> ## Documentation Index > Fetch the complete documentation index at: https://v3.docs.derive.xyz/llms.txt > Use this file to discover all available pages before exploring further. # Managers & Risk Universes > How margin managers and risk universes shape what a subaccount can trade and hold. Every subaccount is bound to a **manager** and, through it, to a **risk universe**. Together they decide the margin model you get, which instruments you can trade, and which assets you can post as collateral. You never set the universe directly — you pick a `manager_id`, and everything else follows. The margin model applied to your subaccount — **Standard** (cross collateral margin) or **Portfolio** (scenario-based netting). You choose one via `manager_id` at subaccount creation. A risk-containment boundary. A universe's collateral, open-interest, and lending rules are its own, and losses are socialized only **within** it — so trades never cross universes. ## How they relate * A subaccount can only have **one** manager. * A manager belongs to **exactly one** universe. * A universe exposes **at most one Standard and one Portfolio** manager. * You choose a `manager_id`; that fixes both your **margin model** and your **universe**. Diagram of the breakdown of managers, currencies, instruments, and collaterals in each risk universe. The latest values can be taken from the public/get_all_currencies endpoint. See the `public/get_all_currencies` section below to get the latest breakdown of managers and risk universes. ## Managers A manager is the margin engine that risk-prices your subaccount. There are two: | Manager | Wire label | Margin model | Best for | | ------------- | ---------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------- | | **Standard** | `SM` | Cross-collateral: collaterals contribute margin but options margined separately. | Simple/directional positions and collateral-style holding. | | **Portfolio** | `PM2` | Scenario-based: a whole book netted across a grid of shocks. | Complex option/perp books that benefit from cross-position offsets. | Each manager has a numeric **`manager_id`**. A subaccount stores its `manager_id` and derives its universe, tradeable instruments, and accepted collateral from it. Picking Standard vs Portfolio for the same book changes your margin requirement, not what you can hold. ## Risk universes A risk universe is a set of assets and managers that share a single risk boundary. It exists so that an insolvency in one universe can only ever be absorbed by that universe's own Security Module and, if needed, socialized to solvent accounts **inside the same universe** — never across the whole exchange. As a direct consequence, **a trade, RFQ, or liquidation is rejected if the two sides sit in different universes.** Everything risk-related is keyed by `(asset, risk_universe_id)`: collateral discounts, OI caps, and lending pools can all differ per universe for the very same asset. ## The fallback universe Universe **`0`** is a special **fallback** ("lost-and-found") universe: a no-margin holding area whose only job is to safely custody collateral that has nowhere else to go. It registers every spot asset but supports **no trading, borrowing, options, or perps**. Every wallet is given a single fallback subaccount when its account is created. A deposit lands there — instead of the subaccount you intended — whenever it can't be honoured as requested: * it targets the fallback manager (`manager_id` `0`), * the asset isn't registered in the target manager's universe, or * the amount is below the subaccount-creation fee. Funds in the fallback subaccount are safe but idle — you can't trade against them. To put them to work, move the spot out to a real subaccount with `private/transfer_spot`. ## Reading `public/get_all_currencies` `public/get_all_currencies` (no params; `public/get_currency` for a single one) is the source of truth for **what is supported where**. Each currency lists its managers per universe and its assets' risk per universe, so a single response tells you which `manager_id` to use and what you can trade or post against it. ```json Response (abridged, one currency) theme={null} { "currency": "ETH", "market_type": "ALL", "spot_price": "1950.0", "managers": [ { "risk_universe_id": 1, "sm": 3, "pm": 12 } ], "option": { "name": "ETH-OPTION", "address": "0x…", "universes": [ { "risk_universe_id": 1, "oi": { "current_open_interest": "…", "interest_cap": "…" } } ] }, "perp": { "name": "ETH-PERP", "address": "0x…", "universes": [ { "risk_universe_id": 1, "oi": { "current_open_interest": "…", "interest_cap": "…" } } ] }, "spot": [ { "name": "ETH", "address": "0x…", "erc20": { "decimals": 18, "underlying_erc20": "0x…" }, "min_deposit_usd": "…", "universes": [ { "risk_universe_id": 1, "srm_im_discount": "0.8", "srm_mm_discount": "0.9", "pm2_im_discount": "0.85", "pm2_mm_discount": "0.92", "lending": { "borrow_apy": "…", "supply_apy": "…", "total_borrow": "…", "total_borrow_cap": "…" }, "oi": { "current_open_interest": "…", "interest_cap": "…" } } ] } ] } ``` Everything hangs off `risk_universe_id` — match it across `managers[]`, `option`/`perp.universes[]`, and `spot[].universes[]` to read one universe consistently. | To determine… | Read… | | ----------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | Which universes cover the currency, and which `manager_id` to use | `managers[]` → `{ risk_universe_id, sm, pm }` (`sm` = Standard id, `pm` = Portfolio id; either may be absent) | | Whether options / perps exist for it | presence of top-level `option` / `perp`; their `universes[].oi` gives per-universe open interest and cap | | Whether a spot asset is accepted as **collateral** | `spot[].universes[]` for your universe: `srm_im_discount` (Standard) / `pm2_im_discount` (Portfolio). `"0"` = not accepted there | | Whether you can **lend / borrow** it | `spot[].universes[].lending` — `null` means no pool in that universe; otherwise APYs + `total_borrow_cap` | | Remaining OI / supply headroom | `*.universes[].oi.{current_open_interest, interest_cap}` and `lending.{total_borrow, total_borrow_cap}` | | Which classes are enabled at a glance | `market_type` (see below) | `market_type` is a quick summary of the enabled classes; the authoritative check is which of `option` / `perp` / `spot` are actually populated. | `market_type` | Enabled classes | | ----------------- | --------------------------------------------------- | | `ALL` | Options, perps, and spot/collateral. | | `SRM_OPTION_ONLY` | Options only. | | `SRM_PERP_ONLY` | Perps only. | | `SRM_BASE_ONLY` | Usable only as Standard-manager base collateral. | | `CASH` | Cash/quote collateral only (e.g. a USD stablecoin). | A currency can register several spot assets — e.g. a lending `USDC` and a non-lending `USDC-NL`. They appear as separate entries in `spot[]` with their own discounts and lending, so check the specific `name`/`address` you intend to deposit. ### Picking your manager Find the currency and the `risk_universe_id` you want to trade in (typically the main universe, `1`). From that universe's `managers[]` entry, use `sm` for Standard (isolated) margin or `pm` for Portfolio margin. Check the asset you plan to post has a non-zero `srm_im_discount` (for `sm`) or `pm2_im_discount` (for `pm`) in the same universe. `"0"` means that manager won't count it as collateral. Pass the chosen id as `manager_id` when depositing to a new subaccount (see [Depositing](/getting-started/depositing)). Universe, instruments, and collateral set all follow from it. You can read them back on `private/get_subaccount` via its `manager_id` and `risk_universe_id`. Choosing the wrong id has consequences at deposit and trade time: * **Fallback routing** — depositing to a new subaccount under the fallback manager (`0`), an asset the universe doesn't register, or below the creation fee lands the funds in your no-margin **fallback subaccount**, where they can't be traded. * **Cross-universe trade** — a subaccount can't trade against a counterparty in a different universe; the order is rejected. * **Wrong margin model** — Standard margins each position in isolation; picking it when your book needs cross-position netting means a much higher requirement for the same positions. ## Related topics - [Programmatic Onboarding](/getting-started/depositing.md) - [New features](/migrating/new-features.md) - [Error Codes](/error-codes.md)