# Cross Margin

Mosaiq's beta uses one **cross-margin** account. USDC cash, open orders, and
confirmed fills are projected into one account-level view across supported
venues.

This is not a full portfolio-margin/stress API yet. Treat the exposed fields as
the live beta gate for opening orders and monitoring account health.

## No Per-Position Leverage

There is no "set this position to 10x" parameter. Leverage is an output:
`grossNotional / accountValue`.

Opening risk is checked at the account level. The important fields are:

* `accountValue`: cash plus unrealized PnL.
* `availableFunds`: equity minus initial margin; room to open more risk.
* `excessLiquidity`: equity minus maintenance margin; account health buffer.
* `initialMarginUsed`: margin used by net positions and open limit orders.
* `maintenanceMarginUsed`: maintenance requirement for monitoring/liquidation.

## Orders and Fills

An accepted order is not a position. Positions and cash change only after
confirmed venue fills are settled into Mosaiq's ledger.

ALO orders consume open-order margin while resting until they fill, cancel, or
fail. IOC orders release unfilled margin after the venue reports the terminal or
partial outcome.

Use `orderUpdates` for order status, `userFills` for confirmed fills, and
`clearinghouseState.marginSummary` for account-level impact.

See [Liquidation](/concepts/liquidation) for what happens when
`accountValue < maintenanceMarginUsed`.

Venue-level collateral movement is handled separately by
[Rebalancing](/concepts/rebalancing).