Contract specifications

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 P&L 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	$4000000 for max leverage >= 50, $1000000 for max leverage in [20, 50), $500000 for max leverage in [10, 20), otherwise $250000
Maximum limit order value	10 * maximum market order value