1
Supply on Earn
Lend XLM or a USDC token from your wallet. See Supply.
2
Open the margin leg
Deposit collateral and borrow on Margin. See Borrow.
3
Decide what you're hedging
Write down the exposure you want to offset and which spot tokens offset it. Holding vTokens while borrowing another asset is not a hedge by itself.
4
Exit each side
Redeem vTokens on Earn (a large redemption can fill partly) and unwind / repay the margin leg on its own.
Stellar has no perps or options. Any hedge must be built from spot tokens, for example by swapping inside the margin account on Spot.