The pool that funds everyone's leverage. The more of it is lent out, the more it costs to keep a position open.
Traders open leveraged positions by borrowing from the venue's own pool. The more of that pool is lent out, the higher the borrowing fee climbs. A cost to everyone holding a position, and income to everyone who supplied the pool. Same number, opposite sides.
Hold a $50,000 position while pool utilization climbs from 60% to 90% → the borrowing fee you pay to keep it open roughly doubles.
Not a bet on utilization rising or falling. Protection for whichever side of that rate move is against you.
The share of the perp venue's own pool currently lent out to traders holding leveraged positions. Utilization climbing pushes borrowing fees up in real time: whoever holds a position pays them, whoever supplied the pool earns them. The same number, opposite sides.
Rising utilization means borrowing fees are rising. A real cost to anyone holding a position, a real yield gain to whoever supplied the pool.
Charged only if your risk does not materialise. If it does, your full collateral is returned along with the settlement.
Above your verified exposure of 0 ETH.
Every position must offset risk you already carry. That is enforced by the contract, not by policy.
Connect a wallet to check your exposure.