What Is Intraday Margin? tastytrade's Post-PDT Rules Explained

What Does Margin Measure?

Margin measures the capital supporting a position. A margin account lets a trader use cash and marginable securities as collateral. Initial margin determines how much capital is required to establish a position. Maintenance margin determines how much equity must remain once the position is open.

At tastytrade, a standard Reg T account needs at least $2,000 in marginable equity to use full margin privileges. Marginable stock generally receives up to 2:1 leverage, with a typical initial requirement near 50%. Individual securities can carry higher requirements.

During the session, available buying power is the practical constraint. tastytrade evaluates whether an account can support an order before it is accepted.

[h2] What Changed When FINRA Eliminated the PDT Rule in 2026?

FINRA eliminated the pattern day trader designation and the $25,000 minimum on June 4, 2026, and tastytrade adopted the new rules immediately. Traders simply needed to login to their platform, without having to apply for a new account. What were the major changes? The rolling day-trade counter disappeared alongside starting day-trading buying power and day-trade calls. Traders could now open and close positions multiple times in the same session as long as the account had enough buying power to support the trades.

How Does Intraday Exposure Create a Margin Requirement?

Assume a trader has $20,000 of marginable equity and buys $30,000 of ordinary marginable stock. The trade fits inside the account's initial stock buying power. If the trader then tries to add exposure that would use more buying power than remains, tastytrade's risk controls can prevent the order from being accepted.

Buying power can change throughout the day as positions are opened or closed as their market values change. The tastytrade platform also shows maintenance excess in real time. For example, if an account has $5,000 in maintenance excess, market losses or an increase in the amount of capital required to hold a position (change in margin) can reduce that $5,000. If maintenance excess falls to zero or below, the account can enter a maintenance call, even if the trade met all buying-power requirements when it was originally placed.

What Happens After a Margin Deficit?

Margin calls still exist at tastytrade. A maintenance deficiency can generally be addressed by reducing positions to release buying power or by depositing additional funds. tastytrade’s policy is that maintenance calls are often due one business day after issuance, while the firm can require faster action when risk warrants it.

The new FINRA day trading framework also keeps a 90-day restriction for repeated unresolved intraday margin deficits. A qualifying deficit left unsatisfied through the fifth business day can restrict new short positions or increases in debit balances. Deficits below the lesser of 5% of account equity or $1,000 do not count toward that restriction. Outstanding deficits expire after 15 business days if not otherwise satisfied. tastytrade can liquidate positions without prior notice to cure a deficiency.

Can House Margin Be Higher Than the Regulatory Minimum?

Regulatory requirements are a floor. tastytrade can raise house requirements based on the security, volatility and position size. A stock that normally requires about 50% initial margin can receive an elevated requirement, reducing leverage. Short stock is typically subject to an initial requirement of 50% or $10 per share, whichever is greater, and some names can carry additional restrictions or fees.

Portfolio margin uses a separate risk-based methodology. tastytrade stress-tests eligible positions and can increase requirements when concentration rises.

How Does Intraday Margin Work With Options?

Options are handled differently from stock. After the PDT rule disappeared, options can be day traded without a trade-count limit in a margin account. For a new options order, options buying power has to remain above zero, and tastytrade will not allow an opening trade that pushes it below that threshold.

Standard Reg T options do not receive a separate stock-style intraday margin layer. Expiration can still create stock risk. An equity or ETF option that expires in the money can create long or short shares through exercise or assignment, and that resulting stock position can produce a margin debit or maintenance call the following day. Cash-settled index options do not create deliverable stock.

Is Futures Intraday Margin the Same as Stock Intraday Margin?

tastytrade also uses the phrase intraday margin for a separate futures feature. Eligible non-IRA margin accounts can receive reduced margin on outright futures positions from 8:30 a.m. to 3:00 p.m. CT. The intraday requirement is generally one-quarter of the normal overnight requirement.

Any eligible futures contract still open after 3:00 p.m. CT reverts to the full overnight requirement. If the account cannot support that increase, buying power can turn negative and the trader may need to liquidate or face a Futures Maintenance call.

What Does A Practical Margin Routine Look Like?

Before entering a trade on the tastytrade platform, check your available buying power and maintenance excess:

• For stock positions, leave room for margin requirements to increase if the stock moves against you or requirements change.
• For options positions, consider how the buying power required to maintain the trade could change over time, especially for undefined-risk strategies. Also pay close attention to expiring equity options that settle into stock rather than cash, since exercise or assignment can create a new stock position and change the account’s margin requirements.
• For Futures, know when reduced intraday margin ends and the higher overnight requirement takes effect.

The PDT trade-count problem is gone at tastytrade. The operating constraint is now straightforward: the account has to support the risk being carried at the time it is carried.