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
| Asset | Initial Asset Weight | Maintenance Asset Weight | Initial Liability Weight | Maintenance Liability Weight | IMF Factor |
|---|---|---|---|---|---|
| USDC | 100% | 100% | 100% | 100% | 0 |
| SOL | 80% | 90% | 120% | 110% | 0.00125 |
| mSOL | 80% | 90% | 120% | 110% | 0.003 |
| wBTC | 80% | 90% | 120% | 110% | 0.105 |
| wETH | 80% | 90% | 120% | 110% | 0.025 |
| USDT | 90% | 95% | 110% | 105% | 0.0004 |
| jitoSOL | 80% | 90% | 120% | 110% | 0.00055 |
| PYTH | 50% | 75% | 150% | 125% | 0.001 |
| bSOL | 80% | 90% | 120% | 110% | 0.003 |
| JTO | 50% | 75% | 150% | 125% | 0.001 |
| WIF | 25% | 50% | 175% | 150% | 0.004 |
| JUP | 50% | 75% | 150% | 125% | 0.001 |
| RENDER | 50% | 75% | 150% | 125% | 0.001 |
| W | 50% | 75% | 150% | 125% | 0.001 |
| TNSR | 25% | 50% | 175% | 150% | 0.01 |
| DRIFT | 25% | 50% | 175% | 150% | 0.0005 |
| INF | 80% | 90% | 120% | 110% | 0.0005 |
| dSOL | 80% | 90% | 120% | 110% | 0.0005 |
| USDY | 90% | 95% | 110% | 105% | 0.0005 |
| JLP | 80% | 90% | 120% | 110% | 0.0005 |
| POPCAT | 25% | 50% | 175% | 150% | 0.0005 |
| CLOUD | 25% | 50% | 175% | 150% | 0.00001 |
| PYUSD | 90% | 95% | 110% | 105% | 0.0005 |
| USDe | 50% | 75% | 150% | 125% | 0.0001 |
| sUSDe | 50% | 75% | 150% | 125% | 0.0001 |
| BNSOL | 80% | 90% | 120% | 110% | 0.0005 |
| MOTHER | 25% | 50% | 175% | 150% | 0.0001 |
| cbBTC | 80% | 90% | 120% | 110% | 0.0005 |
| USDS | 90% | 95% | 110% | 105% | 0.0001 |
| META | 25% | 50% | 175% | 150% | 0.0001 |
| ME | 50% | 75% | 150% | 125% | 0.0001 |
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
| Asset | Initial LTV | Max LTV |
|---|---|---|
| USDC | 100.00% | 100.00% |
| SOL | 83.33% | 90.91% |
| mSOL | 83.33% | 90.91% |
| wBTC | 83.33% | 90.91% |
| wETH | 83.33% | 90.91% |
| USDT | 90.91% | 95.24% |
| jitoSOL | 83.33% | 90.91% |
| PYTH | 66.67% | 80.00% |
| bSOL | 83.33% | 90.91% |
| JTO | 66.67% | 80.00% |
| WIF | 57.14% | 66.67% |
| JUP | 66.67% | 80.00% |
| RENDER | 66.67% | 80.00% |
| W | 66.67% | 80.00% |
| TNSR | 57.14% | 66.67% |
| DRIFT | 57.14% | 66.67% |
| INF | 83.33% | 90.91% |
| dSOL | 83.33% | 90.91% |
| USDY | 90.91% | 95.24% |
| JLP | 83.33% | 90.91% |
| POPCAT | 57.14% | 66.67% |
| CLOUD | 57.14% | 66.67% |
| PYUSD | 90.91% | 95.24% |
| USDe | 66.67% | 80.00% |
| sUSDe | 66.67% | 80.00% |
| BNSOL | 83.33% | 90.91% |
| MOTHER | 57.14% | 66.67% |
| cbBTC | 83.33% | 90.91% |
| USDS | 90.91% | 95.24% |
| META | 57.14% | 66.67% |
| ME | 66.67% | 80.00% |