Clusters and Pooled Markets

Clusters

A cluster groups assets that move together, so one position can draw on several of them at once. Borrowing capacity reflects the combined collateral in the cluster, weighted by each asset's parameters, rather than one asset standing alone. This is cross-asset margin: post a mix of correlated collateral and borrow against the whole.

Each cluster sets its own parameters and caps, so exposure stays managed at the group level. Each asset is priced by its own oracle feed, and the cluster's combined collateral value updates as those feeds move.

Asset isolation and borrow configurations are managed using Efficiency Mode (eMode).

Pools

A pool widens the boundary further, sharing liquidity across a defined set of assets so suppliers and borrowers meet in one venue rather than many. Suppliers provide liquidity that any borrower in the pool can draw on, and borrowers gain access to deeper liquidity than a single market offers. Pools suit strategies where breadth of liquidity matters more than tight isolation.

Comparison

Dimension	Isolated market	Cluster	Pool
Risk scope	one collateral, one loan asset	a group of correlated assets	a defined set sharing one venue
Margin	single-asset	cross-asset, shared	shared liquidity
Capital efficiency	lowest	higher	highest
Risk containment	strongest	group level	broadest
Best suited to	listing new or volatile assets	borrowing against correlated holdings	strategies needing deep liquidity

Choosing the right structure

Isolated markets keep risk inside one collateral asset. Clusters and pools relax that boundary on purpose, in exchange for capital efficiency across assets that already track each other. The cost of that efficiency is shared exposure: stress in one asset can reach the others in the same group. Tydro sizes caps and parameters per cluster to keep that exposure inside set limits.

Correlated assets are not identical assets. If an asset in a cluster de-pegs or breaks from the group, shared margin can transmit that stress to other positions in the same cluster. See Market and Collateral Risk.

On-chain values are authoritative. See the Markets reference for live parameters and addresses.