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 only has one 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 the contracts are technically quanto contracts where USDT P&L is denominated in USDC.

Hyperliquid's contract specifications are simpler than most platforms. There are few contract-specific details and no address-specific restrictions.

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