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You can hold both at once - a long Stock Token (spot, in your wallet) and a short Equity Perp on the same underlying - which expresses a hedge or basis view economically. At launch, though, the Stock Token does not serve as collateral for the perp: only USDG is accepted as perp collateral, so each leg is funded independently (a long AMZN token gives you no margin toward an AMZN perp). Using Stock Tokens as perp collateral - true cross-collateralized, capital-efficient hedging under portfolio margin - is planned for a later release.