Position Types and Collateral Requirements
A TokenId encodes up to four legs. Each leg's width, isLong, tokenType, asset frame, ratio, and risk partner affect its interpretation and collateral requirement.
| Width | isLong | Position type |
|---|---|---|
| Zero | 0 | Loan |
| Zero | 1 | Credit |
| Positive | 0 | Sold option |
| Positive | 1 | Purchased option |
Loans and credits
A standalone loan leg requires its amount plus additional margin from the utilization-sensitive seller curve parameterized by MAINT_MARGIN_RATE. The crypto and stock engines have different loan-margin baselines. Interest and portfolio-level action buffers are separate from that leg requirement.
A standalone credit leg has zero direct leg requirement. Its accounting and any partnered treatment still matter to portfolio solvency; it is not an unconditional withdrawal entitlement.
Options
A sold option starts from the seller collateral curve, with further price-dependent treatment. A purchased option uses the engine's buyer base ratio and the long-leg calculation. Amounts are evaluated in the leg's tokenType, with conversions determined by its encoded asset frame and the evaluation tick.
Use risk-partner rules for multi-leg positions. Do not sum human-facing dollar notionals or assume a familiar strategy name determines the contract's netting treatment.
References: TokenIdLibrary, RiskEngine, and stock RiskEngine.