## MODIFIED Requirements

### Requirement: Perps overview displays a collapsible position hierarchy
The Perps tab SHALL display Position, Direction, Margin, Collateral, Leverage, Exposure, Value and uPnL in that order beneath the visible Perpetual Contracts root. Isolated hierarchy SHALL be wallet → venue → position; each Phoenix Cross account SHALL add a Cross group above its positions. Groups SHALL show applicable totals, leave direction/aggregate ratios blank, and be expanded by default.

#### Scenario: Open either environment's Perps tab
- **WHEN** the owner opens Perps in Production or Test
- **THEN** all eight columns, root totals and the account-aware hierarchy are visible

#### Scenario: Collapse and expand groups
- **WHEN** the owner collapses and expands a wallet, venue or Cross account
- **THEN** descendants hide and return without changing totals

### Requirement: Jupiter positions communicate direction and USD size
Positions SHALL show readable Long/Short direction and Isolated/Cross margin text. USD amounts SHALL use grouping and two decimals; leverage SHALL use a multiplication sign. Signed uPnL SHALL be green for positive, red for negative and neutral for rounded zero without negative zero. Existing faint direction backgrounds SHALL remain; groups SHALL have distinct weight and no direction color. Numeric columns SHALL be right-aligned with useful widths and tooltips.

#### Scenario: Small or unavailable PnL
- **WHEN** PnL rounds to zero or is unavailable
- **THEN** zero has no negative sign/color and unavailable values show an em dash with an explanation

#### Scenario: Inspect real positions
- **WHEN** real Jupiter positions are displayed
- **THEN** direction appears as readable text and background color, with formatted gross USD exposure and applicable valuation metrics

## ADDED Requirements

### Requirement: Definitions distinguish owned collateral and margin requirements
Tooltips SHALL explain isolated collateral, exposure-based leverage, collateral-based ROI, estimated net Value and excluded slippage/swaps/rent. Cross position collateral SHALL be identified as initial margin required against shared collateral. Cross position Value SHALL be unavailable; unsupported Cross ROI/leverage SHALL be explained. Cross account leverage SHALL identify undiscounted equity before exit fees as its denominator.

#### Scenario: Inspect a Cross position
- **WHEN** the owner inspects a Cross row and its account group
- **THEN** the position shows a USD margin requirement and the account shows shared capital once
- **AND** no position-only metric is labeled account utilization