Accounts and Margining

Account Architecture

Cypher's unique account model enables users to hold up to 1105 positions from a master account.
  • 552 derivatives markets
  • 552 spot markets (553 including USDC)

Master Accounts

Master accounts are responsible for managing traders' sub accounts. Sub accounts are where traders will open and close positions, while the master account stores important data about the number of sub accounts and c-ratio information (both composite c-ratio for cross margining and individual c-ratio for isolated margin).
Traders will interact with their master account when they would like to view their positions across all of their sub accounts.

Sub Accounts

Traders open positions from sub accounts, where each sub account can have up to 23 (24 including USDC) positions open simultaneously. Because a trader can have up to 24 sub accounts, they can potentially have up to 552 positions open at once.
Sub accounts can be isolated or cross margined. An example of cross margined sub accounts would be a position in one sub account being used as collateral to open positions in another sub account. If the sub account is chosen to be margined in isolation, the position(s) in that sub account would have no effect on a position(s) in any other sub account.
In order to change the margining type in one account from cross to isolated, logic is preformed to ensure the sub account has the proper collateral to do so.

Margin Requirements

To open a levered position on cypher, a trader is required to deposit collateral. A trader's collateral requirements are defined by their c-ratio (
). There are two important c-ratio thresholds for sub accounts accounts, an initial c-ratio and a maintenance c-ratio.
Cypher will initially support four types of collateral: USDC, BTC, ETH, and SOL.
A trader’s initial c-ratio is set to 120% and their maintenance c-ratio is set to 110%. Once a sub accounts account’s maintenance c-ratio falls below 110%, their positions become open for liquidation and their position size will be reduced until their trading c-ratio is above 120%. A trader’s c-ratio is defined as