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2) NOT INVESTMENT ADVICE

3) FTX has built spot margin trading the way we think it _should_ be. It's a hybrid of how a bunch of other places have done it, with the guiding principle: make things as clean and powerful as possible.

4) a) Spot margin is automatically cross-margined with futures in a subaccount. There isn't a separate spot margin wallet or anything like that. We just add up your spot margin positions with your futures positions, and use remaining spot assets as collateral for both.

5) b) There's no difference between borrowing, short-selling, withdrawing, etc. Say you have 10 BTC, and want to borrow 5 ETH. You can sell 5 ETH; or withdraw 5 ETH; or whatever. No need to first borrow, or put on a position, or anything like that.

6) It's all automatic: if you have enough collateral, you can get short any spot token available to borrow. No extra clicks or wallets. You can even directly withdraw tokens you don't have and haven't yet borrowed as long as you have enough collateral!

Cryptocurrency Derivatives Exchange

7) It's all Pear-to-pear, no exchange-single-dealer bullshit. Anyone can lend, and anyone can borrow. ftx.com/spot-margin/bo to borrow, ftx.com/spot-margin/le to lend. ftx.com/profile to enable spot margin trading.

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If it's peer-to-peer then as a lender will I lose money if the specific trader I lend to goes under water? Or does FTX backstop/manage that so I am really just taking the exchange's credit risk by lending?