Introduction
Cross collateral determines how much buying power your existing portfolio provides without selling. Implementations differ sharply. What cross collateral is exactly: What is cross collateral?.
More accepted assets do not automatically mean more usable capital: haircuts and liquidation rules determine the capacity that remains.
The comparison
You’ll find the live numbers per exchange in the comparison tool — set your own volume and the ranking recalculates in real time.
What to watch
- Number of assets: from stablecoins-only to 19 assets including real stocks.
- Haircuts: the lower, the more collateral value you keep. Typical: stablecoins 100%, BTC/ETH ~95%, alts 50-80%.
- Does collateral keep earning? On a few platforms yield continues during open positions — see Yield on perp collateral comparison.
- Unified wallet: no internal transfers between spot/perps/stocks.
A real-world haircut example
A live collateral table (Backpack, July 2026 — 19 assets, illustrating haircut tiers):
| Weight | Assets | Meaning |
|---|---|---|
| 1.00 | USD | Counts in full |
| 0.95 | BTC, ETH, SOL, USDT | 5% haircut — €10,000 counts as €9,500 |
| 0.80 | XRP, PAXG (gold) | 20% haircut |
| 0.75 | SUI | 25% haircut |
| 0.70 | DOGE, HYPE, SEI, APT, BNB | 30% haircut |
| 0.60 | ZEC | 40% haircut |
| 0.50 | MU, SPCX (real stocks), XPL, MON | 50% haircut — shares as margin |
| 0.25 | JUP | 75% haircut |
The pattern is representative of the market: the more stable and liquid the asset, the higher the weight. Note that real stocks genuinely count as collateral here (at 50%) — currently unique in this comparison. Every venue sets its own weights; always check the platform's live collateral page.
Frequently asked questions
Which exchange accepts the most assets as collateral?
See the table — currently 19 at the top end.
Can I use shares as collateral?
Only with real stocks, at one venue in this comparison. See Real stocks vs wrapper tokens.