Planned Margin Layer
Eligible stock exposure as collateral for perpetual futures, with separate valuation and risk rules.
What the Margin Layer adds
The planned Margin Layer would let eligible Edel Stocks support perpetual futures on Edel Markets while the holder retains the stock-token exposure. It connects Stocks issuance with Markets trading through collateral valuation and risk controls.
Markets has its own account-margin and settlement-asset model. Accepting stock tokens as collateral is a separate capability, with eligibility and risk rules still to be defined.
Conceptual workflow
Stock exposure to trading capacity
Drag to pan, or use arrow keys when the diagram is focused. Use plus and minus to zoom, and zero to fit. On a touch screen, pinch to zoom.
- 01Hold an instrument accepted by the collateral policy.
- 02Value the accepted collateral using the applicable reference prices and multiplier.
- 03Apply collateral discounts, limits and margin requirements to determine trading capacity.
- 04Open a separate perpetual position on Markets.
- 05Monitor collateral value and trading profit or loss against maintenance requirements.
Stock collateral and trading positions can lose value at the same time, reducing the margin available to support the account and increasing liquidation risk. Under the eventual rules, a shortfall could require more collateral, a position reduction or liquidation. The triggers and handling will be defined before launch.
Collateral and risk policy
The launch policy will define which assets can be used, how they are valued and how trading risk is managed.
| Area | Required specification |
|---|---|
| Eligibility | Accepted instruments, participant requirements and concentration limits. |
| Valuation | Price sources, multiplier handling, corporate actions, stale-price and market-closure treatment. |
| Margin | Collateral discounts, initial and maintenance requirements, leverage and exposure limits. |
| Perps | Contract and settlement specifications, funding and PnL accounting. |
| Liquidation | Triggers, execution path, loss handling and position/collateral realization. |
Fees and product activity
The planned economic model connects Stocks primary-operation fees and Markets trading fees. Opening a perpetual position would not necessarily require a new stock mint or redemption. A separate Margin Layer fee has not been specified. Read token economics.
Access and eligibility
Eligible assets would work across compatible applications under the Margin Layer’s collateral policy. That policy will specify accepted instruments and participants.
Current Stocks primary minting and redemption remain restricted to approved participants, while secondary trading is subject to applicable legal, sanctions and jurisdictional restrictions. See Stocks access and eligibility and our prime-brokerage vision.