Spark's institutional-grade CeDeFi cross-platform margin seems tailor-made for hedge funds like Spark. Imagine you're a hedge fund looking to earn funding rates and staking rewards risk-free. You'd need to borrow on-chain to buy spot and open short positions on exchanges. The problem is poor capital utilization. On-chain platforms only accept 100% spot collateral, while exchanges only accept short position margin. Because on-chain and off-chain operations aren't interconnected, risk can't be offset, ultimately requiring double the margin. Spark Prime, on the other hand, scans all your positions on-chain, on exchanges, and in custodial accounts simultaneously, calculating margin based on the true net risk. This allows you to open larger positions with less capital, resulting in higher capital utilization. However, this raises the question: won't this increase risk? Conversely, this approach actually reduces overall risk. When trading basis, Spark Prime's margin requirement for the same position size is closer to your actual potential losses. While lower margin results in a thinner buffer, the risk is already hedged, and the saved margin serves as an additional cash buffer. In traditional short-selling operations, the isolation between platforms prevents risk identification, leading to margin requirements far exceeding actual risk on any single platform. This locks up all funds, resulting in wasted capital and no cash buffer in case of risk. To illustrate, imagine you're trying to buy train tickets home during the Spring Festival travel rush. You might simultaneously try to buy tickets on multiple apps and pay corresponding deposits, with payment due upon successful purchase. For you, securing a ticket on just one app would be enough. However, because these apps aren't interconnected, you have to pay multiple deposits, and these apps might try to buy several tickets for you simultaneously. But if these apps were interconnected, you only need to pay one deposit, and each app can try to buy the ticket. Whoever succeeds keeps that deposit, and the others automatically stop trying. Therefore, you don't need to pay deposits for multiple tickets at once, nor do you need to constantly monitor each app for fear of getting extra tickets and having to refund them. Spark Prime achieves position identification and unified risk management across multiple platforms through deep integration with Arkis. Users authorize Arkis to access their CEXs and DEXs such as Binance, OKX, Bybit, and Hyperliquid. Arkis then reads their position data in real time, aggregates it into a unified investment portfolio, identifies hedging relationships, and calculates the actual net risk.