Contract specifications
Crypto Perps
Hyperliquid perpetuals are derivatives products without expiration date. Instead, they rely on funding payments to ensure convergence to the underlying spot price over time. See Funding for more information.
Hyperliquid has one main style of margining for perpetual contracts: USDC margining, USDT denominated linear contracts. That is, the oracle price is denominated in USDT, but the collateral is USDC. This allows for the best combination of liquidity and accessibility. Note that no conversions with the USDC/USDT exchange rate are applied, so these contracts are technically quanto contracts where USDT pnl is denominated in USDC.
When the spot asset's primary source of liquidity is USDC denominated, the oracle price is denominated in USDC. Currently, the only USDC-denominated perpetual contracts are PURR-USD and HYPE-USD, where the most liquid spot oracle source is Hyperliquid spot.
Hyperliquid's contract specifications are simpler than most platforms. There are few contract-specific details and no address-specific restrictions.
Instrument type
Linear perpetual
Contract
1 unit of underlying spot asset
Underlying asset / ticker
Hyperliquid oracle index of underlying spot asset
Initial margin fraction
1 / (leverage set by user)
Maintenance margin fraction
Half of maximum initial margin fraction
Mark price
See here
Delivery / expiration
N/A (funding payments every hour)
Position limit
N/A
Account type
Per-wallet cross or isolated margin
Funding impact notional
20000 USDC for BTC and ETH
6000 USDC for all other assets
Maximum market order value
$30,000,000 for max leverage >= 25, $5,000,000 for max leverage in [20, 25), $2,000,000 for max leverage in [10, 20), otherwise $500,000
Maximum limit order value
10 * maximum market order value
Recurring outcomes
Recurring outcomes are automatically deployed and settled by the protocol on a fixed cadence. The specification for the current instance of the recurring outcome is found in the description field of outcomeMeta .
Binary
The target price is computed using a linear interpolation between the mark price updates immediately before and immediately after the settlement timestamp. Precisely, the contract settles to YES if and only if markPrice0 + (settlementTime - t0) / (t1 - t0) * (markPrice1 - markPrice0) ≥ targetPrice where t0 and t1 are the timestamps of mark price updates immediately before and after settlementTime
Multi-price
There are three price buckets depending on the target price at the time of settlement: < P1, [P1, P2) and ≥ P2. Exactly one of the 3 outcomes settles to 1, and the others settle to 0. The target price computation uses the same interpolation as binary markets described above.
Uniqueness
There is guaranteed to be at most one recurring series for each (seriesType, underlying, period) combination.
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