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.

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

$2000000 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

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