BlockBeats report, February 13: According to official announcements, the cross-margin feature for the permissionless perpetual markets under HIP-3 has been enabled on the testnet but is not yet available on mainnet. However, this feature qualifies for the mainnet-level bug bounty program. Deployers of HIP-3 must first enable cross-margin for a specific asset before users can trade that asset with 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 on different DEXs are protected up to their maintenance margin levels to avoid auto-deleveraging due to large price swings on other DEXs. This new "protected cross-margin" system safeguards the platform’s solvency without compromising user experience.
Cross-margin is not designed for the DEX abstraction interface; the relevant interface should not allow cross-margin usage via DEX abstraction trades. Users should use unified account or portfolio margin to achieve the expected cross-margin behavior for HIP-3 assets.