How does HL portfolio margin differ from CEX PM systems? Key difference is that HL offloads the credit risk (and yield profile) to lenders as opposed to taking that in-house. Thiskeeps HL as a neutral layer from a credit risk perspective to coordinate borrowers and lenders. In ByBit’s PM system, ByBit mints traders margin against their portfolios and then handles a liquidation engine internally. HL portfolio margin relies on lenders who serve as the ultimate risk underwriter, not the protocol itself Will be interested to see how yields will compare for HL PM lending over the next few months vs HLP vs HyperEVM lending. Bottleneck for Hyperliquid Portfolio Margin will be if yields don’t end up being competitive enough to move enough supply, but if a few users are borrowing with size and driving utilization high, that rate should attract more supply in same mode as how this functions on Felix Vanilla, HyperLend, etc