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A trading account holds two assets: USDC and cNGN. Both back spot orders and futures margin in the same account. No other asset is accepted.

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Accepted assets

Each token is held in a wrapped asset under the MarginEngine. You deposit and withdraw the token, but the action’s asset field names the wrapped asset. GET /v1/markets reports the cash asset as quote_asset_address, and the cNGN escrow as the asset_address of cNGN-USDC.

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Decimals

You send amounts in the token’s 6-decimal base units: 1000000000 is 1,000 USDC, or 1,000 cNGN. The account is credited at 18 decimals, so 1,000 USDC appears on chain as 1000000000000000000000 of cash.

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How collateral counts toward margin

  • USDC counts at par.
  • cNGN counts at its base margin factor (0.5), valued at the index.
  • While cNGN trades below its depeg threshold, the MarginEngine adds a penalty to initial margin.
All cNGN under the MarginEngine shares one cap, set on chain. A deposit that would cross it is refused with a 400 that says how much room is left. See Margin for the initial and maintenance requirements on futures.

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Variation margin

Futures variation margin settles in cNGN. A payer pays from its cNGN first, then the rest from USDC at the index. A winner is paid in cNGN while the engine’s pool holds it, then in USDC. See Variation margin.

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Issuer controls

USDC and cNGN issuers can freeze wallets and pause their tokens.
  • If an issuer has frozen your wallet, deposits and withdrawals of that token are refused with a 400 that says so.
  • If an issuer has paused the token, or frozen a venue contract, deposits and withdrawals of that token are suspended for everyone with a 503.

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Move collateral in and out

Create a deposit

Open an account and fund it, or top it up. The venue pays the gas.

Create a withdrawal

Withdraw to the account’s owner without interrupting trading.