Wu learned that the Hyperliquid blockchain will introduce a portfolio margin mechanism in its upcoming network upgrade, which is currently live on the testnet in pre-alpha form. This mechanism unifies spot and perpetual contract trading into a single account system to improve capital efficiency and automatically generate returns on unused borrowable assets in the account. Profits and losses from spot and perpetual positions can be hedged, thereby reducing the liquidation risk of perpetual positions. Portfolio margin supports trading structures including hedging perpetual short positions with spot holdings and is applicable to all HIP-3 DEXs, but not all collateral assets are available for borrowing; new asset classes will be gradually supported in the future.