Margining

Hyperliquid offers three margin modes for perpetual futures trading, with cross margin as the default.

Margin Modes

Cross Margin (Default)

Shares collateral between all cross margin positions. Maximum capital efficiency — unrealized profits on one position become available margin for others.

Isolated Margin

Constrains collateral to a specific position. Liquidation in one position does not affect others. Unrealized gains are applied as additional margin to the open position (not withdrawable for new trades).

Strict Isolated

Like isolated margin, with the additional constraint that margin cannot be removed. Margin is proportionally removed as the position is closed. Designed for maximum risk containment.

Position Requirements

Opening a position requires:

initial_margin = position_size × mark_price / leverage

Leverage range: 1x to asset-specific maximum (3x–40x).

Maintenance Margin

Maintenance margin = half of initial margin at max leverage.

• 20x max leverage → 2.5% maintenance margin
• 3x max leverage → 16.7% maintenance margin

Withdrawal Constraints

Unrealized PnL can be withdrawn from isolated positions or cross account, but only if:

remaining_margin ≥ max(initial_margin_required, 0.1 × total_position_value)

The 10% floor prevents excessive withdrawals against open positions.

HIP-3 Cross Margin

Under HIP-3: Builder-Deployed Perpetuals, cross margin behavior depends on account type:

• Unified/portfolio margin accounts: Share collateral across DEXs with matching collateral
• Standard accounts: Cross margin restricted to single DEX
• “No cross” mode: Allows isolated margin with removal, but prohibits cross margin

See also: Liquidations, Perpetual Futures