PANews reported on December 15th that Hyperliquid is about to launch an on-chain portfolio margin system, currently live in the pre-alpha phase of its testnet. This mechanism unifies users' spot and perpetual trading accounts, achieving higher capital efficiency and automatically generating interest on unused borrowable assets. Initially, only USDC can be borrowed, with HYPE as the sole collateral; USDH and BTC will be supported later. Users can use a single account for collateralized arbitrage, offsetting PnL (Portable Novelty Licensing), and reducing liquidation risk. This upgrade also integrates deeply with lending protocols within the HyperEVM ecosystem.