On October 28, 2026, a crypto exchange said in a support-center notice that its Delta Neutral Mode in the unified trading account now treats a tokenized stock (an rToken) and the underlying stock with the same symbol as the same asset when calculating hedge positions. In the notice's example, a user's rAAPL spot holdings and AAPL futures position can form a hedge position that takes part in hedge position determination and Auto-Deleveraging (ADL) ranking protection.
Why It Matters
In general terms, ADL is a last-resort step on derivatives venues in which positions can be reduced by force, and a ranking decides which positions are affected. A hedged trader holds offsetting exposure, so being ranked as hedged matters. According to the notice, the change extends an existing hedge rule rather than adding a separate toggle: it takes effect automatically once Delta Neutral Mode is enabled on the account and the rToken is supported as a margin currency in the unified trading account. Dave Finances reported the same condition on October 28, 2026, describing it as applying to eligible accounts.
The test itself is unchanged. The notice says rToken holdings and the matching stock's futures position are combined into one asset's holdings and position, then run through the existing formula: net futures position divided by total position at or below 5%. The same page says the formula remains unchanged. It does not spell out how net futures position and total position are measured, and it does not publish the full ranking logic, so edge cases are worth checking in the venue's own documentation before relying on them.
The treatment also reaches beyond equities. The notice lists further same-underlying pairs that will be treated as the same currency in hedge calculations, including gold-linked assets XAU, XAUT and PAXG. The same list names BGBTC with BTC and BGSOL with SOL as pairs treated as the same currency in hedge calculations. The page describes the rule for the pairs it names, so the treatment of other tokens is not established by this notice.
The notice also carries a risk warning. It says market volatility may still carry risks and that the mechanism does not fully eliminate the risk of Auto-Deleveraging under extreme market conditions. A hedge that passes the 5% test is therefore better read as a ranking input than as a guarantee. Ranking protection does not remove futures margin requirements or liquidation risk. Funding payments apply to perpetual futures and may be paid or received; borrowing to finance the spot leg can introduce additional costs and liquidation risk. The notice itself is marked as time-sensitive.
What To Watch
Two prerequisites govern the rToken extension, alongside the existing hedge-eligibility rules. The official eligibility guide excludes isolated-margin futures from protection; eligible cross-margin positions must also meet the 5% test. First, Delta Neutral Mode must be switched on for the account. Second, the specific rToken must be on the list of supported margin currencies in the unified trading account, which the notice says is published on the venue's Currency Discount Rate page. A trader holding an rToken that is not on that list should not assume the pairing applies.
The change also shows how tokenized assets are being folded into existing risk engines. Instead of building a new rule set for tokenized stocks, the venue, per its notice, maps the token onto the stock's symbol and reuses the hedge test it already had. Whether other venues follow the same approach is not addressed in the notice. Readers comparing platforms should check how each one defines a hedge, because a 5% threshold on one platform says nothing about another.
Go deeper
- Funding Rate Arbitrage and Delta-Neutral Trades — how paired long and short positions are built, and where they can fail.
- How Liquidations Work — what happens when margin falls below maintenance levels.
On LeverUp, perpetual futures trade through a protocol-managed virtual liquidity architecture.