> For the complete documentation index, see [llms.txt](https://docs.canborsa.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.canborsa.com/getting-started/collateral-and-cc.md).

# Collateral and CC

Collateral is the asset your position's margin is posted in. On every pair you can use the pair's stablecoin or CC (Canton Coin, the native token of the Canton Network). With CC you trade with the coins you hold, without swapping them into a stablecoin first.

### What each pair accepts <a href="#what-each-pair-accepts" id="what-each-pair-accepts"></a>

| Pair              | Collateral options | Default                                        |
| ----------------- | ------------------ | ---------------------------------------------- |
| Any pair to USDT  | USDT or CC         | USDT                                           |
| Any pair to USDC  | USDC or CC         | USDC                                           |
| Any pair to USDCx | USDCx or CC        | USDCx, except CC/USDCx where CC is the default |
| Any pair to USDG  | USDG or CC         | USDG                                           |

A pair accepts only its own stablecoin. For example, you cannot post USDC on a BTC/USDT position. You choose the collateral in the order form, and the positions table shows each position's collateral.

### How CC is valued <a href="#how-cc-is-valued" id="how-cc-is-valued"></a>

* CC is valued in the pair's stablecoin at its live bid price, the price you would get by selling it. There is no extra discount.
* At opening, this value is your margin. Position size = margin × leverage.
* If the live CC price is not available, a position with CC collateral cannot be opened.
* A limit order with CC collateral fixes its size at the CC price when you place it. If CC has fallen by the time the order fills, it fills for the smaller size your CC covers then.

### How CC moves your liquidation price <a href="#how-cc-moves-your-liquidation-price" id="how-cc-moves-your-liquidation-price"></a>

While the position is open, your CC is revalued at the current bid.

* **CC falls:** your margin is worth less, so the liquidation price moves closer to your entry price, even if the pair's own price does not move.
* **CC rises:** the liquidation price moves away.
* **On the CC pair itself** the collateral moves with the position: a long gains and loses on both, while for a short the collateral partly offsets the position.

The opening fee and funding are not taken from your CC while the position is open. They are settled at closing together with the PnL, and until then they count against the margin that sets the liquidation price.

### What you get back at closing <a href="#what-you-get-back-at-closing" id="what-you-get-back-at-closing"></a>

* **Profit:** paid out in the pair's stablecoin, and the CC of the closed part is returned in full.
* **Loss:** only as much CC as the loss needs is sold at the bid price. The rest of your CC is returned.
* **Liquidation:** the CC covers the loss and the liquidation fee.

PnL, fees and funding are always counted in the pair's stablecoin.

> **Warning:** With CC collateral you carry two risks at once: the market you trade and the price of CC. A sharp fall in CC can bring a position to liquidation on its own.