Collateral Specification

On Flash Trade the collateral for a trade depends on whether you long or short an asset. Two rules cover everything:

1. Shorts always post USDC. Every short market settles its collateral in USDC.

2. Longs are backed by the market's backing asset. Each market has a fixed backing asset in its pool — the order panel shows it as "Collateral In" before you confirm (for example, SOL longs are backed by JitoSOL).

You don't need to hold the backing asset yourself: pay from any supported balance in your Flash account and the protocol converts it into the backing asset when the position opens (a pool swap fee applies to the conversion).

Example: You pay with USDC to long SOL. The protocol converts your USDC into the SOL market's backing asset first, then opens the position at your chosen leverage.

Backing assets by market group

Long Positions

Market group	Markets	Backing asset
Crypto majors	SOL / BTC / ETH / ZEC	The asset itself (SOL longs use JitoSOL)
Crypto (synthetic)	BNB, XRP	BTC
Crypto (synthetic)	TRX	ETH
Crypto (synthetic)	NEAR, MON, GRAM, BP	JitoSOL
Crypto (synthetic)	ADA, SUI	USDC
Gold Pool — gold, silver	XAU, XAG	XAUt
Gold Pool — forex, commodities	EUR, GBP, USDJPY, USDCNH, CRUDEOIL, NATGAS, COPPER, XPD, XPT	USDC
Defi Pool	JUP, JTO, HYPE	The asset itself
Defi Pool (synthetic)	KMNO, PYTH, ONDO, UNI	JUP
Defi Pool (synthetic)	LIT, MEGA	HYPE
Defi Pool (synthetic)	CHIP, TAO, VVV, WLD	USDC
Meme markets	BONK, PENGU, PUMP, WIF, FARTCOIN	The asset itself
Equities	SPY, TSLA, NVDA, AAPL and all other equity markets	SPY

Short Positions

For ALL short positions across every asset, collateral is always USDC.

Backing assets are on-chain market parameters as of 2026-07-03; the order panel's "Collateral In" row is always the live authority.

Position size limits

Maximum position size is set per market. The largest markets: BTC and SOL allow up to $2,000,000 per position; ETH $750,000; most other markets range $50,000–$500,000. The order panel rejects orders above the market's limit.

Per-market permissions can change. Individual markets can have a side temporarily disabled (for example, opening new longs while a pool winds down) — the trade panel reflects what's currently available.