetInitial Asset WeightMaintenance Asset WeightInitial Liability WeightMaintenance Liability WeightIMF Factor
USDC100%100%100%100%0
SOL80%90%120%110%0.00125
mSOL80%90%120%110%0.003
wBTC80%90%120%110%0.105
wETH80%90%120%110%0.025
USDT90%95%110%105%0.0004
jitoSOL80%90%120%110%0.00055
PYTH50%75%150%125%0.001
bSOL80%90%120%110%0.003
JTO50%75%150%125%0.001
WIF25%50%175%150%0.004
JUP50%75%150%125%0.001
RNDR50%75%150%125%0.001
W50%75%150%125%0.001
TNSR25%50%175%150%0.01
DRIFT25%50%175%150%0.0005
INF80%90%120%110%0.0005
dSOL80%90%120%110%0.0005
USDY90%95%110%105%0.0005

Initial Asset Weights are also scaled lower based on notional value of total deposits. As a reference, you can check out UI or the SpotMarket get_scaled_initial_weight_asset for this scale factor.

The IMF Factor acts as a discount on account size:

Initial Asset Weight on 2000 SOL Collateral (using above) would be:

weight = min (.80, 1.1 / [ 1 + (0.003 * sqrt(2000)] )

= min(.80, ~.96987) = .80

An asset's liability weight can be converted into an LTV ratio using:

ltv = 1 / liability weight

Asset LTVs

AssetInitial LTVMax LTV
USDC100.00%100.00%
SOL83.33%90.91%
mSOL83.33%90.91%
wBTC83.33%90.91%
wETH83.33%90.91%
USDT90.91%95.24%
jitoSOL83.33%90.91%
PYTH66.67%80.00%
bSOL83.33%90.91%
JTO66.67%80.00%
WIF57.14%66.67%
JUP66.67%80.00%
RNDR66.67%80.00%
W66.67%80.00%
TNSR57.14%66.67%
DRIFT57.14%66.67%
INF83.33%90.91%
dSOL83.33%90.91%
USDY90.91%95.24%